Jul 19, 2008 05:05 PM
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(Updated Jul 19, 2008 05:13 PM)
I had applied for a personal loan for a paltry sum of Rs. 2 Lacs from Kotak Mahindra. It was through a DSA of the bank. I want to give a blow by blow description of the humiliation that I had to undergo at the hands of Kotak Mahindra bank.
The DSA's guys come and pick up the necessary documents from my office
A person visits my residence for verification
....so far so good....
A person visits my office for verification. He misbehaves with the security people, fights with them over a bike parking issue, hurls choicest of abuses and rides away without getting the verification done.
I lodge a complaint against the person with the customer care department of Kotak Mahindra bank and request for verification at my office as there was none so far.
...now the fun starts....
A re-verification is done
The DSA informs me that all is well and the loan will be sanctioned in no time.
The DSA now informs me that I need to resubmit my telephone and electricity bill and need to make my father as the co-borrower!!! When questioned on this, I am explained the "policies" of the bank.
I talk to the bank's relationship manager and tell him flatly that I am no longer interested with a "relationship" with Kotak Mahindra
The relationship manager informs me that now I do not need to make my father as a co-borrower. Somehow the fact that I have lost interest in Kotak Mahindra bank has done the trick.
The DSA calls me up and asks for the original copies of the electricity and the phone bills as the Kotak Mahindra Bank was unable to get them verified!!!
Sick and tired of this farce, I agree to do that so that it may come to an end quickly.
......NOW THE REAL FUN STARTS.......
I receive a phone call in my official land line from Kotak Mahindra. The girl demands to talk to the people in the Administration, Finance and the HR department to "enquire" about me.
Now, I got wild and asked her to bugger off.
I call up the DSA and tell the girl there about this. She feigns surprise and asks me to wait for her call
She calls me up and tries to convince me that this is a routine thing with all the banks and that my file has been approved and in order to sanction the loan, they need to do this.
I ask her and the Kotak Mahindra bank to keep their money with them.
Pals, needless to say, it was an extremely humiliating, demeaning and pulverising experience that I had with Kotak Mahindra. Beware, if you deal with them, they will delay your case and put you through a similar drill, which is unheard of.
In my case, I had to get my home's registry and had run short of 2 lacs. Therefore, I applied for a PL. For a paltry sum of 2 lacs, I was put through such a horrific experience. Just think of it, the Kotak Mahindra Bank wanted to discuss about my loan requirement with three departments in my company. It was as good as publishing an advertisement in the news paper that I need 2 lac rupees.
I WOULD NOT RECOMMEND KOTAK MAHINDRA BANK TO ANY OF YOU.