Emails that are not meant for me: Review Key Fact Statement before availing a loan

Friday, 19 December 2025

Review Key Fact Statement before availing a loan

Know the importance of KFS

Enhancing transparency through Key Fact Statement (KFS)

This is with reference to the Reserve Bank of India (RBI) circular dated April 15, 2024 where the RBI has instructed Banks to provide a Key Fact Statement (KFS) to all the respective borrowers and take consent from the borrowers on the KFS before the borrowers avail a loan.

KFS is a standardised document prescribed by the RBI that contains the most important information related to the loan. The borrower needs to review the below important points related to the KFS before proceeding with any loan application.

Benefits of KFS:

A.		Increased transparency: KFS outlines all the important details of the loan agreement mentioned below:

•		Loan amount, tenure and repayment schedule

•		Interest rate and type (Fixed/Floating)

•		Annual Percentage Rate (APR) representing the total cost of credit

•		All fees, charges and third-party costs (if any)

•		Prepayment/Foreclosure charges

•		Contact details of grievance redressal officer

B.		Informed decision-making: The KFS provides complete clarity on all relevant details of the loan, thereby enabling the borrower to compare different loan options effectively and make an informed borrowing decision

C.		Protection against hidden costs: The KFS mandates that every cost associated with the loan must be disclosed upfront. This ensures transparency and safeguards the borrower from any undisclosed or hidden charges

Hence, please review the KFS before availing a loan.

For further information, ‘Ask iPal’ on our website and mobile app. You may also contact our Customer Care on 1800 1080, your Relationship Manager or visit any ICICI Bank Loan Servicing Branch. Please visit maps.icicibank.com/mobile for the list of Loan Servicing Branches and select Loan Servicing Branch under ‘Services’.

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