DPN Full Form

DPN Full Form


DPN full form is Demand Promissory Note. In simple words it is a document taken by the bank when there is no fixed period for the repayment of loan.
In Demand Promissory Note  borrower makes a promise to the bank to repay the loan amount 
with agreed rate of interest on demand. DPN compulsory be stamped as per Indian Stamps Act.

DPN limitation period is 3 years from the date of execution. It means within 3 years if loan not repaid the bank has to get fresh documents for extending the period.

Also read

Post a Comment

0 Comments