Dec 19, 2008 04:50 PM
8068 Views
If you decide to take a car loan from Kotak Mahindra Primus, you better be paying all your cheques on time.
I've had the unpleasant opportunity of having a cheque bounce on account of signature mismatch. Here's how they charge you.(a) Rs. 500 Bounce cheque charge(b) Late payment charge of around Rs. 200 - 300 for paying withing 15 days of bounce(c) Collection charge of 3% on EMI. ie. Rs.375.
In effect, I have had to pay approximately Rs.1000 plus on an EMI of Rs. 12504. Deepti from the collections team mentions that these%ges have been mentioned in the payment schedule in the agreement dated 6 years ago. if not, then refer to the website. Does not matter if the rates mentioned on the website are put up 6 days or 6 years ago.
All this for never having bounced a single cheque in the 6 years of my taking the car loan.
A word of advise: please read the fine print - especially schedule of charges when you take a car loan. You may land up paying more on all these charges than on the EMI itself
I do not know how the RBI allows banks to fleece customers like this.
