I have been Kotak Mahindra Bank customer for past one year or so. Service is otherwise fine, except when it comes to dealing with many departments this bank has. This Bank is so fragmented and compartmentalised with no single onus on customer service. I have Home loan from them. I was promised that after 6 months, I would be able to take up Top up loan to do interiors. When it came to processing, I was made to run pillar to post only to be told that Bank policies does not allow that and it could be that loan agent might have misinformed me. My relationship manager although tried her best was limited by her authority on these department. So ended up spending from my own funds.
Recently, I was planning to buy a car. My plan was to use my own funds and partly take personal loan. I was assured a particular rate of interest and also promised that processing charge would be 1%. After submitting all that they had asked for, I was waiting for application to get processed. Than days went by. I was told that there are minor hiccups which are getting sorted out. I kept my patience. After about 12 days, they came back to inform me that either rate of interest should be higher or I have to compensate by paying higher processing charge. As neither was acceptable to me, they kept going back to seek approvals. Finally I was told that person I was interacting with from loan department goofed up and committed beyond what she could deliver. I was forced to cancel my application and deal with another back. Lost about 15 days in process.
So whenever you deal with this bank, get things in writing. Read contracts properly. And don’t go by sales talks and friendly Relatioship managers. This Bank is yet to find out how to efficiently service needs of its customers. And more importantly, how to keep promise made by its people.