Key Fact Statement

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Across
  1. 3. Certain categories of loans, such as credit card receivables, which are specifically excluded from the applicability of these guidelines.
  2. 4. The total duration of the loan for which it is sanctioned, which determines the repayment schedule and the number of instalments.
  3. 5. The main objective of the RBI guideline, ensuring that all loan-related information such as charges, interest, and terms are clearly disclosed to the borrower.
  4. 8. The act of clearly informing the borrower about all loan-related terms, including APR, fees, and repayment structure, as required by the guideline.
  5. 9. The time period for which the terms mentioned in the Key Facts Statement remain binding on the lender, typically at least three working days for most loans.
  6. 11. A short-form document mandated by RBI that summarizes all key loan terms in simple and easy language, enabling the borrower to understand the loan before signing the agreement.
  7. 12. The process through which the borrower pays back the loan over time through instalments as per the agreed schedule.
  8. 13. Refers to the uniform format in which the KFS must be presented so that borrowers can easily compare loan offers across different lenders.
Down
  1. 1. A structured repayment process where each instalment gradually reduces both the principal and interest over the loan period, usually presented in a schedule.
  2. 2. Explicit approval from the borrower that is required if any additional charges or changes are to be made beyond what is disclosed in the KFS.
  3. 6. The total annual cost of borrowing, which includes not only the interest rate but also all associated fees and charges, making it a more transparent measure of loan cost.
  4. 7. All fees and costs related to the loan, including processing fees, insurance, and other expenses, which must be fully disclosed in the KFS and cannot be added later without consent.
  5. 10. The individual or entity who takes the loan and is the primary focus of the guideline, as all disclosures are meant to help this person make an informed financial decision.
  6. 14. Equated Periodic Instalment, which is a fixed amount paid by the borrower at regular intervals, consisting of both principal and interest components.