Kotak Mahindra Bank
Reviews and Complaints

Hi,

I got courier till now i didn't receive any docs..i got sms from kotak bank like card sent on 07-AUG-2008 by ExpressIT Courier AWB [protected], till date(13-AUG-08) am not got that courier pls review that, do need full .

Regards,
pk ravikumar

This is a very bad complaint against Kotak Mahindra Bank (Car Loan), I had taken a car loan from this bank on 2005. However, when it was sanctioned, i was changed more than what had been committed upon by there employee&agent. (Name: Shilpa (Employee) and Naveen Kumar (Agent))

Instead for charging 7% interest, I was charged @ 9.3%, that too in that year other bank wre charging less interest 6% to 7.5%

When i complainted the same to their branch, no one helped.. fighting for nearly 1 and half month, i came to know that employees & agents are involved in such fraud deals, and in turn get lot of commissions

I here by like to warn everyone out their to avoid this bank for any transactions/relation

Update: They are charging hefty for their services.. wre as other banks offer the same services for free/nominal charges.

For instance, obtaining NOC from Kotak Mahindra Bank, they charge Rs 1500/- wre ICICI (Rs. 565/-) and HDFC no charges.

Kotak Mahindra bank has failed to follow the Code of Fair banking Rule and they have imposed huge charges without prior notice and also they have provided wrong information and false commitments.

Very Very bad service!

To
The Kotak Mahindra Bank,
Bangalore.

Sub: Non receipt of insurance certificate till date

Dear sir,

I have taken the personal loan (Ref:SPL – 117850 ) from which Rs.15000/- was deducted towards the premium for Kotak Life Insurance. As per the details received from your customer support executive, the amount was deposited in Kotak Life Insurance, Deutsche Bank AC No. [protected] through cheque 43328 dated July 31, 2007. I have been following up for the insurance bond/certificate since three months. I posted the complaint to [protected]@kotak.com. I even called your customer care at [protected], [protected] and posted the complaint. There is absolutely no response from any of your customer support executives. Can some concerned person at the senior level look into the matter and arrange to send the insurance certificate at the earliest.

Your immediate action will be highly appreciated.

I was approched by one of the field executives representing Kotak Mahendra for a personal loan. I submitted all the documents required in the matter of a weeks time. After this is what got me really thinking "If i took the right decision by choosing kotak mahendra as the company I want to deal with".

I was asked for some specific set of documents by the field executive first, which was promptly submitted. Later I was asked for couple of more documents, which was dually submitted. After almost a week of submitting documents the executive came to my office and wanted my signatures on a booklet (which was supposed to be agreement with Kotak mahendra) however this booklet did not have any details at all. It was completely blank with some weird markings at the side of each page which required my signature. This is where the field executive explained that he wanted my Mothers signature as well since she was the co-applicant. I did confront him that this was not decided for which he had a ready reply that the percentage will be as low as 15% if this was done. Well this was agreed to and both my mom and myself signed all the documents. I was asked around 9 cheques which was given as well, addressed to Kotak Mahendra PLC.

I received a call from one of the managers from Kotak after a week of signing the docs informing me about the increase in the percentage to 17%. I was totally unhappy and annoyed that they have been changing their word in more than one instance by now. I refused to take the loan at this rate and hung up. After a while the filed executive called and said this was tantic used by their office to increase the rate of interest offered and we would still go by 15%.

It has been three weeks since and I still haven't received my cheque or DD. I went to the Kotak Mahendra Branch on MG road, where they just checked their systems and gave me some Managers number (Who eventually was the branch manager). I have been talking and calls more than two managers from the past three weeks checking about when I will be receiving my cheque, all that they seem to say is that they have got the DD and will be sending it via an executive to my office by 6pm. This has been the same story everyday. I have even tried yelling at them and I have even told them that I will cancel the loan.

I have received a letter from citibank that My ECS has been approved and Kotak Mahendra bank has told me that they will charge me a certain percentage if I have to cancel the loan at this time.

I am feeling let down and wish I knew who to forward my complain to. Kotak Mahendra seems to be such a big brand name however am surprised why the company is not worried about its goodwill and reputation in the market. If this is how its going to go in another six months I will not be surprised if all the people stop interacting or doing business with them. They should understand the importance of good service and the effects of promises undelivered.

My name is Saravanan. U residing in Chennai, I am a Customer of Kotak Mahindra Bank. I was left with no option other than escalating my problem to the Complaints Board.

I have a personal loan with Kotak Mahindra bank my Personal loan number is SPL - 43683 agreement dated 26th December 2006.

The Loan Amount was 3,02,581.00 and the EMI was Rs.10590.00 at the rate of Interest 15% for 36 months. the EMI started from January 2007 and I was a regular payer and there was no defaults so far. During sometime last month I was approached by Kotak Mahindra Bank's Sales executive Mr. Karthik (Mobile Number:+91-[protected]) asking about the Loan top-up. I too had a need of money due to my brothers marriage which was in the near future.

I applied for a top-up for 2 lacs, Wherein the Bank's sales person committed me that he will get me the best interest rate. I was given an agreement on 29th Jun-07 for 5 lacs for 36 months and the interest rate was whooping 18%, and there was a loss of Rs.25000/- for me (Interest paid on the old loan). So I rejected the offer. At the time of applying all I understood was the top-up loan will be either a new loan apart from the earlier one or an extension of the old loan. (The sales person failed to inform me that the old loan will be closed and this will be entirely a new loan). Then the same day I was contacted by Mr.Velu (Mobile Number:+91-[protected]) who claimed as the Manager for the personal loan division of Chennai.

