Allahabad Bank Credit Card

Features of Allahabad Bank Credit Cards Allahabad Bank Credit Card Eligibility & Documents Required How to Apply for Allahabad Bank Credit Card? Allahabad Bank Credit Card Customer Care FAQs

With the aim of providing benefits and credit back-up for Micro Small and Medium Enterprises, Allahabad Bank has launched 4 credit card schemes to provide them with the maximum benefits. The unique features of the cards are given below:

This credit card was introduced to cater to the needs of entrepreneurs in the non-agricultural domain. The primary objective and features of the card are listed below:

Purpose- The main purpose of the card is to increase the flow of credits to individuals from the non-farm sector. Also, the credit is eligible for classification under the priority sector guidelines.

Loan Limit- A maximum of Rs.25,000 per borrower is given as loan amount.

Cash Credit- Get up to 20% of projected sales turnover. However, when a borrower applies for a working capital limit higher or lower than the computed one, the method shall be assessed as per actual requirement.

Collateral Security- No collateral security will be needed. The eligible account will be covered under CGTMSE coverage.

Repayment Period- Following are the terms and conditions:

• The door to door tenure of the term loan will be 60 months
• Term Loan Period- 5 to 7 years
• The term loan will be repaid in 42-54 equal monthly instalments and the interest amount will be repaid as and when due

Moratorium Period- The period ranges from 6 to 18 months depending on the requirement of the project.

This particular card is designed to cater to the needs of the individuals involved in the weaving business. The primary objective and features of the card are listed below:

Purpose- The main purpose of this card is to provide loan for weaving activity and ancillary workers involved in weaving activities.

Loan Limit- The credit limit will be fixed based on the assessment of working capital requirements. Following are the associated terms and conditions:

• The maximum individual limit is Rs.2 lakh
• No margin up to Rs.25,000 and 20% margin above Rs.25,000

Interest Rate- The interest rate totally depends on the profile of the proposed borrower and varies between Base Rate to BR + 1.50% p.a. with monthly rests.

Collateral Security- Coverage under CGTMSE available

Repayment Period- The card is valid for a period of 3 years. Given below are the related terms and conditions:

• Working Capital= On-demand subject to review every year
• Term Loan= Period of 5 to 7 years

This credit card is specially designed to cater to the needs of the hand workers and allows them to secure the raw materials that are needed for the trade. The primary objective and features of the card are listed below:

Purpose- The main objective of the card is to protect the needs of the existing artisan borrowers.

Loan Amount- The maximum loan amount is Rs.2 lakh for a term loan or for working capital.

Margin- The margin for the working capital loan is 20% and for a term loan, it is set at 10%.

Collateral Security- Collateral security depends on the profile of the borrower and loan amount sought from the bank and subject to the government of India’s guidelines.

Repayment Period-  The Artisan Credit Card is valid for 3 years. In case of Working Capital loan under it, the repayment will be on-demand and subject to review every year. Term Loans under this credit card scheme come with 5 to 7 years of the repayment period.

This credit card is specially crafted for entrepreneurial individuals. The main purpose and key features of the card are mentioned below:

Purpose- The main objective of this card is to seek term loan as well as a working capital loan for the purchase of raw materials.

Loan Limit- Following are the set limits:

• For Small Business, Retail etc.= 20% of the turnover declared for tax purposes or for last 12 months turnover in the operative account
• For Professional & Self- employed people= 50% of the gross annual income as per ITR
• For Micro & Small Enterprises= As per the recommendations of the Nayak Committee
• Margin= The set margin is 25%

Rate of Interest- The rate of interest depends on the profile of the proposed borrower and varies between Base Rate to BR + 5.00% p.a. with monthly rests.

Collateral Security- It depends on the profile of the borrower and loan amount subject to the guidelines of Government of India.

Repayment Period- The card is valid for a period of 3 years. In case of Working Capital loan under it, the repayment will be on demand and subject to review every year. Term Loans under this credit card scheme come with 5 to 7 years of repayment period.

Those who wish to apply for any of the credit card variants provided by Allahabad Bank can visit the nearest Allahabad Bank branch. All you need to do is just go to the bank’s representative and ask for the credit card application form. Fill the form with all the required details. Submit the duly filled form along with the relevant documents. The bank will then review and verify your application. After successful verification, the credit card will be dispatched to your registered address.

The bank has set the following eligibility criteria for the credit card variants that it provides.

Eligibility Criteria for Allahabad Bank Credit Cards
Credit Card Type	Eligibility
General Credit Card	All non-farm entrepreneurial individuals. Preferential treatment may be given to women under the revised GCC scheme
Weavers Credit Card	All weavers are eligible to apply. MThrust in financing shall be on clusters of weavers who have joined societies / SHG etc.
Artisan Credit Card	Existing Artisan borrowers enjoying credit facilities up to Rs.2 lakh. Artisans registered with Development Commission are preferred
Laghu Udyami Credit Card	All existing borrowers under ISB dealing with the bank for last 3 years and enjoying credit limit up to Rs.10 lakh

The following documents are required to be submitted along with the credit card application form. Also, it is to be noted that the set of documents required differ from one account variant to another:

Proof of Identity	PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job card issued by NREGA, Letters issued by the UIDAI
Proof of Address	Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 month’s old, Ration Card, Property Registration Document, Person of Indian Origin Card, Job card issued by NREGA, Bank Account Statement
Proof of Income	Latest one or 2 salary slip (not more than 3 months old), Latest Form 16, Last 3 months’ bank statement

For any credit card related query, you can contact the 24×7 national toll-free number. Dial- 1800 425 00 000 / 1800 425 4422 Or 044 28134300 (Corporate Office Phone Number)

What is the validity period of Allahabad Bank Credit Cards?

All the credit card variants provided by the bank are valid for a period of 3 years from the date of issuance.

What is the tenure for which I can take a term loan against my Allahabad Bank Credit Card?

The tenure of the term loan can range from 5 to 7 years.

How can I apply for Allahabad Bank Credit Card?

You can apply for Allahabad Bank Credit Card by visiting your nearest bank branch.

What is the repayment period on Allahabad Bank Credit Cards for working capital?

The repayment period will be specified by the bank, for credit availed towards working capital on the Allahabad Bank credit cards.