Kotak Mahindra Bank Reviews & Complaints

Reported By: Museeb Syed

Contact information:
Kotak Mahindra Bank

Hi Team,

With respect to my above stated car loan had recently applied for a Top up loan with Kotak. For which a new CRN ie., XXXXX3810 received a credit of Rs. 412752 on 28th May 2018.

Interest rate towards my car loan was confirmed as 9% during sanctioning of the loan however, when the welcome kit was received it is bought to my notice that the loan disbursed was a collateral loan with 15% interest rate which was never my requirement.
Also, it was then brought to my understanding that the emi of INR 14800 will be deducted from kotak saving account Plus the INR 12000.00 EMI will be deducted from my Standard chartered salary account.
This came in as a big surprise to me since the conversation that i had with executive was totally different to what it was presented.

This was clearly a miscommunication on the product. Since, the executive did not understand my requirement and proceeded with loan approval.

AM really not sure how the CTS calculation was done by the bank during the processing of this loan that this eligibility was derived since, my income per month is 66000.00 and i have a personal loan of 13801 + Joint Homeloan with EMI 34100 + CAR loan 12000.

I am really frustrated as well as disappointed with the way the process of this loan has taken place which has put me into a financial crisis which will lead to defaults registration under my CIBIL history.

Hence would request you to cancel the loan that is been approved and retrive the amount from the kotak saving account with above CRN.

Would request you to kindly take this email as a written confirmation on cancellation of the above loan.

I am happy to walk up to a branch to get this sorted and if needed i would lodge a complaint in Consumer Court since its my financial obligation.

Hope i will get a better solution for my complaint.

Regards,
Museeb Syed