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!