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Kotak Mahindra Bank 1 Lakh Personal Loan

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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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
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%

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How Can I Apply for a Personal Loan Online?

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.

Loan Amount Loan Tenure Interest Rate (p.a.) EMI (Rs.)
Rs. 1,00,000 1 year 9.98% 8,791
Rs. 1,00,000 2 years 9.98% 4,614
Rs. 1,00,000 3 years 9.98% 3,226
Rs. 1,00,000 4 years 9.98% 2,535
Rs. 1,00,000 5 years 9.98% 2,124

How Can I Apply for a Personal Loan Online?

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

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FAQs

The total interest cost of Rs.1 lakh personal loan at 9.98% p.a. for a tenure of 2 years is Rs. 10,726.

Currently, a personal loan of Rs. 1 lakh from Kotak Mahindra Bank is offered at an interest rate starting from 9.98% p.a. and may go up to 17.2% p.a. Moreover, the interest rate may vary based on the credit profile of the applicant. 

A Kotak Mahindra Bank personal loan of Rs. 1 lakh comes with a tenure option ranging between 1 to 5 years.

You can apply for a personal loan of Rs. 1 lakh from Kotak Mahindra Bank through the official bank website or mobile app. You can also visit the Paisabazaar app or website to compare the interest rates and other offers by various lenders and apply for the one that is most suitable for you. 

You are not required to submit any collateral or security to avail a personal loan from Kotak Mahindra Bank.

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