Margin requirement for arbitrage trading?

Lets say SBIN is trading at 300 on BSE and 305 on NSE. Assume margin for SBIN is 10%

Cash available is lets say 3050/-

So as per margin available, in MIS, I can buy 100 shares of SBIN in BSE (cash used=1500) and sell 100 shares of SBIN in NSE (cash used=1550). All cash used.

Now after getting into position, I want to place target limit order and stop loss SL-M order for both the positions.

Let me know if this is allowed in kite or there is any limitations?

If it is possible how much more margin is required?

If you are doing this for intraday equity, you can place both SL and exit orders for both without any extra margin. But suggest you to read this on arbitrage for intraday equity between NSE and BSE. See this video on exit orders.