No Key Fact Statement Before Digital Loan Disbursal
The digital lender disbursed your loan to your account without first sending you a Key Fact Statement (KFS) showing the APR, total cost, and all charges.
⚖️Your Rights Under RBI Regulations
KFS is mandatory before disbursal — not after. If it was sent after the money was credited, the timeline is violated.
Without a proper KFS, any charges not otherwise documented are disputed.
You can return the loan within a cooling-off period if the KFS was not provided — check your lender's terms.
💰 What You Can Recover
Disputed charges not covered in KFS can be claimed back.
⏱ Response Deadline
30 days for Grievance Redressal Officer response.
📋Step-by-Step — What to Do
Write to the lender's Grievance Redressal Officer (their contact must be on the app) demanding the KFS.
If KFS does not match what you were actually charged, raise a specific dispute.
File with RBI Ombudsman if lender is a registered NBFC.
🏛 Where to Escalate If Bank Doesn't Respond
RBI Integrated Ombudsman + sachet.rbi.org.in
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