He promised me that he will give me the loan for 16% and the EMI will be 17578/- and also he will waiver me the Insurance cover and there will be a 2% service charge for only the extra loan amount with service tax. So my loss will be minimal. I asked him twice and he said I have to trust his words as a manager.

Commitments made by Mr.Velu.

1. Service Charge of 2% for 2 lacs (Loan Amount Availed Extra with 12.25% Service tax on that).
2. Interest Rate at 16%
3. Waiver of Insurance Cover and other Charges.

So based upon his commitments even though there was the loss of Rs. 21,412.00 Interest I have paid for the old loan I decided to go for the new loan and signed the documents.

When the Cheque was credited in my Account, I was traveling and I was shocked because the Amount credited was Rs.2,08,942 Via CHQNO:045168 on 04/07/2007

But I was promised to get Rs. 2,33,000.00. I have enclosed the calculation Sheet for your perusal.

Loan Amount

New Loan: 2,00,000.00
Pricipal Outstanding from Previous Loan: 41,519.00
Total: 2,41,519.00

Deductions:

Service Charge of 2% on the Loan of 241519.00 : 4,830.38
Service Tax on the serv Charg at 12.25% : 591.72
Total Deductions : 5,422.10

Net Payable was to be Rs.2,33,096.90

I was cheated (I would consider this as an appropriate word) Rs.24154.90 by Kotak Mahindra Bank people.

I contacted the Customer Care division immediately and inquired for which they told me that the approved loan amount is 4,97,000.00 and the rest as service charges, Insurance and Handling Charges. I spoke to velu and Karthik and they said that they will get me a clarification but failed to do so. I would Have tried more than 100 times and have even sent SMS messages but they are not bothered to give me an proper answer. I escaped this problem to Mr. MohanRaj who claimed himself as an Regional Manager (Mobile Number: +91-[protected]), He was also is non-responsive. Even though the loan amount is 4,97,000 I was supposed to get 2,30,096.90 but I have received only Rs.2,08,942.00.

I received the loan details and papers yesterday after making several calls to the customer service number : (044) [protected]. I was shocked to learn nearly Rs.11,168.00 was the service charge and service tax with Insurance cover of Rs.3,510.00 and documentation charges of Rs.841.00 and handling Charges of Rs.1150.00. (What is this handling charges I really don't know).

I have made several calls and have requested for explanation but no in the bank bothered to answer my calls.

Kotak Mahindra bank has failed to follow the Code of Fair banking Rule and they have imposed huge charges without prior notice and also they have provided wrong information and false commitments.

1. I have purchased car santro xing with car loan from kotak mahindra primus ltd vide agreement no 1343471 dt 31 may 2004, wherein, I was duped by the dsa of the bank.

2. I have persistently approached everyone in the company up the chain till ceo, copy of the letter to ceo mr sumit bali dt 08 may 2007 is att as under. On receiving no response from the company even after approaching ceo. I am approaching for your intervention for an early redressal of the grievance. Details of the nature of complaint is as given in the letter.

3. Looking fwd to a early response to help a destitute soldier.

Bimal mehra
[protected]

X x x x — c o p y — x x x x x

For kind attention of mr sumit bali, ceo, kmpl

Mr sumit bali,
Chief executive officer,
Kotak mahindra primus ltd

Redressal of grievance : car loan

Dear mr sumit,

1. I am writing to you as a last resort option, seeking redressal of the long pending grievances against your officials and authorized dsa cumulatively.

2. I am an army officer and had taken a car loan of rs 258459 (rupees two lakh fifty eight thousand four hundred and fifty nine only) through your company vide agreement no 1343471 dt 31 may 2004. This loan agreement was materialized through your authorized dsa mr varun veer singh of marketing minds ltd, sector-27, noida, wherein, a cash discount of 5% on loan amount (Ie rs 258459/- - rs 5441/- = rs 253018/-) amounting to rs 12650/- was agreed upon as part of loan agreement on behalf of kotak mahindra primus ltd. However, inspite of repeated requests and reminders, initially to dsa and subsequently to your company officials over a period of 2 ½ yrs plus, no heed has been paid to my request nor any action been taken for the refund of the above amount.

3. This is to further bring to your notice that my is not the only case wherein the customer has been deliberately misled and wrongly committed by the said dsa mr varun veer singh. Two more such cases have come to light, including one in which a retired army officer and a senior citizen aged 80 yrs has been duped with similar commitment.in present day scenario where we talk of “corporate social responsibility” and so on & so forth, this is a shameful conduct on part of dsa of a renowned company. This also surely makes a dent in the company’s reputation and image. All the above details have also been shared and explained at length to various officials in your company namely mr jitender singh & mr suveer seth, rms at different points of time and also to ms roshandhara, asst manager, customer relations and to many more officials over a period of 2 yrs plus.

4. All my persistent efforts over a period of 2 ½ yrs have been an exercise in futility with only blank promises and commitments by officials at various echelons of your company. Nevertheless, despite of such a bitter experience I have been paying my emis of rs 5441/- earnestly for over 2 ½ yrs for which I am being offered many a times “kotak priviledge track record personal loan” etc.

5. Taking a wholistic view of all the above mentioned facts, I would request your personal indulgence in the subject matter so as to initiate the necessary proceedings for an earliest refund/adjustment of the above amount against the emis.

6. Looking forward to a prompt & favorable response.

Major bimal mehra
Mob: [protected].