My name is Bharat Sharma. I am working in media (Star News). My views for Kotak was very good. But the experience I have taken last month changed my view. Before I thought that Kotak was one of the reputed company of India but now for me Kotak is a cheater company. I want to share my experience with you. Last Month I was approached by one of the field executives representing Kotak Mahendra for a personal loan Online DSA (Gurgaon) @ 17% Interest rate.. I submitted all the documents required in the matter of a weeks time what Sadiq (ONLINE DSA Owner) told me.
After some day he called me and said that I got approval from Kotak of Rs 200000 for 3 year and rate of interest is 17%. I need a loan of amount 400000 for 5 year but I thought its ok if only 200000 Rs lone has approved. So I informed Sadiq to go ahead. Next day he called me and said pls arrange 7 cheques and sign an ECS Form. I asked Sadiq you are not giving me any document, how much amount of loan have approved, what is rate of interest, loan agreement etc. He replied me that what he told me earlier (200000 RS for 3 year and rate of interest is 17%) will applicable. I thought this is the way how bank work in personal loan. After one week Sadiq told me your loan has disbursed and you will get your loan amount in one or two days. Again I asked to Sadiq pls confirm me rate of interest and processing fee and he answered me that I can trust on him that rate of interest is 17% and when I will get loan amount I will get loan agreement and other documents with that.
When I received a cheque of Rs 197053 on 7 june08 (which has dispatched on 2 June 08) than I get to know that the loan amount is Rs 202105, rate of interest is 19.9% and emi is 7500 for 36 month. After that I called up Sadiq he didn't pick my phone than I called Delhi branch but because of Saturday no body received my call. Then I called to call centre, from there I got clear picture that what is the rate of interest on the lone amount which I got. I was so angry but I have no option than wait. Today 9 June I went to your personal bank branch in Delhi. There I met with Shivani (Customer care) and Preeti in sales department both of them told me that I have signed a loan agreement kit. Than I came to know that what is the procedure to take loan from Kotak. Then I told them that I have not signed any loan agreement kit or any offer letter. In Front of me Preeti called Sadiq and take him on loudspeaker there he said that I offered loan to Bharat on 17% and Bharat didn't signed any document. All documents have signed by me (Sadiq). You know this is a froud case.
Preeti told me Sorry for that what done sadiq but this loan of Rs 202105 has been approved at 19% for 36 month that mean per lack emi is 3711 which is again wrong according to 19% reducing but actual calculation says it is that 20% as per amount schedule amort tisation schedule. Again she lies me this is at 19%. I don’t know what the hell she is explaining to me that kotak calculation is different. She wasn’t telling me DSA Name and Address Than Shivani said that we are sorry, we unable to provide you loan on this condition (200000 RS for 3 year and rate of interest is 17%). This is not the way first u killed some one and than u say sorry boss ho gaya. If this is the way by which you treat a media person than I am very worried for other persons.
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 it’s 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.
I really want to know the answer of some of my question
I want to know that is this the way by which Kotak doing business?
What is your credit department responsibility?
How did you disburse a loan amount when I didn't signed any loan agreement as well as sanction letter?
I need a justification. If I didn't call to your call centre then you will charged me that rate of interest.
I will file a FIR complaint against that DSA. I need address and real name of DSA
This is cheating case. I am worried weather the seniors of the company are interested in personal loan division or not.
0 comments