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Kotak Mahindra / poor services and not dependable!

1 India Review updated:
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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.

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Comments

  • Rr
      13th of Feb, 2008
    0 Votes

    Like the above case, one customer care executive from KMBL (PL DIVISION) approached me and after asking all the information about my salary and the company, I am working for and some more, she told me that the ROI will be 14% and processing charge will be 0.5% of loan amount.

    Then I saw this complain about Kotak Mahindra and asked them to give me a email, with what ever they are offering over phone.

    After a long wait I got the mail, which clearly showed, what was there intention. In the email the ROI was 18% and the Processing charge was 2%.

    Because of these people, I lost lot of my precious time at office.

    Thanks to the above complain.

  • Mo
      19th of Apr, 2008
    0 Votes

    Thanks for sharing your experience. I will not go to Kotak mahindra for any transactions at all.

  • 91
      6th of Sep, 2011
    0 Votes
    Kotak Mahindra - wrong info provided by customer care costed me 1000 rs
    Kotak mahindra
    India
    kotak.com

    I Have the worst experience with this bank. Due to wrong information given by customer care my cheque was returned and I was charged 500Rs by the other bank and 386 rs by kotak mahindra. and they refused
    to return the money and offered me a apology letter which i didnt wanted. i am going to close my account. Dont open account in this bank this is worst bank. Its a genuine feedback my customer ID is 14689274

  • Ko
      9th of Sep, 2011
    0 Votes

    Dear Sir/Madam,

    At the outset, please accept our apologies for the inconvenience caused to you.

    We would like to inform you that our bank officials are investigating your complaint and will reply you shortly. However, for any further assistance please feel free to write to us at solutions.bank@kotak.com.

    Regards,
    Kotak Support Team

  • 91
      9th of Sep, 2011
    0 Votes

    Hi There
    I got call from Ashish senior manager kotak. He told me charges have been refunded to me. I have checked my account its positive. After 3 weeks of effort finally it is solved. Thanks kotak, thanks complaintsboard!

  • Re
      7th of Jan, 2016
    0 Votes

    Worst and weird banking i have ever seen so far. Worst process and no value for customers as well as customer support people are not helpful and not trained properly. Avoid Banking with Kotak.

  • Ko
      19th of Jan, 2016
    0 Votes

    Dear Ms. Preethi,

    At the outset please accept our sincere apologies for the inconvenience caused to you.

    We request you to kindly provide your Customer relationship number / Account Number/ Contact number to us at solutions.bank@kotak.com enabling us to investigate the matter and assist you further.

    Assuring you of our best services at all times.

    Thanks and regards,
    Kotak Team

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