Key Facts Statement checklist
Check a Key Facts Statement against everything the prescribed format requires.
Find out what your KFS template is missing before a borrower or an auditor does.
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Against the annexed format
0 of 16
16 still missing — Unique proposal number and type of loan; Sanctioned amount; Disbursal schedule; Loan term; Instalment details; Interest rate and its type; Fees and charges; Annual percentage rate; Contingent charges; Cooling-off or look-up period; Nodal grievance redressal officer; Whether the loan may be transferred or securitised; Validity of the statement; In a language the borrower understands; APR computation sheet; Amortisation schedule over the full tenor.
The loan itself
What it costs
Conduct and recourse
Annexed to the statement
Four rules that are not fields
- A charge that is not in the Key Facts Statement cannot be levied without the borrower's explicit consent.
- The APR must include charges the lender recovers on behalf of a third party, not only its own.
- The content of the statement forms part of the loan agreement.
- It applies to every retail and MSME term loan sanctioned on or after 1 October 2024, including to existing customers. Credit card receivables are outside it.
Where this answer comes from
This computes nothing. It applies the instrument named below to the facts you enter, and tells you which clause produced the answer, so you can go and read it rather than take this page's word for it.
It is a guide, not advice. Your own board-approved policy, your scheme terms and your auditor decide what applies to a particular account.
Source. RBI/2024-25/18, DOR.STR.REC.13/13.03.00/2024-25, 15 April 2024 — Key Facts Statement for Loans and Advances, and its Annex A. Applies to every retail and MSME term loan sanctioned on or after 1 October 2024, including to existing customers; credit card receivables are outside it. Read the Master Direction
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