How to get out of Car loan trap from Kotak bank?

[Macklon]

Hi there. Last year I had taken 1 car loan from kotak bank. During initial discussions I was told the lowest interest rate and other charges were hidden. As time passed I have realized that i am being charges too much than what I had expected. Few days back when I visited the branch to close my account they are charging me about RS.73k. Kindly please advise me how to come out of this trap. Can I opt for Loan transfer to other bank? My car loan is for 2nd hand car.

 

[BHAVESHKESWANI]

match the situation with loan agreement, if any discrepancy is there. If you think problem can be solved upto bankers only, then it's ok, if not !? then approach to advocate

 

[Macklon]

Ok. Thanks.

 

[zacobite]

Hi there. Last year I had taken 1 car loan from kotak bank. During initial discussions I was told the lowest interest rate and other charges were hidden. As time passed I have realized that i am being charges too much than what I had expected. Few days back when I visited the branch to close my account they are charging me about RS.73k. Kindly please advise me how to come out of this trap. Can I opt for Loan transfer to other bank? My car loan is for 2nd hand car.

charging 73k for what??

 

[Macklon]

yes. Penalty charges If I want to close my account now.

 

[zacobite]

yes. Penalty charges If I want to close my account now.

seems v high.. pls go through your agreement and see what is mentioned