RBI Loan update: Hello friends, if you have also taken a loan from a bank to fulfill your essential needs, then there is good news for you. A good decision has been taken by the RBI MPC for the customers who have taken loans. RBI Governor Shakti Kandas has said that now the bank which gives loans to its customers will have to present the Key Fact Sheet (KFS) of its customers who have taken loans, whether retail or MSME. And he said that in this KFS, the bank will have to consider all types of charges on the loan in the interest rate itself. Due to which the customers who have taken loans will get relief.
Benefits of KFS
A key fact sheet is a document. The person who takes a loan from the bank is informed about all the charges related to the loan through this document. And it also tells what type of loan you have taken. The main purpose of taking this decision is to bring stronger transparency in the banking system. Because till now it has been often reported that banks charge customers who take loans as per their choice.
Talking about interest rate
The Key Fact Sheet (KFS) also provides complete information about the interest rate. You have to provide information about the interest rate on the loan you have taken and how much extra charge and penalty will be charged for the time it takes to pay it. And this key fact sheet also tells you whether your loan is at a fixed or floating interest rate.
Fees and other charges
In this sheet, information is also provided about the cost of the loan and other charges on it. Like how much charge the bank charges from you in the process of taking the loan and how much charge it charges if you make a repayment. The repayment terms are also mentioned in this sheet. When can you repay the loan and what charges will you have to pay at that time. When you do not repay the loan or do not pay its installments on time and in such a situation there is a dispute between you and the bank, then an explanation of that is also given in this key fact sheet.
