Kotak Mahindra Bank 1 Lakh Personal Loan

Name: Kotak Mahindra Bank 1 Lakh Personal Loan
Brand: Paisabazaar
Rating: 4.2 (2839 reviews)

Kotak Mahindra Bank offers personal loans at an interest rate starting from 9.98% p.a. for applicants availing a loan amount of Rs.1 lakh. However, the interest rate applicable may vary depending on the credit profile of the applicant, job profile, monthly income, EMI/NMI ratio, etc.

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Customer Rating

4.2_/5

2839 Reviews

51M+Satisfied Customers

65+Lending Partners

800+Cities across India

Paisabazaar Exclusive Benefits

Wide Choice

Curated offers from 30+ lenders

Quick Disbursal

Money in your account instantly

SmartMatch

Offers ranked according to eligibility

Digital Process

Hassle-free & paperless

Personal Loan EMI Calculator

Amount

₹

₹1 L

₹5 L

₹10 L

₹15 L

₹20 L

Amount

₹1 L

₹5 L

₹10 L

₹15 L

₹20 L

₹

50K50L

Rate of Interest(Per Annum)

8%30%

Tenure

1Y 10Y

Your Monthly EMI Payment

₹0

Principal Amount₹0

Interest Amount₹0

Total Amount₹0

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HDFC Bank

10 Second Disbursal*100% Digital Process*Quick Disbursal

Max. Loan Amt.Upto ₹25L

Rate of Interest9.99% - 12.5%

Tenure upto1-5 Years

Processing Fee₹ 6,500

Axis Bank

Low Processing fee

Max. Loan Amt.Upto ₹40L

Rate of Interest9.99% - 17.15%

Tenure upto1-5 Years

Processing Fee1% - 1.5%

Kotak Mahindra Bank

Lowest Income requirement100% Digital Process*

Max. Loan Amt.Upto ₹25L

Rate of Interest9.98% - 17.2%

Tenure upto1-5 Years

Processing Fee1.1% - 1.5%

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Features of 1 Lakh Kotak Mahindra Bank Personal Loan

Interest Rates for 1 Lakh Kotak Mahindra Bank Personal Loan

Eligibility Criteria for 1 Lakh Kotak Mahindra Bank Personal Loan

Documents Required for Kotak Mahindra Bank Personal Loan of 1 Lakh

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Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of 1 Lakh Kotak Mahindra Bank Personal Loan

Here are some of the key features of a personal loan of Rs. 1 lakh from Kotak Mahindra Bank:

Interest rates start from 9.98% p.a. and can range up to 17.2%
Offers loan tenure ranging between 1 to 5 years
Requires no collateral or security and no end usage restriction
Comes with easy documentation with video KYC using Aadhaar card

Interest Rates for 1 Lakh Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank personal loan interest rate starts at 9.98% p.a. for applicants availing a loan amount of Rs.1 lakh. However, the interest rate applicable can go up to 17.2% and may vary depending on the credit profile of the applicant, job profile, monthly income, EMI/NMI ratio, etc.

Eligibility Criteria for 1 Lakh Kotak Mahindra Bank Personal Loan

The following key criteria needs to be taken into consideration when applying for a personal loan of Rs.1 lakh from Kotak Mahindra Bank:

Eligibility Criteria	Requirement
Nature of Employment	Salaried individuals employed with an MNC, public limited company or private limited company
Age	Individuals between 21 and 60 years
Minimum Net Monthly Income	For a Kotak Mahindra Bank salary account holder: Rs. 25,000 For a non Kotak Mahindra Bank salary account holder: Rs. 30,000 For Kotak Mahindra Bank employees: Rs. 20,000
Minimum Educational Qualification	Graduation / Diploma
Work Experience	Minimum one year of work experience
CIBIL Score	CIBIL score of 750 or above is generally considered good for personal loan approval

Documents Required for Kotak Mahindra Bank Personal Loan of 1 Lakh

Given below are the key documents required to avail a 1 lakh personal loan from Kotak Mahindra Bank:

Valid Identity Proof: E-KYC Authenticated Aadhaar, Passport, Voter ID or Driving license
Valid Residence Proof: E-KYC Authenticated Aadhaar, Passport, Voter ID or Driving license
Valid Proof of Income: Last three months’ bank statements, salary slips for past three months and Income Tax Return
2-3 passport-sized photograph
PAN card

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Fees and Charges for 1 Lakh Kotak Mahindra Bank Personal Loan

Charge Type	Applicable Amount
Loan Processing Fees (Non Refundable)	1.1 - 1.5 % of the loan amount plus taxes. Deducted from loan amount at the time of disbursal.
Stamp Duty Charges	As per the respective State’s Stamp Act
Penal Charges on Overdue EMI	Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes on overdue amount (to be charged for actual no. of days)
Facility Rate of Interest (FRI) Charges	EMI(s) remaining unpaid on respective due dates shall attract FRI charges at contractual rate for the number of days of delay in receipt of EMI. On non-receipt of FRI charges before the next EMI date, the charges will be adjusted from the next EMI received.
EMI Dishonour/Bounce Charges	Rs. 750 per instance (inclusive of applicable taxes)
Swap Charges (Charges for change in repayment mode, EMI date or repayment instrument)	Rs. 500 plus taxes per instance
Foreclosure/Part-payment Charges	Up to 3 years - 4% + taxes on outstanding principal/part payment amount After 3 years - 2% + taxes on outstanding principal/part payment amount
Physical SOA or Amortization Schedule Charges	Once in a year- Nil Beyond that - Rs. 200 plus taxes per request
Legal charges	At actuals
Cancellation Charges for Digitally Availed Loans Within Cooling Off Period (Cooling off period : Transaction + 4 days)	NIL
Cancellation Charges for Digitally Availed Loans After Cooling Off Period (Cancellation can be done only before first EMI date)	Rs. 1000.00 + Taxes or 1% of principal outstanding +Taxes (whichever is higher)
Cancellation Charges for Non-Digital Loans Availed through Offline Channels (Cancellation can be done only before first EMI date and no cooling off period applicable)	Rs. 1000.00 + Taxes or 1% of principal outstanding + Taxes (whichever is higher)

EMI Calculation for Personal Loan of Rs. 1 Lakh for Different Tenures

Given below is the EMI calculation of personal loan of Rs. 1 lakh from Kotak Mahindra Bank offered at 9.98% p.a. for different tenures. Applicants planning to avail a personal loan can calculate the EMI and total interest cost payable throughout the loan tenure using online personal loan EMI calculator.