[Resolved] Kotak Mahindra Bank — Wrongly charging interest | |||
Complaint against Kotak Bank Personal Loan department, where in they approved my loan on 29th April 2013, however they did not disburse the loan till the 15th May 2013. now they sent me a letter saying that my emi is due on 1st June 2013. I have no problems paying the emi, however they have charged me the interest for the entire month from 29th April till 31st may 2013. They disbursed the amount after the 15th so then the interest should be charged from the disbursement day right? They are now saying this is our policy and we will charge emi from the approval date, does that mean they will approve the loan and not disburse it for any number of days they want and still charge interest for the same period? I want to raise a complaint against this. Prasad Mahadeshwar relationship manager and his manager Pinkesh Panchal have been playing games with me since 15days and have harrassed me to the core Prasad did not disburse the loan kept cheques wtih him for 15days and now asking me to pay the interest is not fair. i demand the reversal of 15days interest which equals to Rs3500/- (calculation below) Calculation : 14% interest on the loan Amount - 600000/- 600000 * 14% * 1/12 =7000/- for a month so 15 days interes is 7000/2 = 3500 Which i am claiming from kotak and complaint against such employees who are delaying the process saying they have too much work and making customers pay the interest for which they are not liable to pay Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 4 Comments | |||
Comments
Mr Nayan
It is a pity to hear what has happened to you I think you should take this matter up seriously. I have been working with people in this situation and I can see what it is doing to them. If you are still have an issue and need advice I can be contacted on[protected] or emailed at [protected]@debtdoctorindia.com
Regards,
Timothy
It is a pity to hear what has happened to you I think you should take this matter up seriously. I have been working with people in this situation and I can see what it is doing to them. If you are still have an issue and need advice I can be contacted on[protected] or emailed at [protected]@debtdoctorindia.com
Regards,
Timothy
Dear customer,
We collected the applicable interest and late payment fees, as repayment towards your Kotak Credit Card dues was not initiated on time.
We have also observed from our records that statements were being delivered to you regularly, reflecting the credit balance. However, your request for refund of excess balance was received in March 2011 and as the same was credited to your saving account within the month, we will be unable to provide interest on the credit balance.
Regards, Kotak Support Team
We collected the applicable interest and late payment fees, as repayment towards your Kotak Credit Card dues was not initiated on time.
We have also observed from our records that statements were being delivered to you regularly, reflecting the credit balance. However, your request for refund of excess balance was received in March 2011 and as the same was credited to your saving account within the month, we will be unable to provide interest on the credit balance.
Regards, Kotak Support Team
Dear Sir,
Trust our Bank officials have already spoken with you and assure that all your concerns will be addressed to your satisfaction at the earliest. We would like to inform that you will also be in receipt of an email communication from the Bank's end with regards to your concerns raised. The Service Request number is 1-[protected].
Assuring you of our best services at all times.
Thanks and regards,
Kotak Team.
Trust our Bank officials have already spoken with you and assure that all your concerns will be addressed to your satisfaction at the earliest. We would like to inform that you will also be in receipt of an email communication from the Bank's end with regards to your concerns raised. The Service Request number is 1-[protected].
Assuring you of our best services at all times.
Thanks and regards,
Kotak Team.
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27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
Kotak Mahindra Bank — incorrect interest charged
kotak mahindra bank CRN NO 5662736 credit card accountkotak bank has charged me above 30 thousand rupees as interest on debit balance, which was due to mistake of a travell agency, also debited my account for excess amount and kept the credit balance for more than 7 months,i have requested them a lot that either they reverse the interest charged by them or give me the interest for my credit balance.