The Key Fact Statement is the single most important piece of paper you will receive when taking a loan. RBI made it mandatory under the Digital Lending Guidelines, and for good reason — it contains every fact about your loan in plain language.
What a KFS must contain
- Loan amount sanctioned
- All fees (platform fee, GST, processing)
- Interest rate (per day and annualized)
- Total repayment amount
- Tenure and repayment schedule
- Penal interest for default
- Grievance redressal contact
Why it matters
Before the KFS mandate, lenders could bury fees in fine print. Now, everything has to be in a standardized statement that you review and accept before the loan is disbursed.
At Quikkred, your KFS is generated automatically after eligibility approval and sent to you via email and WhatsApp. You must read and accept it before disbursal.