Check the Key Facts Statement before you sign

2. Nine checks before you sign

Tick what you have checked. Nothing is saved or sent.

1. You have the Key Facts Statement before you signThe lender must give a KFS to a prospective borrower so the decision can be made before the loan contract is executed. Source
2. The KFS shows the APR, not only the interest rateAPR is the annual cost of credit including interest and all other charges. Compare APRs, not headline rates. Source
3. Every fee you are asked to pay appears in the KFSCharges not mentioned in the KFS cannot be charged during the loan term without your explicit consent. Source
4. The KFS names the bank or NBFC that lendsAn app may only be a service provider. Find the regulated lender’s name in the KFS and check an NBFC on the RBI website. Source
5. The app is reported by that lender to RBILenders report the digital lending apps they use on RBI’s CIMS portal, and RBI publishes this list. RBI does not validate the data, so also check the lender’s own website. Source
6. Money goes straight between your account and the lender’sDisbursal is made into your bank account and repayment goes directly to the lender’s account, without a third party’s pool account. Source
7. The app does not ask for contacts, gallery or call logsDigital lending apps must not access files and media, contact list, call logs or telephony. One-time camera, microphone or location access is allowed only for onboarding or KYC, with your consent. Source
8. You know the cooling-off periodYou can exit during the cooling-off period, at least one day, by paying the principal and the proportionate APR without penalty. A one-time processing fee may be kept if the KFS says so. Source
9. A grievance officer is namedThe KFS and the app show a grievance redressal officer. With no reply in 30 days, or a reply you do not accept, you can complain under the RBI Integrated Ombudsman Scheme. Source

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