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Old 11th February 2009, 02:40   #31
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Default Make life difficult for them!

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Originally Posted by sammyboy View Post
@Deepclutch : Its the same everywhere :(

Next update: Got a mail from Kotak asking me to get a letter from the ICICI bank saying the amount was deducted from my account, also to mention the name and address details of the bank branch. Its so ridiculous, after 3.5 years of coolly taking the cheques they want me to give them bank details . Told them straight that they should have all the details in the paperwork and get them thru there. Also sent a scanned copy of my statement to them. Told them this is all I am getting, if they need anything else I am not going to run around. They should be doing that.
Lets see what else they come up with now.
If you want to pay them back in the same coin, reply to the said mail and ask them to send you copies of all collection, clearing, NEFT & RTGS done by their bank over the last 4 years so that you can verify that they have not received the money as alleged by them. Warn them that if you find it, you will sue them and prosecute them for fraud. Warn them that if they fail to deliver the said details, an adverse inference will be drawn against them as set out in Section 114 of the Evidence Act.

Those details are so voluminous that they will never be able to provide them to you. To deliver those details they will probably need a truck or two! The funny thing is, it is your right to ask, so ask.

Cheers.

Last edited by Ravveendrra : 11th February 2009 at 02:45.
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Old 11th February 2009, 11:51   #32
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Unhappy

I have a 2 year loan from Kotak too. Now, I am just wondering if I am going to face such problems when the loan with them is about to be closed. I have ECS where the specified EMI gets deducted each month from my bank account. I have not had any problems over the past 10 months.

But I will be on my guard after reading this. I am open to your inputs on how to stafe safe from these guys?

Thanks in advance,

gpa
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Old 11th February 2009, 17:56   #33
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Quote:
Originally Posted by Ravveendrra View Post
If you want to pay them back in the same coin, reply to the said mail and ask them to send you copies of all collection, clearing, NEFT & RTGS done by their bank over the last 4 years so that you can verify that they have not received the money as alleged by them. Warn them that if you find it, you will sue them and prosecute them for fraud. Warn them that if they fail to deliver the said details, an adverse inference will be drawn against them as set out in Section 114 of the Evidence Act.

Those details are so voluminous that they will never be able to provide them to you. To deliver those details they will probably need a truck or two! The funny thing is, it is your right to ask, so ask.

Cheers.
LOL Raveendra sir you really know how to take their happiness. Awesome idea, I will ask them to send me all the details including a statement of accounts. Lets see their reaction then
Quote:
Originally Posted by gpa View Post
I have a 2 year loan from Kotak too. Now, I am just wondering if I am going to face such problems when the loan with them is about to be closed. I have ECS where the specified EMI gets deducted each month from my bank account. I have not had any problems over the past 10 months.

But I will be on my guard after reading this. I am open to your inputs on how to stafe safe from these guys?

Thanks in advance,

gpa
Hey gpa, you never know when they start acting funny. Suggest you keep track of all monthly bank statements and ask them to send you a statement of account for your loan which would say how much you have paid. I never did that and now am facing this

Last edited by sammyboy : 11th February 2009 at 17:59.
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Old 11th February 2009, 18:32   #34
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Dont get worked up. this could be due to an operational error, all you need to do is write(no email) to the head of customer service with a copy to the MD(dont worry about the letter reaching the MD) regarding the issue with copies of all the supporting docs that you have. Be sure that they will act promptly and solve the issue.

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Originally Posted by sammyboy View Post
Need your suggestions guys.
Here is the issue :

I had taken a 5 year car loan on increasing installments for my Ford from Kotak Mahindra bank in may 2005. Everything was going smoothly till some time back when one day my father called me saying that there are two guys at the house saying that the installment for Feb 2008 has not been paid. I asked to speak to the guys over the phone and asked them if they had any clue of what they were asking as the amount has been debited from my account in the name of Ford Credit Kotak mahindra via check no. XXXXX.

They admitted that they might not have the complete information and went away saying that they wil check and revert. Did not hear from them again.

Now a few days back I get a letter from their legal dept saying that the feb installment has not been paid and I need to pay the complete balance amount within 7 days including legal charges and other charges or else they will initiate action (read take the vehicle).

They have been coolly taking the installment every month and remembered almost after a year that one installment has not been paid, though I have proof that this is not the case.

I had called the customer care on saturday and told them to have the concerned people call me but I havent heard anything from them till now.

The way they are acting is ridiculous and I have read through threads on the forum regarding their crazy attitude.

I have asked my father to speak to his lawyer an find out the procedure to approach consumer court to report this harassment.

In the meanwhile I am waiting to hear from them. Please let me know what should I do?
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Old 4th August 2009, 10:17   #35
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What happened - any developments?

I have an issue with KOTAK not issuing an NOC & Form 35 despite the loan being paid on time and written confirmation that there is NO outstanding.

Calls to their call centre is useless and even the Bangalore Branch Manager does not take calls or revert to mails.

I will be paying them a personal visit today!

