Kotak Mahindra Bank — Personal loan emi

Address:	560001
Website:	www.kotak.com

I regret for banking with kotak mahindra bank.

Why i choose kotak?
They provided an attractive interest rate for personal loan.

What are the issues?
1. They didn't give any response after applying to the loan. Meanwhile i applied in another bank and got my loan disbursed.
2. I called the customer care and asked them not to proceed further (After 25 days from the date of application), since i took loan from another bank, i also cancelled the cheques during application process. However they didn't consider my request and disbursed the loan after 45 days from the date of application, 24 days after my cancellation request.
3. I have to resubmit the cheques since the old ones were cancelled from my side, even after providing the newer ones, they keep on using cancelled cheques and charge me for late payment.
Note: i had to visit the kotak bank (Only the loan account manager available branch) in personal to change the newer cheques. Most of the kotak branches doesn't have section for personal loan.
4. After the first few cheques they are using ecs, they got my submitted application during the loan application. However when i ask my bank (Citi) people, they told kotak didn't submit the application form hence they can't release even if they query.
5. I personally went to kotak and collected the ecs mandate forms (3 copies) and get it approved from citi and submitted one for citi, one for kotak and one with me for ecs.
6. After all these process also, the kotak didn't use my ecs and keep on sending payment alert message, however no action taken against my replies stating their ecs is not working.
7. None of the emi was successful though i had sufficient balance in my bank account, now cibil score is at the worst condition!!! I regret for banking with kotak, i am waiting 12 months lock in period to close the entire loan account.

Beware people, if you take personal loan from kotak bank, then you can't loan from any other bank for at least 3-5 years, since they will take care of collapsing of your cibil score very well.