Put these details side by side
| What to compare | What to ask |
|---|---|
| Money received | How much reaches me after any deductions? |
| EMI and repayment period | What is the monthly payment, and for how many months? |
| Interest terms | Is the rate fixed or floating? How can it change? |
| APR and charges | What is the annual cost including applicable charges? |
| Total repayment | What is the full scheduled amount, plus any costs paid separately? |
| Early repayment | What terms apply if I repay part or all of the loan early? |
What do KFS and APR mean?
KFS stands for Key Facts Statement: a summary of the important terms of a loan. Ask the lender to explain it before you agree. It helps you see the repayment schedule and charges together.
APR means Annual Percentage Rate. RBI defines it as the annual cost of credit including interest and other associated charges. It gives you a broader cost measure than the interest rate alone. Compare it alongside the amount received and the repayment period.
Sources: RBI: Key Facts Statement and annual percentage rate
A smaller EMI can mean paying more
Consider two fictional fixed-rate loans for ₹1 lakh at 12% a year, calculated on a monthly reducing balance. Only the repayment period changes.
| Example | 24 months | 36 months |
|---|---|---|
| Approximate monthly EMI | ₹4,707 | ₹3,321 |
| Approximate total of EMIs | ₹1,12,976 | ₹1,19,572 |
| Approximate interest | ₹12,976 | ₹19,572 |
The longer example lowers the monthly payment by about ₹1,386 but adds about ₹6,595 in interest. Totals use unrounded EMIs; figures exclude fees and taxes and are not an offer. Actual schedules can differ with rounding and interest calculation.
Choose a payment you can sustain
A lower total cost matters, but so does being able to make each payment. Compare both options against your normal expenses and other EMIs. Leave room for a difficult month.
Ask for written terms and a breakdown of any costs outside the scheduled repayments so you do not count a charge twice. For floating-rate loans, ask what a rate change would do to the EMI or repayment period.
Credziva can help you understand the figures on available offers. We do not set lender rates or promise a particular approval or saving.
Sources & useful reading
Sources checked on 11 Oct 2026. Lender requirements and terms can change. These sources are references, not a claim of a partnership.
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