No Loan Agreement Provided Before Disbursal
The lender disbursed your loan without providing you a copy of the loan agreement, or provided it only after the loan was credited to your account, or did not provide a Key Fact Statement (KFS) before disbursal.
⚖️Your Rights Under RBI Regulations
You have the right to receive a copy of the loan agreement before you sign or before disbursal.
A Key Fact Statement must be provided before disbursal showing: interest rate (APR), total cost, EMI, processing fee, penal charges.
If the loan agreement was not provided, any terms the bank claims were "agreed" are disputed.
You can dispute any term in the agreement if you can show it was not communicated before signing.
💰 What You Can Recover
Disputed terms cannot be enforced if they were not communicated. You can also seek damages for deficiency of service.
⏱ Response Deadline
30 days for written complaint.
📋Step-by-Step — What to Do
Write to the lender requesting a certified copy of the full loan agreement — they must provide it.
If terms are different from what you were verbally told, raise a formal dispute.
File with RBI Ombudsman if lender refuses to provide agreement or enforces undisclosed terms.
🏛 Where to Escalate If Bank Doesn't Respond
RBI Integrated Ombudsman — cms.rbi.org.in
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