I was approached by one of the field executives representing Kotak Mahendra for a personal loan. I submitted all the documents required in the matter of a weeks time. After this is what got me really thinking "If i took the right decision by choosing kotak mahendra as the company I want to deal with".

I was asked for some specific set of documents by the field executive first, which was promptly submitted. Later I was asked for couple of more documents, which was dually submitted. After almost a week of submitting documents the executive came to my office and wanted my signatures on a booklet (which was supposed to be agreement with Kotak mahendra) however this booklet did not have any details at all. It was completely blank with some weird markings at the side of each page which required my signature. This is where the field executive explained that he wanted my Mothers signature as well since she was the co-applicant. I did confront him that this was not decided for which he had a ready reply that the percentage will be as low as 15% if this was done. Well this was agreed to and both my mom and myself signed all the documents. I was asked around 9 cheques which was given as well, addressed to Kotak Mahendra PLC.

I received a call from one of the managers from Kotak after a week of signing the docs informing me about the increase in the percentage to 17%. I was totally unhappy and annoyed that they have been changing their word in more than one instance by now. I refused to take the loan at this rate and hung up. After a while the filed executive called and said this was tantic used by their office to increase the rate of interest offered and we would still go by 15%.

It has been three weeks since and I still haven't received my cheque or DD. I went to the Kotak Mahendra Branch on MG road, where they just checked their systems and gave me some Managers number (Who eventually was the branch manager). I have been talking and calls more than two managers from the past three weeks checking about when I will be receiving my cheque, all that they seem to say is that they have got the DD and will be sending it via an executive to my office by 6pm. This has been the same story everyday. I have even tried yelling at them and I have even told them that I will cancel the loan.

I have received a letter from citibank that My ECS has been approved and Kotak Mahendra bank has told me that they will charge me a certain percentage if I have to cancel the loan at this time.

I am feeling let down and wish I knew who to forward my complain to. Kotak Mahendra seems to be such a big brand name however am surprised why the company is not worried about its goodwill and reputation in the market. If this is how its going to go in another six months I will not be surprised if all the people stop interacting or doing business with them. They should understand the importance of good service and the effects of promises undelivered.