Kotak Mahindra is one of the pathetic banks that I have ever dealt with. I decided to take home loan from this bank about 2 years back and this might have been a life changing experience for me from better to worst.
They took 2 months to completely approve the loan. And it was a nightmarish period.
They don’t honour the requests that you might have put. I had asked the loan for 15 years but when they approved, they approved for 20 years and to change it they said they will take 15 more days after taking 2 month to approve the loan. They have a pre-payment penalty of 2%.
After first month, there was some problem with my other bank due to which ECS did not work and I had to shell out 1000Rs as fine which I accept as for a bank, it only cares if it gets the money on time or not. But the very next month, they deducted the EMI twice due to some confusion in them. They gave me back the check after 15 days but without any interest nor did they waive the earlier fine that they had collected from me.
This bank has the worst BPLR. It is 17.75 which is higher than any other bank including the ICICI bank. So even if the bank is offering the loan at a very good interest rate, never fall prey for their promises. That is what they did with me. When they offered, they promised that they will give loan at 8.75% which was 0.25% less than what SBI was offering at that time and I decided to go with them. But even before the loan was approved, they raised it to 9.5 and then within months to 10.
Today you believe it or not, the interest rate is 14% where as with SBI it is 10.5 to 11%.