Starting October 1, the Reserve Bank of India (RBI) requires banks and finance companies to furnish borrowers with a comprehensive key facts statement, detailing all fees and the annual cost of credit. The statement will also cover recovery agent policies, grievance contact details, and the possibility of loan resale. RBI emphasizes that these guidelines must be strictly adhered to for all new retail and MSME term loans sanctioned after October 1, 2024. The introduction of the annual percentage rate (APR) as a key information field ensures borrowers grasp the complete cost of credit, including interest rates and additional charges.