Here are some of the key features of a personal loan of Rs. 1 lakh from Kotak Mahindra Bank:
Kotak Mahindra Bank 1 Lakh Personal Loan
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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
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:
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
What is the total interest cost of Rs. 1 lakh personal loan at 9.98% p.a. and tenure of 2 years from Kotak Mahindra Bank?
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.
What is the interest rate of Kotak Mahindra Bank Rs. 1 lakh personal loan?
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.
What is the tenure option available to applicants wanting a personal loan amount of Rs. 1 lakh from Kotak Mahindra Bank?
A Kotak Mahindra Bank personal loan of Rs. 1 lakh comes with a tenure option ranging between 1 to 5 years.
How can I apply for a Kotak Mahindra Bank 1 lakh personal loan?
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.
Do I need to submit collateral to avail a personal loan of Rs. 1 lakh from Kotak Mahindra Bank?
You are not required to submit any collateral or security to avail a personal loan from Kotak Mahindra Bank.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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