Next: Insurance
Health claims: the clocks and the refusals
A promise tested only at the hospital desk. The rules set clocks on the insurer, a date after which the file closes, and what a refusal has to carry.
24 min
advancedelevated risk
Reading a loan agreement
Every retail loan now arrives with a one-page statement of key facts, a binding validity window and an all-in cost figure. What each part commits the lender to.
3 lessons · about 24 minutes · written for reading age 13 · last checked 2026-08-14
The page that comes before the contract
Since October 2024 every retail term loan must arrive with a standardised statement of key facts, and the lender is bound by what it says for a stated window.
8 min
The number that swallows the other numbers
The interest rate is not the cost of a loan. One figure includes every charge the lender levies, and anything missing from it cannot be charged later.
8 min
When the rate resets
On a floating-rate personal loan, a benchmark move has to reach the borrower as a choice, rather than as a longer tenor nobody ever mentioned to them.
8 min
Reading a loan agreement — the whole course
5 questions at the end. Every wrong answer explains itself.
Tools for this
Sources
- Key Facts Statement (KFS) for Loans & Advances — RBI/2024-25/18, DOR.STR.REC.13/13.03.00/2024-25, 15 April 2024 — Reserve Bank of India · checked 2026-08-14
- FAQs — Circular dated August 18, 2023 on Reset of Floating Interest Rate on EMI based Personal Loans — Reserve Bank of India · checked 2026-08-14