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Kotak Mahindra Bank review: car loan account closure

Author of the complaint
12:00 am EDT
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This is a complaint against Kotak Mahindra Bank. we had taken loan of Rs. 294000/- (Two Lakhs Ninety Four Thousand only). Agreement No: [protected]/01 . in the name of Sanjay Bhanudas Amate, Flat No.3, Second Floor, B-1 Kumar Padmalaya, Off D.P.Road Aundh, Pune - 411007

Agreement Date: 13/02/2004

We wished to foreclose the account and have completed all the necessary formalities in respect of the same. we have foreclosed the Loan account on 9th March 2007.

We have received a cheque from kotak mahindra bank an amount of Rs.120750/- for the full and final settlement, which we have to deposit on 10th March, 2007. it was agreed they give N.O.C and return Our PDC Cheque.

They have not return our PDC Cheque not only this instead of Request of not present this cheques in our bank. They presented the PDC Cheque for the month of March 2007 an amount of Rs.5999/- which has been cleared from our Bank on 14th March 2007.

They have not even given our N.O.C.

Very bad service!

Add a comment
Jul 15, 2013 6:03 am EDT

I want to bring your attention on my Credit Crad Issue.

I have done my settlement of my Credit Card in October-2012.
For this i have letter from Kotak.
This settlement was made against Four installments of Rs-2375, which is paid by me and confirmed by collection team.

Now they say that i have not made payment in time, for this i say that Executive who comes for collect payment from my home, did not come in time.
what is my mistake, for this you can charge late fees but you have blocked my money from my salary account.

this is not fare, i am trying to get it resolve from anywhere but till date everybody is suing my like football.

if this is the value for your customers then im sorry to say that this is worst.

Feb 20, 2009 6:10 am EST

I am also having very bad experience with Kotak. The worst bank I had ever dealt with. When I checked in my statements (I have requested for the same) there are some overdue charges. I pay my EMI through ECS. There are no delays in my EMI payments. Not sure what was that for. I have part paid some amount couple of months back. Now I want fore close my account. They are charging 2.25% fore closure charges on the outstanding principal and also on the part payment made 2months back. Can this be taken to BO?

Feb 04, 2009 1:23 am EST

I also have an housing loan with Kotak. I do not have any complaignt against the customer care serive but I am sorry to say that this bank has a crappy policy. I started my housing loan (HF139580) with 7.75% interest. Eevry time the PLR goes up, they increase the interest rate (sometime without informing prior). It went upto 14%... and now all the banks are lowering the interest rate, still this guys are charging 13.5%. That is realy strange. I do not know to whom to complain...

Dec 29, 2007 12:37 am EST

I'm also facing the smae problem. Can any of you help with their Nodal officer's or Ombudsman's contact details ?

Dec 26, 2007 3:02 am EST

The worst bank I have ever seen in my life. They are licensed cheaters. Never trust their appointed Direct Selling Agents (DSAs). They even manipulate the loan agreements. Worst part is, Kotak never bothers to service the customers. They have the customer support numbers just to show on the papers/website, and no body to answer the calls! Strange!

Dec 06, 2007 3:14 am EST


Apr 08, 2007 11:25 pm EDT

This is a general information to all my friends about a FRAUD bank called "KOTAK MAHINDRA". This is a fraud bank. They cheated my 6000 rupees. They said that they will give me housing loan after getting my 6000 rupees. But after getting my 6000 they cheated me. The guy called "Balaji" who took 6000 rupees from me ,is not picking his phone even.

So everyone please be careful.

Always trust Government approved Banks not fraud one like KOTAK.

"Indian Citizen cheated by KOTAK"


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128 complaints
18 resolved 110 unresolved

Kotak Mahindra Bank contacts

(added by reviewer)
Phone number
27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), India