Top 4 Allahabad Bank Credit Cards
|General Credit Card||N/A||Non-farm entrepreneurial Individuals|
|Weavers Credit Card||N/A||All weavers doing the weaving activities|
|Artisan Credit Card||N/A||Existing artisan borrowers|
|Laghu Udyami Credit Card||N/A||Existing borrowers under Industries, Services & Business Sectors|
Allahabad Bank Credit Cards Categories
Allahabad Bank provides credit cards to individuals from the small business sectors. The bank provides a loan amount through credit cards for the people who are weavers, non-farm entrepreneurs, and artisan borrowers.
There are four types of credit cards which are provided by Allahabad Bank:
- General Credit Card
- Weavers Credit Card
- Artisan Credit Card
- Laghu Udyami Credit Card
Features and Benefits of Allahabad Bank Credit Cards
Loan Margin: The Allahabad Bank Artisan Credit Card (ACC) has a working capital loan margin of 20% and a project expense loan margin of 10%. The Allahabad Bank Laghu Udhyami Credit Card (LUCC) scheme has a loan margin of 25%, while the Allahabad Bank Weavers Credit Card has a loan margin of 20% for amounts over Rs. 25,000 and no margin for amounts less than Rs. 25000. 0
Loan Sum: Under the Allahabad Bank Artisan Credit Card (ACC) and Allahabad Bank Weavers Credit Card schemes, the cumulative loan amount available is Rs 2,00,000. The maximum loan amount available under the Allahabad Bank Laghu Udhyami Credit Card (LUCC) scheme is 20% of annual turnover for retail trade and small businesses, 50% of gross annual income for self-employed and professionals, and the maximum loan amount for Micro & Small Enterprises is calculated by the Bank based on the recommendations of the Nayak Commission.
Collateral/Security: The Bank will need security/collateral, which will be calculated based on the borrower’s background, the loan amount requested, and other factors, which will be subject to the Government of India’s guidelines.
The hypothecation of existing properties, such as book loans and stocks, is the primary protection that must be given in order to obtain credit for working capital. If a cardholder wants to take out a term loan under this arrangement, the primary collateral that must be promised to the bank is the hypothecation of properties such as plant and equipment that was acquired with the Bank’s financial assistance.
Eligible individuals should apply for an Allahabad Bank Credit Card at any of Allahabad Bank’s semi-urban and rural branches.
Types of Credit Cards offered by Allahabad Bank
Allahabad Bank credit cards are designed to provide cardholders with the most rewards possible. People can win points for their purchases that can be used with special deals, in addition to having money on credit when they need it. Customers who use Allahabad Bank credit cards do not pay a surcharge on petrol purchases. Low tax and membership rates, free add-on cards, tax coverage, and other benefits are among the many appealing features of the game.
Allahabad Bank Credit Cards Fees and Charges
Allahabad Bank Weavers Credit Card (WCC)
Allahabad Bank Laghu Udhyami Credit Card (LUCC)
Allahabad Bank Artisan Credit Card (ACC)
Base Rate or Base Rate + 1.50% p.a.
Base Rate or BR+5.00% p.a.
Base Rate or Base Rate + 1.50% p.a.
Maximum Loan Amount
Retail Trade and Small Business – 20% of the annual turnover
Self-employed and Professionals – 50% of their gross annual income
Micro & Small Enterprises – as per the recommendations of the Nayak Committee
Allahabad Bank Credit Cards Rewards Programme
Cardholders get credit pass loyalty points as an added bonus, which they will exchange for gifts, discount coupons, or other facilities. Credit cards have long been in use, and delivering additional services has become increasingly necessary. The credit cards from Allahabad Bank provide you with a plethora of benefits. The Allahabad Bank SBI SimplySAVE Card, Allahabad Bank SBI PRIME Card, and Allahabad Bank SBI ELITE Card are three credit cards offered by Allahabad Bank in collaboration with SBI that provide credit loyalty points.
Why choose Allahabad Bank Credit Cards?
Allahabad Bank Credit Cards are designed to provide credit support to members of society who fall under the Micro Small and Medium Enterprise (MSME) group (MSME). The bank seeks to offer a variety of benefits to artisans, weavers, and others engaged in Retail Trade and Small Business, Self-employed and Professionals, Micro & Small Enterprises, and others through its special credit card schemes. It provides credit to cover working capital, supplies and raw material purchases, and it also provides loans against these credit cards to satisfy urgent cash needs.
How to check Allahabad Bank Credit Cards Status?
Following your credit card application, you can receive an SMS from the bank confirming your credit card application and including the reference number and application number.
Allahabad Bank Credit Cards Customer Care
It is India’s oldest stock bank, with over 2500 branches. It is headquartered in Kolkata. It provides credit cards to micro, mini, and medium-sized businesses to help them fulfil their credit needs. Weavers Credit Card, Laghu Udhyami Credit Card, and Artisan Credit Card are three of the most common credit cards. Customer Service Number for Allahabad Bank Credit Cards 1800 425 00000.
