Kotak Mahindra Bank — Personal loan - worst experience ever

Address:

Bangalore, Karnataka, 560001

I was pursued to take a Kotak Mahindra Bank personal loan in Feb 2016. This experience involved forgery of my signature, false information/promises, abuse & threat and no response/action/accountability.

Getting into the details: Right from the beginning I was given false information regarding the loan terms & conditions (which I came to know after 2 months) to lure me into this. The loan application was processed but without my final consent, my signatures have been forged on important documents and the loan issued. I tried to contact the bank people for discrepancies but they intentionally did not respond to my calls once the loan was issued. When I complained to higher levels, one manager even resorted to abuse and threatening (luckily voice recordings available and will soon post on internet). I was shocked to see the T&C copy of my loan with completely different details than what was provided earlier only after 2 months (delay by Kotak Bank in sending the loan documents to me) that too with forged signatures. I immediately brought this to the attention of Kotak Bank and I am escalating since more than a month through all the levels (1-4) with all the proofs. Except for some automated responses, there is no concrete response nor action yet. The feeling is that the escalation mechanism @ Kotak is extremely slow and toothless. I am yet to see Kotak Bank proving otherwise.

This loan is invalid and I am planning to stop the EMI with no binding to the interest on the loan, late charges, fines, etc. arising out of the same. Kotak bank has to act fast and collect these interest/costs/charges from their own internal culprits who are responsible for this conspiracy and prove they stick to their claim of customer value and service. And Kotak Bank has to pay me compensation for the mental agony and the expenses incurred in the follow-up.

In case of no response/action, I have decided to escalate to the Bank Ombudsman and also proceed with legal action against the bank as forgery of signature on bank documents is a criminal offence.

Most of the experiences about Kotak Bank shared on this website are also similar in nature to mine and its time that the Bank does an introspection.

This is the worst experience I ever had with any bank.

Latest SR#1-[protected]

I will keep updating on the status weekly on this forum.