Lenders offering retail loans and/or SME loans will need to comply with these instructions by Oct 1, 2024

Use Leegality to comply with  RBI’s new Key Fact Statement instructions in less than a month

Lenders need to comply with 4 key requirements as per RBI’s new KFS instructions:

1

Lenders will need to change their KFS format to RBI’s new format under Annexure A

2

The KFS will need to be delivered in a “language that the borrower understands.” English won’t be enough

3

Lenders need to collect borrower acknowledgements on the KFS. These acknowledgements need to be secure and auditable. 
You can’t get the loan document signed unless you execute the KFS

4

The KFS is now the single source of truth for the loan. A KFS summary will now need to be inserted in the loan agreement.

Here’s how you can comply with these requirements

Add an RBI compliant digital KFS template in less than a day

1

Upload PDF of your KFS to Leegality

2

Drag and drop variable fields onto the KFS PDF - no tech team needed

3

Your RBI-compliant KFS template is ready

Deliver the entire digital KFS experience in 10 Local Indian Languages

A

Change the entire eSign interface to a local language automatically

B

Collect auditable eSign Consent in a local language

C

Create local language KFS templates - we provide a translation service also

Collect Borrower Acknowledgements with minimal drop offs

1

Borrower receives the digital KFS on Whatsapp, SMS, Email or on your own app

2

Borrower gives Digital KFS Acknowledgement  - no OTP involved

3

Borrower gets digitally acknowledged KFS on Whatsapp, SMS or Email. Your company gets it straight into your LOS/LMS

Ensure the digital KFS contains correct data. Ensure that the loan agreement contains an accurate KFS Summary

A

Pre-fill KFS with accurate data straight from your LOS/LMS systems

B

Allow an internal reviewer to quickly review KFS on their phone

C

Automatically populate loan agreement templates with an accurate KFS Summary

Add an RBI compliant digital KFS template in less than a day

1

Upload PDF of your KFS to Leegality

2

Drag and drop variable fields onto the KFS PDF - no tech team needed

3

Your RBI-compliant KFS template is ready

Deliver the entire digital KFS experience in 10 Local Indian Languages

A

Change the entire eSign interface to a local language automatically

B

Collect auditable eSign Consent in a local language

C

Create local language KFS templates - we provide a translation service also

Collect Borrower Acknowledgements with minimal drop offs

1

Borrower receives the digital KFS on Whatsapp, SMS, Email or on your own app

2

Borrower gives Digital KFS Acknowledgement  - no OTP involved

3

Borrower gets digitally acknowledged KFS on Whatsapp, SMS or Email. Your company gets it straight into your LOS/LMS

Ensure the digital KFS contains correct data. Ensure that the loan agreement contains an accurate KFS Summary

A

Pre-fill KFS with accurate data straight from your LOS/LMS systems

B

Allow an internal reviewer to quickly review KFS on their phone

C

Automatically populate loan agreement templates with an accurate KFS Summary

Watch our showcase to learn how to comply with RBI's latest KFS guidlines

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