I have applied for a new car loan in Kotak through a thrid party (Jeba Associates) outsourced by kotak. They promised me to get 80% of the Ex showroom price of the vehicle, So I signed all the documents and a I gave ECS for loan repayment as well. At the time the associate asked me Rs2400 towards the loan proceesing.
Unfortunately at the time of releasing my loan amount the Associate (Mr. Wahid) to whom I hand over the documents called me and said Kotak has approved only 70% of the vehicle cost to you. So I said don't process my loan till I say yes.
But Jeba associates didn't bother to hear me and the proceessed my loan with Kotak.
One fine day I received the loan aggrement from Kotak saying that my loan got approved for Rs5, 4000. I was shocked to see that.
Immediatley I called up Wahid and asked why the loan got processed and I said I want to cancel it. The next day Jeba singh threatned me that you can't cancel this loan, if you cancel you will become a defaulter and you will be black listed in CIBIL.
Finally I went directly to Kotak Mahidra prime ltd, Pantheon Road, Egmore with my loan aggrement copy. There I was requested to meet Ms. Vijayashree for the same.
I explained her everything from the begining and she said the fund has been released to Lanson Toyota and she said we can't do anything now.
Again, I asked her I want to cancel the loan and I want the refund of processing fee I paid towards the loan Rs.2400.
She said we never entertain our representatives to collect money from customers in cash. I asked he is your outsourced associate and how can you claim that you are not responsible. The argument continued but I felt really frustrated.
At last she said if you want to cancel the loan you need to pay the processing fees (Rs 4500),
the interst for the amount held by Lanson toyota for 15 days
Everything summed up to Rs 14000, I came back saying that I'll pay this after a month.
In two weeks I got an sms that an amont of Rs 18, 840 was deducted from my account for the first month EMI. I didn't get the loan but the ECS was processed.
I called back Kotak to refund my EMI. They said we will refund after deducting all the charges for not taking the loan. Still my struggle towards getting the refund is going on...
P.S - Never go for loan to such a bad financial institution.
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