Dear friends,
This is my experience about Kotak Mahindra Bank. I took a vehicle loan from this bank to buy a scooter. Their customer representative told me about their offers and interesting interest rates but they cunningly hide their higher bouncing charges and other fines. There offers are peripherally attractive but it has hidden charges. The documentation process is too long. I have waited five days to approve my loan. They demanded me additional signature verification from the bank which I have primary savings account.
The customer service team is very irresponsible. They never give proper answers to our questions. They said me the EMI amount will be debited from my bank account but they demand two blank cheques. They debit amout through cheque for the first two months. They immediately changed the mode of operation from the third month onwards without intimation. And they said me your account has not sufficient balance to draw cheque and you need to pay additional Rs 900 for fine. I called the customer care and complained it. Their customer service agent can speak only English and Hindi then why they started branches in non Hindi speaking states.
They assured me to give offer packs to avoid additional fine but the concerned bank will not give any concession. They have no mutual responsibility among them. Then why can we approach to get services. There is no branches of this bank in my locality. I need to travel more than 25km to reach the bank. They torture their customers without checking the account statements. The bank manager has no idea about anything.
So, any of my friends never go with Kotak Mahindra bank for any dealings. Choose other good banks for your transactions.
Thanking you.