MoneyLens / Personal borrowing
Your loan, explained.
Personal loan · Fixed rate · Nirmal Bank Ltd · ••••8204
Illustrative
Outstanding principal
ContractKFS · Sanction · AgreementAccountStatement 6 Oct
₹6,55,135
After 14 of 60 EMIs · from your statement dated 6 Oct 2026
EMI 14 of 60 paid46 to go
Next EMI · 5 Nov 2026
₹17,998EMIs remaining
46Interest still to pay
₹1,72,793Closing early
Allowed · 4% + GST₹10.80 L
total EMIs
Where your repayments go
Principal you receive₹7,66,420
Fees & insurance deducted₹33,580
Interest₹2,79,909
Monthly reducing balance. Excludes penalties and future charges.
Documents for this loan
Myra separates the KFS, sanction letter, agreement, welcome letter and statements, and uses the latest valid version.
4p
Key Facts Statement
28 Jul 2025 · Original offer
3p
Sanction letter
28 Jul 2025 · 3 pages
22p
Loan agreement · signed
2 Aug 2025 · 22 pages
2p
Welcome letter
5 Aug 2025 · Confirms disbursement
3p
Repayment schedule
5 Aug 2025 · 60 instalments
2p
Statement of account
6 Oct 2026 · Latest · 14 EMIs paid
Evidence and cited clauses
The quoted lines Myra relied on, and where each was used.
| Source | What it says | Used in |
|---|---|---|
| KFS p.1, §A | Rate of interest: 12.50% p.a., fixed, monthly reducing balance | Borrowing cost · Net disbursement · Total cost |
| KFS p.2, §C row 9 | Annual Percentage Rate (APR): 13.59% | Borrowing cost |
| KFS p.2, §B | Bounce charges ₹500 + GST. Penal charges: 2% per month on the overdue amount. Foreclosure: 4% of principal outstanding. | Charges levied |
| KFS p.2, §B note 3 | Credit-life insurance is optional and not a condition for sanction of the loan. | Document conflict |
| Sanction p.2 | Amount to be deducted at disbursement: processing fee ₹16,000 + GST ₹2,880, stamp duty ₹500, insurance premium ₹14,200. | Document conflict · Borrowing cost · Net disbursement |
| Sanction p.2, cl. 4 | Foreclosure permitted after 12 EMIs at 4% of principal outstanding plus applicable taxes. | Exit terms |
| Agreement p.14, cl. 11.2 | The Borrower may foreclose the loan after payment of 12 EMIs on payment of 4% of the principal outstanding plus applicable taxes. | Exit terms |
| Agreement p.14, cl. 11.1 | Part-prepayment permitted once a year after 12 EMIs, up to 25% of principal outstanding, at 2% plus applicable taxes. | Terms |
| Statement p.1 | Principal outstanding: ₹6,55,135.23 · Instalments paid: 14 of 60 | Repayment progress |
| Statement p.2 | 05-Mar-2026 NACH return ₹590.00 · Penal charge ₹360.00 | Charges levied |
Rules used in this report
Each figure uses the rule in force on the date that matters: a sale, a sanction, a payment, or today. Worked out on 18 Oct 2026. Myra's rules table was last updated on 25 Oct 2026.
Key Facts Statement and APR
In force from 1 Oct 2024
Applied for 28 Jul 2025 (your sanction date)
RBI — Key Facts Statement (KFS) for Loans & Advances
RBI/2024-25/18, 15 Apr 2024
Official site: rbi.org.in
GST on lender fees
In force from 1 Jul 2017
Applied for 28 Jul 2025 (your sanction date); 18 Oct 2026 (today)
Prepayment charges (floating rate)
In force 7 May 2014 – 31 Dec 2025
Applied for 28 Jul 2025 (your sanction date)
RBI — Levy of foreclosure charges / pre-payment penalty on floating rate term loans
RBI circulars of May 2014 (banks) and 2014 (NBFCs)
Official site: rbi.org.in
Penal charges on loans
In force from 1 Jan 2024
Applied for 28 Jul 2025 (your sanction date)
RBI — Fair Lending Practice: Penal Charges in Loan Accounts
RBI/2023-24/53, 18 Aug 2023
GST on penal charges
In force from 1 Jan 2024
Applied for 18 Oct 2026 (today)
CBIC — Circular No. 245/02/2025-GST
245/02/2025-GST, 28 Jan 2025
Official site: cbic-gst.gov.in
Overdue loan classification
In force from 12 Nov 2021
Applied for 18 Oct 2026 (today)
RBI — Prudential norms on IRACP: clarifications
RBI/2021-2022/125, 12 Nov 2021
Official site: rbi.org.in
RBI Ombudsman
In force from 1 Jul 2026
Applied for 18 Oct 2026 (today)
RBI — Reserve Bank – Integrated Ombudsman Scheme, 2026
Official site: cms.rbi.org.in
Document version history
28 Jul 2025
Key Facts Statement
Original offer
28 Jul 2025
Sanction letter
3 pages
2 Aug 2025
Loan agreement · signed
22 pages
5 Aug 2025
Welcome letter
Confirms disbursement
5 Aug 2025
Repayment schedule
60 instalments
6 Oct 2026
Statement of account
Latest · 14 EMIs paid
Contract terms vs account data
Contract terms come from the KFS, sanction letter and agreement. Balances, paid EMIs and charges come only from statements or lender letters you upload, and always show their date. A brochure alone can't establish your current balance.