Questions to answer about the lender, the Key Fact Statement, charges, insurance and your own budget before you accept a personal loan.
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Go through this list with the Key Fact Statement and sanction letter open in front of you. Every RBI-regulated bank and NBFC must give you a KFS with the annual percentage rate (APR) and all charges before you sign a retail term loan sanctioned on or after 1 October 2024, and it cannot later levy a charge that is not in the KFS without your explicit consent.
How to use it. Tick an item only when you can point to where the answer is written down: the KFS, the sanction letter, the loan agreement or an email from the lender. If an item stays unticked, ask the lender before accepting, and keep their written reply.
Worked example (illustrative). An app offers ₹1,50,000 for 12 months at "1.5% a month" (18% a year, reducing). The EMI is about ₹13,752, but a 3% fee plus GST (₹5,310) and a ₹2,000 insurance premium are deducted, so the APR works out to about 27.7%. The insurance item stays unticked until the lender confirms in writing that it is optional; without it the APR is about 25%, and the offer can now be compared fairly with others.
Limits. A complete checklist does not make a loan affordable or suitable. Read how to compare offers on APR and the mistakes to avoid.
Mistakes, Complaints and Official Sources
How credit reports and scores from India's four credit bureaus affect personal loan approval and rate, how to get a free report, fix errors, and what changed in reporting in 2026.
Rates, Charges and 2026 Rules
What RBI's Key Fact Statement must show for loans sanctioned from 1 October 2024, how APR differs from the interest rate, and what to check before you sign.
Mistakes, Complaints and Official Sources
What RBI's Digital Lending Directions 2025 require of personal loan apps, how to check an app in RBI's directory, the cooling-off period, and what to do about illegal lenders.
Mistakes, Complaints and Official Sources
A directory of the official bodies, portals and helplines to check personal loan rules in India — RBI directions, the app directory, CICs, Sachet, CMS, cybercrime and IRDAI.
Mistakes, Complaints and Official Sources
Step-by-step complaint route for personal loan problems in India — the lender's grievance officer, the RBI Integrated Ombudsman Scheme 2026 on cms.rbi.org.in, time limits and compensation.
EMI Calculations and Checklists
The KYC, income and bank documents Indian lenders usually ask for on a personal loan, how video KYC and Account Aggregator consent work, and what to keep after disbursal.
