[Resolved]  Kotak Mahindra Bank — Breach in Personal Loan

Address:

Thane, Maharashtra

Hello, My name is Dharmesh Patel. I had applied for personal loan with Kotak Mahindra Bank on December 2011 and the EMI started from 10th Jan, 2012. Loan Detail: SPLN 13949 The concern to me is that while I was searching for loan from different banks at lowest interest cost, I was said by associate of Mr. Pinkesh Manharlal Panchal that the interest rate for a loan from Kotak Bank is 16.25% and hence I wasted my time and energy in providing documents and following up. But when I was sanctioned a loan of 3L, I was shocked to see interest rate of 18.718% given to me. I had rejected loans from other banks having 16.5% as I was getting this at 16.25% rate as promised. But then I had no other option to go with and had to accept the loan as I was in need and had no time to go to other banks starting from scratch. I am regular Kotak Bank customer using account from more than 4 years now, but this scenario has changed my approach towards the Bank. I really liked this Bank than any other but after this episode I have a bad taste of Kotak Bank already. Regards, Dharmesh Patel