[Resolved]  Kotak Mahindra Bank — Personal Loan Not received

Address:

Bangalore, Karnataka, 560097

I had applied for a pesonal loan from kotak and it was approved on 19th Nov 2015, loan a/c no# SPLN 59694123. I was issued a cheque for closing an earlier pers.loan from HDFC bank and I was told that the remaining amount would be transfered after I produce the foreclosure letter from HDFC bank. This cheque could not be presented as the HDFC loan was already foreclosed by me using my own funds. So I returned the cheque on 17th Dec 2015 to personal loan branch on MG road Bangalore and requested in writing to transfer entire loan amount to me. During this period of over 1 month the 1st EMI was already debited from my bank account without receiving a single rupee of the loan. There is no proper response from the bank on the next action till date, despite several calls to the relationship manager and helpline. It is extremely sad to know that Kotak Mahindra Bank is treating customers like this and this episode as caused lot time, wasted effort and cost to me. I am warning all readers of this complaint to be aware of this issue before applying for personal loan from Kotak.