Sample Key Fact Statement
Every lender must give you a Key Fact Statement before you accept a loan. This is an illustrative example so you know what to expect and what to check.
Last updated: 14 August 2026
This is a sample, not a loan offer.
Every figure below is illustrative and invented for the purpose of explanation. It is not a quote, an approval, or an indication of terms available to you. Wingzman is not a lender. The binding Key Fact Statement is the one issued to you by the Regulated Entity named in your loan agreement.
What a Key Fact Statement is
The Key Fact Statement (KFS) is a short, standardised summary of your loan that a lender is required to give you before you accept it. It exists so that the important terms are in one place, in a form you can compare against another lender’s offer.
The single most useful line is the Annual Percentage Rate (APR), because it folds interest and every fee into one comparable number. A low interest rate with high fees shows up in the APR and nowhere else.
Part 1 — Interest rate and fees
| 1 | Loan proposal / account number | XXXXXXXXXX |
| 2 | Type of loan | Term loan for purchase of a lithium-ion battery |
| 3 | Sanctioned loan amount (₹) | 1,02,000 |
| 4 | Disbursal schedule | Single tranche on completion of documentation |
| 5 | Loan term | 24 months |
| 6 | Instalment details | Type of instalment: Equated Monthly Instalment (EMI) Number of instalments: 24 Amount of each instalment (₹): 4,897 Commencement: one month from the date of disbursal |
| 7 | Interest rate and type | 14.00% per annum, fixed, on a reducing-balance basis |
| 8 | Additional information for floating rate loans | Not applicable — this is a fixed rate loan |
| 9 | Fee and charges | Payable to the lender: Processing fee ₹2,000 (one time, added to the loan) Payable to third parties: Nil in this illustration. Where applicable, insurance and statutory charges are itemised here. |
| 10 | Annual Percentage Rate (APR) (%) | 18.10% |
| 11 | Contingent charges | Penal charges on delayed payment: stated as a rupee amount or percentage Foreclosure / prepayment charges: stated with any lock-in period Charges for switching interest type: not applicable to a fixed rate loan Instrument or mandate dishonour charges: stated per instance |
Note how the APR of 18.10% sits well above the 14.00% interest rate. The difference is the processing fee. This is exactly why the APR is the number to compare.
Part 2 — Other disclosures
| 12 | Recovery agents | The clause of the loan agreement dealing with engagement of recovery agents, and your right to advance notice of the identity of any agent authorised to contact you |
| 13 | Grievance redressal | The clause of the loan agreement setting out the grievance mechanism, and the escalation path to the lender and thereafter to the Reserve Bank of India |
| 14 | Nodal grievance redressal officer | Name, designation, telephone number, email and postal address Wingzman’s own officer is listed on our grievance page; the lender lists theirs separately. |
| 15 | Whether the loan may be transferred to another lender | Stated yes or no, with the terms on which any transfer may occur |
| 16 | Collaborative lending arrangements | Where more than one regulated entity is involved, the name of each and their respective share |
| 17 | Digital loans — cooling-off period | The period during which you may exit the loan by repaying the principal and the proportionate APR, without penalty |
| 18 | Lending service provider acting as recovery agent | The name and contact details of any LSP authorised to act as a recovery agent |
Illustrative repayment schedule
A KFS is accompanied by a repayment schedule showing how each instalment splits between interest and principal. The first few and last few rows of the illustration above:
| Instalment | Outstanding (₹) | Principal (₹) | Interest (₹) | Payment (₹) |
|---|---|---|---|---|
| 1 | 1,02,000 | 3,707 | 1,190 | 4,897 |
| 2 | 98,293 | 3,750 | 1,147 | 4,897 |
| 3 | 94,543 | 3,794 | 1,103 | 4,897 |
| … | … | … | … | … |
| 23 | 9,650 | 4,784 | 113 | 4,897 |
| 24 | 4,866 | 4,866 | 57 | 4,923 |
Total repayment across 24 instalments in this illustration is approximately ₹1,17,536, of which about ₹15,536 is interest. You can model your own figures with our EMI calculator.
What to check on the real one
- •The lender named on it — that is who your loan is actually with
- •The APR, and whether it is higher than the interest rate you were quoted verbally
- •Every fee, itemised, and whether any charge you were told about is missing from the list
- •The number and amount of instalments, and when the first one is due
- •Penal charges, and foreclosure or prepayment charges if you may want to close early
- •The cooling-off period, and how to use it
- •That the KFS is in a language you read comfortably
Keep your copy. If a charge appears later that is not on the KFS, that document is your evidence.
Where Wingzman fits in
Wingzman is a lending service provider, not a lender. We do not issue Key Fact Statements, set rates or take credit decisions. The KFS comes from the Regulated Entity granting your loan — see our lending partners page. Our guide to battery finance explains the document in plain language.