Recently I heard that Kotak is giving Bad credit / low credit score personal loans. When I called them, they said they are providing loan for all segments and for bad credit. Then the agent came and got all the available documents. After 15 days, after lot of calls, they said that they cannot provide me loan as I had only 593 cibil score only and asked me to apply after six months.
But what actually they do is cunning. Based on the application, the Kotak bank gets the credit report and analysis all the unpaid loans and credit card. Then they start harassing the customer saying that we had acquired or dealing with other banks to collect the amount on their behalf. An outstanding of Rs.4800 has become 186000 and an amount of 11345 has become 245000 after 6 six years.
This is real cheating and after getting all details in the name of providing loans, they harass customers.
Be very careful while applying loans or credit cards in Kotak Mahindra Bank.
There are lot of P2P lending sites which doesn’t check credit score but the ability of People to repay the loan.
To err is human and these banks doesn’t provide a second chance to correct our mistakes. Peer to Peer lending is gaining importance and it is really our God of Savior now.