Kotak Mahindra Bankcheated and charged very high rate of interest

Review updated:

CHeated and charged very high rate of interest
No Response from Kotak even after sending a e mail

This refers to the loan taken from Kotak Mahindra purchase of my second hand car (Maruthi Swift - 2007 Model) from Toyota Trust, Bangalore.

Car purchase was finalised for Rs. 3, 70, 000/-. I had made the down payment of Rs. 80, 000/-. Balance amount of Rs. 2, 90, 000/- I had opted to take loan. As per the discussion had with Toyota Trust during the purchase of car, they had promised me to give the interest of 15% reducing or 10% Flat for the loan amount of R.s 2, 90, 000/-

Unfortunately, the agreement copy was delivered to me very much late. But when the loan agreement was received, I was surprised to see that a flat interest charge of 20.8% was charged on me. This is pure cheating. Never expected this from a trusted company like Toyota Trust or Kotak Mahindra Prime.

Request your help in resolving the issue.

Loan agreement details:

Kotak Mahindra Prime
Agreement no: CF-6813425
Agreement date: 31/03/2011
Loan Amount: Rs. 3, 03, 775/-

Thanks and regards,

Pradeep Kumar M

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  • Ko
      Dec 01, 2011

    Dear Mr. Kumar,

    We apologize for the inconvenience caused to you. Our team has made a note of your concerns and will contact you shortly. If you have any other queries regarding this issue, please write to service.[protected]

    Regards, Kotak Support Team

    +1 Votes

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