[Resolved] Kotak Mahindra Prime Limited — Prepayment of Car Loan | |||
Hi, This is with regards to Car Loan which I have taken from Kotak Mahindra Prime Limited. I want to repay the loan & hence I called up Kotak Customer Care Number. The CSR told me that I have to pay pre-payment charges which are 5.52% on the pending amount. But when I checked the attached schedule/contract, the pre-payment charges mentioned in the schedule are 5% only. On sending a mail to service.[protected]@kotak.com I got a reply that there is a servce tax of 10.30% on the pre-payment charges i.e. 5% hence the total comes to 5.52%. I have contract copy in which no where it is mentioned that KMPL will charge service tax @10.30%. It is mentioned that pre payment charges will be 5% (there is no star mark as "Condition Apply" as well as nowhere in the Schedule it is mentioned). The point here is that the Service Tax is being charged only on the services rendered by the service provider. When a borrower prepays a loan, the service provider does not render any service to the borrower. The borrower approaches the service provider and offer to prepay the loan, the service provider charges prepayment charges as per agreement or as per negotiation, and receives prepayment of loan. Therefore, there is no service rendered by service provider. When a charge is not for a service, the charge cannot be subject to service tax. I have been doing follow-up since 26APR10 & there is no reply to any of mail.Finally I got a call on 03MAY10 from KMPL & the CSR told me that she has given a request to your Chennai office for retrieval of Loan Agreement documents. Post that there is no reply from KMPL. I have already provided the schedule copy which has the a column of prepayment charges, then what's the use of retrieving the documents. I wanted to clear the loan on 01st of this month cause KMPL will charge me Rs. 72.00 as a per day interest. Please note that I am not going to pay Rs. 72.00 which KMPL charges per day from the date of installment till the date of pre-payment. The delay is from KMPL's end & why should I suffer for that. I have send 8 mails @ service.[protected]@kotak.com, Nikhil.[protected]@kotak.com, Vikrant.[protected]@kotak.com, but there is no courtesy shown by KMPL by sending a holding mail to the customer. Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
2 Comments | |||
Comments
Please update me my status .my mobile number is-[protected],
My email- [protected]@msn.com
My name is -Rajugeorge.
Vehicle taken in the name of -Delhi Brotherhood Society, 7 Court Lane Delhi-110054
My email- [protected]@msn.com
My name is -Rajugeorge.
Vehicle taken in the name of -Delhi Brotherhood Society, 7 Court Lane Delhi-110054
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27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
Kotak Mahindra Prime Limited — Demanding more money not accepting their receipts
I have brought Maruti car on loan from Kotak Mahindra Prime Ltd , I have paid till 2 ½ yrs the EMI, then my cheque got bounced and I called for settlement, and after months Kotak Bank people came for settlement and asked me to pay money in cash I paid Rs. 72000/- through my mother they took the money and gave the receipt, and waited for the settlement letter and RC book, when I went to the bank came to understand that the money is not received to the Bank and they are forcing me to pay all the money again the denies that the receipts are not provided by Kotak Bank we have made the receipt they are blaming me, it is removed and placed by us.They take non-bail able warrant on me, forces me to come alone to the bank. Threatens me.
I need justices from yourside.
Regards
Kavita