A promissory note that by its terms is payable in periodic installments, such as monthly or quarterly payments of principal or interest or both.
A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.
A loan that is to be repaid in equal installments (usually due either monthly or quarterly over a set period of time, often between three and five years). Special conditions may be built into the installment loan contract, such as paying interest only for the first six months or year.