I recently applied for a car loan from Kotak Mahindra. After all necessary bank verification and numerous calls from bank, I received a call stating that my car loan was ’Approved’ and that I need to inform them from which bank account did I want the EMI to be auto deducted. I was extremely happy since this was going to be my first car.
Couple of days later when I got no further update from Kotak Mahindra regarding my loan, I called to inquire when would they start the paperwork and too my disappointment the Executive whom I got hold off after several calls (note their Customer Care Service is below standard ) informs me that my Loan is not approved.
Next, I wrote several email to their customer care asking for a clarification but no one bothered to reply. My only worry was that since these guys had earlier informed me that the loan was ’Approved’ - I was bit scared that some ’fraudster’ would falsely use my documents and take the loan on my behalf. With so many frauds happening now a days, anything seems to be possible.
Till date, there has been no response from Kotak Mahindra. Finally I wrote an email to Kotak stating that I do not want the loan product from Kotak and that I shall not be responsible if the loan which earlier was stated was being ’Approved’ gets processed due to whatsoever reason.
Good news is that I approached another financial institution and within 10 days all verification was complete and the loan got sanctioned. However I have learned one lesson and that is from all the banks in our country - never ever approach Kotak Mahindra again cause their real tagline is ’ Lets Make Life Difficult’