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I was shocked!🤯

Every time I open my mobile wallet app, there is a prompt to avail of their credit service for daily transactions like taxis and groceries!!

And it is so creatively worded that it doesn’t even seem like you are taking a loan!

Because of increasing instances of this and of outright fraud in online loans, RBI issued guidelines for digital Lending.

And in that, it is mentioned that before taking a loan, the company has to give you a KEY FACT STATEMENT.

Key Fact Statement (KFS) is a standardized pre-loan execution that will contain the following information –

Loan amount
Total interest
Insurance, processing & other charges
APR
Amount to be paid by the borrower
Loan tenor & other essential details
Grievance redressal information

Also, any fee not mentioned in the KFS cannot be charged to the borrower at any stage during the term of the loan!!

So ensure you are reading the KFS carefully and do not fall prey to these disguised loans!

Source: Guidelines on Digital Lending Circular - RBI/2022-23/111
DOR.CRE.REC.66/21.07.001/2022-23

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