Kotak Mahindra Bank — loan rate reduction

subsman3

from Bengaluru, Karnataka

Address:

560070

Hi kotak bank,

Loan number : ihl 55954

This loan had been taken with ing vysya bank and now with kotak mahindra bank after the bank merger.

This was a floating rate of interest and i want to know why was i being charged at a higher rate of interest for the last two and half years when the rbi norms for home loan was reducing for the last two and half years.

Little did i realize now the interest rate was not reduced for me for the last two and half years and it was evident in your bank as well that the home loans were at a lower rate than the charge for me.

Please clarify why was it not reduced for my loan for the last two and half years (2014 15 during bank merger), (2015 16), (2016 17) and current financial year (2017 18).

Does it mean the bank does not lower the floating rate as per rbi norms?

I had paid more interest at the floating rate charged by the bank.

Kindly clarify and let me know what action can be done for this and also let me know if i need to clarify legally on this with the bank.

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The bank replies by saying they reduced the interest rate in august 2017 when the rate reduction was given in july 8th.
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Kotak bank does not give a valid update on why the rate was not reduced for the last few years.

Be aware, the bank will not notify customers to reduce the floating interest rate. We need to go to branch head office in each city for this.

This is the trap set by kotak, in case you do not get time to reduce it, they will never reduce the floating rate as per rbi norms at all.

Check for a feasible bank and go ahead.

Regards,
A. Subramaniyan

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Kotak Mahindra Bank customer support has been notified about the posted complaint.

Sep 10, 2017

Updated by subsman3 Hi Kotak Bank,

Please note: I am not talking about the rate reduction now from September 2017 on wards !!!

It is clearly asked why was the floating rate not reduced earlier prior 29th-July 2017.(ie) From Financial year 2015 till June 2017.

Do you understand what is being asked or your trying to hide the facts, by stating the rate has been reduced now, which i'm aware as i was the one who gave the request.

No customer is dumb to tell to reduce the interest and complain as well, do you agree ?

Does a customer know that he has given the request to reduce the rate of interest, when it is actually to be done by the bank as this is a floating rate.

Let me be clear again:
Don't run around stating we have reduced the floating rate now to 8.45% from September 2017

Question is very clear:
Q) Why was the floating rate up to 10.25% till June 2017 ?

This is deceiving the true customers even though RBI had instructed to reduce the floating rate of interest.
Was the floating rate of interest in your bank up to 10.25 % for other customers as well ?

Tell the fact, and answer to the question asked and not what the customer knows.

Even if i had not given a request to reduce the floating rate, it would still be the same rate 10.25%.

This is not the way a Bank functions and not reduce the floating rate for the last 2 and half years from 2015.

Please clarify on that and not after i had given the request. Is that clear and answer to what is being asked and not on what is know already.

Regards,
A.Subu

Sep 10, 2017