Last edited by kb100 : 4th August 2009 at 10:19.
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Old 4th August 2009, 10:22   #36
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kb100 - drop hints about consumer courts and banking ombudsman.
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Old 4th August 2009, 13:34   #37
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Unhappy Just begining to get worried

Based on sammyboy's suggestion, I asked Kotak for a statement of my loan account on July 13 and I have not heard anything from them till date despite a few calls.

This is just starting to worry me after I read about others experiences here. I know this is not that big a problem, but I wonder what will happen when I close my loan in the next few months time.

I don't want to visit the bank to sort out this problem. Any suggestions guys?
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Old 4th August 2009, 13:36   #38
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I will be paying them a personal visit today!
kb100,

Looking forward to your update post this visit. Will be keen to know what transpired at the meeting and what the outcome was.

Cheers,
gpa
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Old 24th August 2009, 18:13   #39
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I got a call a couple of days back, this lady asked me if I had a loan with Kotak.

This time though it was different :

Lady: Sir, I am calling from Kotak Mahindra bank, you have an auto loan with us right?
Me: Oh no not again ..iI am fed up with u guys, every second month u call n harrass me , here is the story .....blah blah ...

Kept speaking non stop for 5 minutes.

Silence.

Lady (in a very meek voice) : Sir I just wanted to let you know that we are offering you a credit card as you have an auto loan.


Hee hee I told her that I was not interested and kept the phone down. Then laughed for 10 minutes. Poor girl she should have known, never start the sentence with : "Sir you have a loan with .."

Regarding the loan, well there is no update. These guys told me they cant find it but as it is clear from my bank they cant do much. Havent heard from them but am sure this will come up when I go for my NOC in May 10.
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Old 25th August 2009, 11:19   #40
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Quote:
Originally Posted by sammyboy View Post

Lady (in a very meek voice) : Sir I just wanted to let you know that we are offering you a credit card as you have an auto loan.
ROFLMAO... Surely a bad day for her !!
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Old 25th August 2009, 11:24   #41
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My last EMI on my Ikon is due in September. When exactly should i start the proceedings to obtain the NOC? My car loan is with Kotak Mahindra, hence the apprehension.

@KB : Any updates on what happened?
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Old 25th August 2009, 11:29   #42
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My last EMI on my Ikon is due in September. When exactly should i start the proceedings to obtain the NOC? My car loan is with Kotak Mahindra, hence the apprehension.

@KB : Any updates on what happened?
Ask (apply) for the NOC as soon as the instalment is paid, the paperwork will take some time. Get the NOC from the bank and apply to the RTO for cancellation of financiers endorsement (the bank will have to sign and seal the RTO form).

Cheers,
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Old 25th August 2009, 11:38   #43
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Quote:
Originally Posted by Ravveendrra View Post
Ask (apply) for the NOC as soon as the instalment is paid, the paperwork will take some time. Get the NOC from the bank and apply to the RTO for cancellation of financiers endorsement (the bank will have to sign and seal the RTO form).
Ravveendrra, thanks for the quick update!
Could you please explain the process a bit more in detail?

I understood it as follows:
1) Pay final installment
2) Apply for NOC
3) Upon receipt of the same, approach RTO, and get hypothecation removed
4) Send the receipt to the banker for their seal and signature?

Step 4 is not clear to me, since i thought the NOC in itself was the proof that there was no more dues pending with the bank! Why the redundancy?
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Old 25th August 2009, 11:51   #44
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Originally Posted by benbsb29 View Post
Ravveendrra, thanks for the quick update!
Could you please explain the process a bit more in detail?

I understood it as follows:
1) Pay final installment
2) Apply for NOC
3) Upon receipt of the same, approach RTO, and get hypothecation removed
4) Send the receipt to the banker for their seal and signature?

Step 4 is not clear to me, since i thought the NOC in itself was the proof that there was no more dues pending with the bank! Why the redundancy?
I think you apply for the No-dues certificate and supply the forms for submission to the RTA to the bank at the same time (a lot of banks have the requisite RTA forms with them}. Ask the agent who sold you the loan or an RTA agent for help.

Cheers,
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Old 25th August 2009, 11:53   #45
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Quote:
Originally Posted by benbsb29 View Post

1) Pay final installment
2) Apply for NOC
3) Upon receipt of the same, approach RTO, and get hypothecation removed
4) Send the receipt to the banker for their seal and signature?

Step 4 is not clear to me, since i thought the NOC in itself was the proof that there was no more dues pending with the bank! Why the redundancy?
What you thought is correct. If you have reached upto step 3, then you would have already received the NOC of car with the bank's seal & signature which states that bank has no claim in car and it's insurance as final payment is done. So step 4 is actually not required.
Atleast that was what happened with me. My previous car loan was with ICICI. After completion of my payment, I sent them an email and within <1 month, all documents from them had reached me. So it was an easy process after that to de-hypothecate the car in RTO.

OT: BTW, I have taken a 3 year loan with Axis bank, any feedback about Axis bank's service?
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