Team,

This is the second instance that I have not received any intimation regarding the RPLR hike in the past 6 months. I had a received a letter on 28th Dec 2010 stating that my RPLR had increased to 15.75% pa, which means my interest rate should have been 10.00%. However, I was disappointed again to see that my interest rate was 10.25%.

Quite surprising to see that Kotak does not respect it own words. The last email I had written I was clearly told that this would not be repeated again.

I have a corporate salary account with you.I have referred people to Kotak for home loans and helped with a business of Rs. 72 lacs but seems of no value. Post which I had two more people looking for a home loan worth 75 lacs, but did not refer them to you from my past experiences.

The revert that I receive is mere apologies and suggestion to move to Base rate. And the other reason is the system delay which has happened on two occasions. I hope to get some justice happening post this.

Rgds,
Nitin Shetty
Mobile: 9765565354

Originally Posted by Unregistered

Team,

This is the second instance that I have not received any intimation regarding the RPLR hike in the past 6 months. I had a received a letter on 28th Dec 2010 stating that my RPLR had increased to 15.75% pa, which means my interest rate should have been 10.00%. However, I was disappointed again to see that my interest rate was 10.25%.

Quite surprising to see that Kotak does not respect it own words. The last email I had written I was clearly told that this would not be repeated again.

I have a corporate salary account with you.I have referred people to Kotak for home loans and helped with a business of Rs. 72 lacs but seems of no value. Post which I had two more people looking for a home loan worth 75 lacs, but did not refer them to you from my past experiences.

The revert that I receive is mere apologies and suggestion to move to Base rate. And the other reason is the system delay which has happened on two occasions. I hope to get some justice happening post this.

Rgds,
Nitin Shetty
Mobile: 9765565354

Dear Mr Shetty,

This is in reference to your home loan account HF - 3149876

At the outset please accept our sincere apologies for any inconvenience caused. We at Kotak Mahindra Bank Ltd believe that customer satisfaction and quality service are two main differentiators and we regret that you had any reason for grievance.

We wish to confirm that with any change in the RPLR (Retail Prime Lending Rate) of the bank, the effect is passed on to our customers on a quarterly basis. Further we also wish to inform you that the RPLR of the bank has been revised from 15.75% to 16% as on 31st December 2010 and applicable rate of interest in your loan account is 10.25% (RPLR@16% - 5.75% margin).

We also wish to confirm that SMS alerts at your preferred mobile number 9765565354; and an email at our registered id (nitinyshetty@yahoo.co.in) has been sent to intimate you of the rate hike. We would request you to confirm if same has been received by you; in case of non receipt of sms alert and email confirmation of rate hike at the registered details, we will make necessary rectifications. Apart from the mentioned mode of communication i.e. sms alerts and emails, rate change letter has been sent at the communication address updated in our records.

For further clarification kindly contact our customer care number 020-66048285 and we would be glad to assist you.

Regards, Kotak Support Team