Kotak Mahindra Bank — False Commitment with regards to Rate of Interest for Personal Loan

Hi, Myself Gaurav N Bhattar, was having personal loan of Rs 5, 00, 000 with HDFC Bank at 16.5% from January, 2014 for which I used to pay EMI of Rs 12, 293. Then I got call from Sakshi Madam on behalf of Kotak Bank in January 2015 offering for this loan transfer at 13.5%. I agreed with that, but then while submitting document and signing of agreement, I found nothing about rate, term and amount was mentioned, on my enquiry I was ensured, that “sir you submit the document, then based on your creditability that will be decided, we have already checked it, it will be 13.5% only”, I doubted and asked for written assurance, which they send my via mail. I accepted loan transfer and closed ongoing loan with HDFC Bank by paying pre-closure charges of around 4% on outstanding amount. But then unfortunately harassment experience started with me from Kotak Bank. I was provided with loan (Account no SPLN:[protected] of Rs 4, 56, 237 for 5 Years at the rate of 15.06%, instead of Rs 4, 50, 000 for 4 years at the rate of 13.5% I got shocking experience on complaining, when they shown me agreement with 15.06% interest rate signed by me, I don’t need to mention that was forged. Now this became serious matter (at least from my side) as Bank dint seemed to be worried about this at all. On complaining again and again, finally Mr. Qamarali Ansari appointed meeting of mine with Sakshi Madam and Roshan (Collection boy), but visit was very disappointing as no one met over there. After few days once again meeting was appointed and to me surprise I was given very ridiculous reply from Mr. Qumarali Ansari that Sakshi Madam has given many clients wrong commitments and now she has left the job. So, who is responsible for that? Doesn’t Bank should accept this and reconsider the matter? Or should client face it, because of Bank’s employee’s wrong commitment. I kept on sending mail and complaining but no one seemed to be serious, then I decided to stop PDC. Now they took matter into consideration and assured me that they are looking into the matter. On their assurance I agreed to keep making EMI payment, but this time by cash instead of PDC. Then even they dint found to be serious to collect payment, my due date was 10th of every month, I kept them calling on each 7th or 8th to collect payment before 10th, but they used to send executive to collect payment by 17th-18th. I found very disappointing to get such service from such reputed and growing bank. I even mailed this issue on Kotak services address but no action was taken apart from charging me late payment charges for this. Till now they have charged me around Rs 7, 000 for which I complained also and they agreed to waive off 50% of it, now you can find out if they agree to waive of 50% that means they are aware that mistake has been from there side, but still they are asking me to pay balance 50%, without any fault of mine. There is a simple calculation, My Liability with HDFC Bank was Rs 12, 293 * 47 Months = 5, 77, 770 I also paid Rs 17, 000 for prepayment closure charges. So, net liability with HDFC Bank was =5, 77, 770-17, 000 = Rs 5, 60, 770 But, now with Kotak Bank my liability becomes = Rs 10, 793 * 60 Months = 6, 47, 580 Apart from that I have been also charged around Rs 5, 000 for insurance and other formalities. So, net liability with Kotak Bank becomes= 6, 47, 580 + 5000 = Rs 6, 52, 580 Its being around 8-9 months I am discussing with Bank, now with frustration and disappointment I am forced to write this mail at this level. Kindly look into the matter, Wrong Commitment is being made, Sign is being forged and customer is being harassed very shamelessly.