[Resolved]  Kotak Mahindra Bank — Personal Loan - Cheated on foreclosure

Address:

New Delhi, Delhi, 110075

I will suggest everyone not to take loan from Kotak. My personal advise do not bank with Kotak. Its a un-professional bank. I took loan from ING, with commitment of zero foreclosure. It got merged with Kotak. After 2 years I went to foreclose my loan. First they took 1 month to send me my foreclosure letter. So I have to pay additional interest of 1 month. But I was surprised to find, they have charged 4% of foreclosure. When I went to the branch to discuss this, they said I have to provide mail of zero foreclosure. They said, after merger, they do not hold any such document from ING. I talked to the ING sales person, who is currently working with Kotak, why 4% charged. He said clearly, in ING they had a blanket approval of 0 foreclosure, but after the merger, Kotak wants document, which he do not have. So I have to end up paying 50, 000 foreclosure changer.

My suggestion and strong recommendation is do not bank with Kotak, it is most un-ethical bank I have been associated with