MISERABLE EXPERIENCE. Review on ING Vysya Bank

I have been their customer for over a decade.i have been taking gold loans from them even when I was aware it was higher compared to other banks.this bank has now been merged with KOTAK MAHINDRA BANK.I had very harrowing and miserable experience concerning one of my gold loans.i was not served with any written notice or an email.

Just verbally somebody calls up and says the loan has matured and needs to be closed.i did not take it seriously assuming that I will be sent an intimation by post or email.i sent three mails to their customer service mail id.just got an automated reply that the query will be attended to and a reply will be sent.also with some instructions to go to the sections in the app.the app does not give any clear info pertaining to loans except a consolidated figure nevertheless I went to indiranagar branch where I hold the account.

To my utter shock I was told to pay up on or before 4th jan or it would go for auction by 4th jan.that was like I had three days.in between 2 bank holidays came up.they just tell you a figure and you have to pay up.no account statement given.since it was difficult to arrange amount of appx 5 lakhs within a few days I begged them to give me a week's time.i was flatly refused.on the 4th I went to the bank again asking them to give me at least two days time.initially I was told that the gold would be auctioned if I did not pay up by 3 pm that day itself.after much begging I was given time till next day 3 pm.i was forced to give a written undertaking that if I failed to pay by 3 pm next day, they had the full power to auction the gold.all the while I went on protesting how they can auction without sending a notice to me.their answer.all procedures followed.pay or it will be auctioned.

I was told unofficially that news paper notification has been given.the paper is prajavani.i never read that paper nor have seen it as I dont read kannada.

I had to beg and borrow the amount and paid the amount on time to save my gold.before I closed I was told that I can take a fresh loan.after I closed I was told to go to another branch at tippassandra for the fresh loan.there they offered me a mmuch lower loan against the gold that I had to rush to another bank who not only offered me a higher loan amount but also a much lower intrest rate.

Beware if you are taking a gold loan from ING VYSYA BANK OR KOTAK MAHINDRA BANK. THEY LITERALLY BLACKMAIL YOU.

R.K.REDDY