Allahabad Bank Credit Cards Eligibility Criteria
Allahabad Bank has set some criteria for all the credit cards they are providing. Check the criteria below.
Eligibility Criteria For Allahabad Bank Credit Cards
|Credit Card Name||Eligibility Criteria|
|General Credit Card||All non-farm entrepreneurial individuals can apply.|
|Weavers Credit Card||All weavers are eligible to apply|
|Artisan Credit Card||The artisans who have registered Development Commission are preferred.|
|Laghu Udyami Credit Card||All existing borrowers under ISB dealing with the bank for the last 3 years|
Allahabad Bank Credit Cards Documents Required
How to Apply for Allahabad Bank Credit Cards
The credit card application process for Allahabad Bank is very easy through Dialabank. You just have to follow the simple steps mentioned below and you will get your credit card easily.
- First, Visit Dialabank
- Fill the application form. Fill in all the required details like residential address, contact no., monthly income, etc. correctly.
- After that, you have to select your preferred Allahabad Bank Credit Card.
- Check your eligibility and if you are eligible then you can complete the online application process.
Detailed Features and Benefits
Allahabad Bank General Credit Card Features and Benefits
- The main purpose of the card is to increase the flow of credits of non-farm sector individuals.
- The minimum amount of Rs. 25,000 can be borrowed as a loan.
- No collateral security is needed.
- Get up to 20% of projected sales turnover.
Allahabad Bank Weavers Credit Card Features and Benefits
- The main purpose of this card is to provide loans to Individuals doing Weaving activities.
- The maximum loan limit is Rs.2 Lakh
- No margin is needed up to Rs.25,000 and a 20% margin is applicable above Rs.25,000.
- The card is valid for 3 years.
Allahabad Bank Artisan Credit Card Features and Benefits
- This card is specially designed to fulfill all the needs of existing artisan borrowers.
- You get a loan up to Rs.2 lakh.
- The card is valid for 3 years.
- The Repayment period is up to 5-7 Years.
Allahabad Bank Laghu Udyami Credit Card Features and Benefits
- This credit card can be used to purchase raw materials.
- The term loan period is 5-7 Years.
- Collateral security depends on the borrower’s profile.
✅ What is the maturity period for working capital credit cards from Allahabad Bank?
For credit obtained for working capital on Allahabad Bank credit cards, the Bank will specify the repayment date. This is subject to the bank’s annual review.
✅ What is the credit card validity of Allahabad Bank?
Allahabad Bank’s credit cards have a three-year validity period. However, it is recommended that you call the bank’s customer service number to speak with a representative.
✅ Where can I get a credit card from Allahabad Bank?
You may apply for any of Allahabad Bank’s credit cards at any of the bank’s branches.
✅ What is the Allahabad Bank credit card’s minimum balance?
Allahabad Bank’s credit cards have no minimum balance requirements. However, the bank will determine the credit card’s annual balance based on a variety of criteria such as the applicant’s credit score, previous debt management patterns, and so on.
✅ Is it possible to get an Allahabad Bank credit card in a single day?
No, the bank needs a certain period of time to review and check the applications and paperwork requested by the borrower. The credit card may take up to 7 working days to arrive at your registered address after the form and documentation are submitted.
As provisions on credit cards and MFI loans increase, RBL Bank’s net income fall by 34% in the fourth quarter
As provisions on credit cards and MFI loans increase, RBL Bank’s net income fall by 34% in the fourth quarter.
Due to potential loan defaults in the retail unsecured divisions, RBL Bank’s earnings for the March quarter fell 34% to Rs.75 crore from Rs.114 crore the previous fiscal year. In FY2020-21, the lender’s net profit increased slightly to Rs.508 crore from Rs.506 crore the previous year.The bank’s overall income fell to Rs.2,611 crore in the January-March quarter, down from Rs.2,709 crore the previous quarter.RBL’s total deposits increased by 26% to Rs.73,121 crore, with retail deposits increasing by 43% to Rs.27,236 crore.
SBM Bank India has partnered up with U GRO Capital to launch a credit card for small and medium-sized firms
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Citibank is considering selling its credit card business in India
Citibank is considering selling its retail consumer banking business in pieces, according to a tip. For its credit card company, it is seeking a valuation of more than Rs.4,000 crore. In the last two weeks, the company’s internal team and investment bankers have contacted a number of firms. Reliance, Paytm, and Pine Labs have all been approached in this respect, according to reports.
Citibank is the sixth largest credit card issuer in India. The company’s portfolio includes a higher percentage of luxury and corporate wage account cards, making it an appealing choice.
To permit encrypted tokenisation on its credit cards, HSBC collaborates with GPay and VISA
HSBC India has partnered with Google Pay (GPay) and VISA to facilitate safe tokenization on its credit cards. The lender made the announcement on Thursday. Customers with HSBC credit cards will be able to connect their cards to GPay and use them as a payment method at merchant stores and for online marketing. For credit card holders, the functionality is free, but it is optional. It is necessary to list it here. Tokenisation is the practice of replacing confidential details on a key, such as the card number, expiration date, and authentication code, with a device-specific alternative code.
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