Team-BHP - Kotak Mahindra Bank

We had got our car financed from Kotak Mahindra Bank in 2004. Now at the end of the term, they have all messed up themselves. One end they are sending us a pre-approved loan to buy another car and on the other end, they are not willing to release the NOC for the car purchased 2 years back because the first 2 emi's bounced from the bank as per their records.

After submitting account transaction history and the original payment schedule which match perfectly without any sign of delay or cheque bounce. Kotak hasn't been responding, it's now been little over 2 weeks.

Any suggestions?

With my HDFC experience, they take around a months time to release NOC. My HDFC noc came home after 5 weeks of clearing loan.

Check with the office about whats their lead time for sending an noc.

Hi Prabh,
Tell them you take them to consumer court..thats the only way to make them buckle up..iff your finances have been in order..

Also, another option is to enquire / proceed witht he new loan and tell them about your existing problem. Tell them you will proceed with the new term loan after the existing NOC is released...

The Consumer is always the KING!!

There is actually no use talking to them over phone or showing documents etc...the best way to handle these leeches is to put each & everything in writing, which will help u if & when u want to visit the consumer forum. and they are bound to give a proper reply to your letters. attach all the supporting documents & send a letter by Regd Post Ack due.

You can complain to banking ombudsman, for any complain related to banks, appointed by rbi.
eamil:bomumbai@rbi.org.in
send a copy of the mail to the branch manger, see the difference once you say "I have complained to BAnking Ombudsman" in their attitude.

Hope your issue gets sorted out.

Cheers

MAjor
p.s.I work with a Bank, no its not Kotak.

Quote:

Originally Posted by major

better move...that will get them to sort out ur problems soon...ombudsman is the magic word in banking these days...i did it once with a credit card company..

Quote:

Originally Posted by headers

The Consumer is always the KING!!

Says who ? Not as yet, atleast.

As of now you can't go to the Consumer Forum. You will have to show sufficient cause as to why action should be taken against them. For that you will have to write to them giving all facts along with bank details or any other document that shows their error. Your letter must state that if they do not respond to your letter within a weeks time, then you shall be forced to take legal action.

I personally feel that all this wouldn't be neccessary. Just visit their local office and things would be settled in a jiffy.

So long....

Well things didn't had to go far with the email, but that's for the input. It helps. They have finally given us the NOC, giving us reasons that they did not have the registration details!!! now beat that! And, they want us to take another loan from them !

Now I am fighting Standard Chartered for another banking problem, here's a note = never rent your house to them!

Thanks for all the help!

Quote:

quote=Prabh]Well things didn't had to go far with the email, but that's for the input. It helps. They have finally given us the NOC, giving us reasons that they did not have the registration details!!! now beat that! And, they want us to take another loan from them !

Now I am fighting Standard Chartered for another banking problem, here's a note = never rent your house to them!

Thanks for all the help!

Nice to hear that the problem has been sorted out. My personal experience with them has been trouble-free so far. I have visited their office a couple of times and noticed their work culture a lot better than many other MNC banks, who just don't bother about their borrowers. Their cheque bounce charges and loan foreclosure interest are the lowest in the market other than the Nationalised Banks.

So long....