I had taken a car loan from Kotak Mahindra Bank under agreement no. CF10233140. I waited for around an year to recieve the loan agreement which I never recieved. I decided not to pay the EMI till I do not recieve the agreement copy. When executive called me for EMI payment I informed him that I will pay subsequent EMI after I recieve the loan agreement. None gave me the agreement copy and now the bank has forcefully taken away the car showing arbitration, which I’m not sure was a part of agreement as I do not have the agreement copy. Upon contacting the brach office for the bank, they started showing huge penalties ( saying I’ve to pay 41000 for the lapsed EMI valuing just 13000). Also the bank says that there will be a daily parking charge of rs 110 per day. Firstly, the penalty is approximately 4 times the original amount and secondly it is the duty of bank to safeguard the seized vehicle. Why should I pay the parking charge when the vehicle was taken without my will?

I want: 1. My loan agreement. 2. My vehicle to be given back to me. I’m ready to pay the pending EMIs alongwith monthly charges that are logical. I cannot pay any illogical charges like parking fees, arbitration fee, legal charge, etc. as they are already a part of the penalty. 3. Again, if I have to pay all the penalties, I want my name to be taken off from credit bureau records like cibil etc. as I will end up paying everything that the bank wants.

Email Id: utkarshkumar59@rediffmail.