[Resolved]  Kotak Mahindra Prime Ltd — EMI deduction even before Car delivery

Address:

Mumbai City, Maharashtra

I had applied for car loan from Kotak Mahindra Prime Ltd for an amount of about 13.25 L for the part payment for a new car (Volkswagan New Passat). The balance 13.5 L was being funded by me directly. The car was booked on 5/5/11. Due to the waiting period of the vehicle the the car has yet not been delivered. However to my surprise the EMI of my car is being regularly deducted. Till date i have paid three EMIs of loan against a car which just does not exist!!!!!!!! One EMI was a part of down payment. the second was deducted in May itself and the third was deducted in June. So just having booked (repeat .....booking and not delivery) a car 2 months ago they have started deducting the EMIsof the loan against the car, which hasn't yet been delivered. Does that mean that the loan has been disbursed to me without any collateral, coz the vehicle against whch i have taken loan has yet not been delivered !!!!! ..... what if i decide to cance my booking at this stage. I feel Kotak is using my money for their internal working capital need. This is a clear case of Fraud and misappropriation of customer funds for wrong purposes !!!!!

I have heard this from some of my other friends also where the EMI starts getting deducted for the loan amount against a car without the delivery of the car.