[Resolved]  Kotak Mahindra Bank — Issue with loan on credit card

Address:

Bangalore, Karnataka, 560017

Hi,
This is prabhu and this is regarding complaint against kotak mahindra bank on my personal loan on credit card (Repayment on emi basis). I got a personal loan of rs.1, 50, 000 in kotak mahindra using credit card. The loan got credited on my acc on july month.in august month, kotak mahindra per-closed my personal loan without my approval (Preclosure includes 4% interest rate + processing fees). When i contacted customer care executives, they said that, "there is a mistake in kotak mahindra side and will take necessary action to correct it." i had waited nearly for two week to correct the mistake, but no action. So i escalated the issue to next level. Senior executive told me that they will correct all the problems, but they created new problems. The new problem is, again they approved one more personal loan with processing fees+ extended period. When i contacted them, they are not responsive and simply ignoring my request by telling 'the changes are made based on policy and can't be corrected. I have to repay whatever amount they put it on my account'. Moreover, they are not ready to give clear statement about personal loan detail (Like approved loan, interest rate, total amount paid and remaining amount, duration, total repay amount). I dont know what is the policy, is it cheating customer by preclosing & allocating new loan to loot customer money? Here are the other problems with kotak
1. They put overlimit charges by mistake and not ready to correct.

2. They gave wrong detail to cibil and not ready to correct.
3. It is been more than 2 moths and explained whole problem to many executive more than 10 hours, but no action.

My rough estimation shows that the bank charged around 32, 000 which is two times of actual interest rate (Around 40% interest rate.). Im really depressed due to bank action on my action. Please help me to resolve the whole problem. My kotak mahindra crn is 38079607.

Thanks,
Pràbhu
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