Jun 22, 2009 09:40 PM
4034 Views
I m holding an kotak credit card, where they offered me EMI for 0% interest, 3 months tenure. I had opted for 2 emi in my account. Thinking I would avoid paying nterest charges by converting into installments but I realised only in the later stage that this was just an eye wash & an offer to trap customers to pay extra interest charges. I was shocked to see a huge interest charge in my June 09 statement, I had a Total amout due of rs 20800, out of which I made a payment of rs 20100 which was a part payment & I m aware I would be charged interest charges.
But the interest charge should have been charged only on my fresh purchases excluding my EMI, since I had converted the transaction into installments for 0% interest but the bank has charged me interest even for the EMI which was informed to me as 0% interest. When I enquired the reason for charging interest on my EMI they come back stating interest are applicable as per the terms & condition. However in their terms & condition there is no where mentioned interest will be charged even on EMI if there is a short fall of payment. Despite of coating all these details they are not bothered to reverse the interest on my EMI amount.
There is transparency in EMI offer, and there was no communication given at the time of Booking EMI neither its mentioned in their terms & condition. Their customer service people stick only to their policy and not bothering about misleading customers with no proper information. Despite giving all the explanation there was help provided to me and not even bothered to give a complaint number for the problem highlighted. They are least bothered even if the issue is escalated to RBI.
I m going to escalate this issue to RBI so that the bank will not mislead customers with false offers
