Glossary
Key Fact Statement (KFS)
What it means
Under RBI directions, lenders must give every retail and MSME borrower a Key Fact Statement in a standard format before the loan agreement is executed, and give a validity period to accept it. It shows the loan amount, tenure, interest rate and type, APR, all fees and charges, the EMI schedule, prepayment terms and the grievance redressal contact.
The KFS is the document to read. If a charge is not in the KFS, the lender cannot levy it later. Never sign a loan agreement without reading the KFS.
Where it applies
Personal Loan
Collateral-free personal loans from ₹50,000 to ₹50 lakh at rates starting around 10.25% p.a., with disbursal typically within 48 hours of approval.
- Rate from
- 10.25% p.a.
- Up to
- ₹50 L
Home Loan
Home loans from ₹5 lakh to ₹10 crore at floating rates from about 7.35% p.a., with up to 90% funding and tenures up to 30 years, across banks and housing finance companies.
- Rate from
- 7.35% p.a.
- Up to
- ₹10 Cr
Business Loan
Unsecured business loans from ₹2 lakh to ₹1 crore for proprietors, partnerships and companies, at rates from about 14% p.a., with tenures up to 5 years and minimal collateral requirements.
- Rate from
- 14.00% p.a.
- Up to
- ₹1 Cr
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