Allahabad Bank Credit Card

Established in India on April 24, 1865, Allahabad Bank stands as one of the country’s oldest Joint Stock Banks. Its core focus lies in Trade, Organized Industry, and Banking. Nationalized in 1969, the bank currently maintains approximately 151 branches across India. Over its century-long presence, Allahabad Bank has achieved various milestones, including the establishment of its subsidiary, AllBank Finance Ltd., in 1991.

The bank places a significant emphasis on Micro, Small, and Medium Enterprise (MSME) Banking, offering credit facilities to artisans, weavers, and allied workers to foster economic growth. Among its initiatives are credit card schemes like Allahabad Bank Laghu Udhyami Credit Card (LUCC), Allahabad Bank Weavers Credit Card (WCC), and Allahabad Bank Artisan Credit Card (ACC), designed to support these objectives.

Features and Benefits of Allahabad Bank Credit Card

The Allahabad Bank Credit Card offers several features and benefits:

1. Loan Margin:

  • Allahabad Bank Artisan Credit Card (ACC) offers a 20% loan margin for Working Capital and a 10% loan margin for project cost.
  • Allahabad Bank Laghu Udhyami Credit Card (LUCC) scheme provides a 25% loan margin.
  • Allahabad Bank Weavers Credit Card has a 20% loan margin for amounts over Rs. 25,000, while no margin is required for amounts less than Rs. 25,000.

2. Loan Quantum:

  • Under Allahabad Bank Artisan Credit Card (ACC) and Allahabad Bank Weavers Credit Card, the maximum loan amount is Rs 2,00,000.
  • For Allahabad Bank Laghu Udhyami Credit Card (LUCC), the loan amount depends on the category:
  • Retail Trade and Small Businesses: 20% of the annual turnover.
  • Self-employed and Professionals: 50% of their gross annual income.
  • Micro & Small Enterprises: Determined by the Bank based on the Nayak Committee’s recommendations.

3. Collateral/Security:

  • Security/collateral is required based on the borrower’s profile, loan amount, and government guidelines.

4. Primary Security:

  • Primary security for working capital includes hypothecation of current assets like book debts and stocks.
  • Term loans require the hypothecation of assets, such as plant and machinery purchased with the Bank’s financial assistance.

5. Accessibility:

  • Eligible individuals can apply for an Allahabad Bank Credit Card at any semi-urban and rural branches of Allahabad Bank.

Allahabad Bank Credit Card Fees and Charges

Here are the fees and charges associated with the the Allahabad Bank Credit Card:

  1. Joining Fee: This is a one-time fee charged when you acquire a credit card. It may range from Rs. 250 to Rs. 1,000 or more, depending on the card type.
  2. Annual Fee: This is an annual maintenance fee for your credit card. Annual fees can vary widely, ranging from Rs. 250 to Rs. 1,500 or more. Some cards may offer a waiver on the annual fee if you meet specific spending criteria.
  3. Interest Charges: If you carry a balance on your credit card beyond the interest-free period, you’ll incur monthly interest charges. These charges can range from around 1.99% to 3.50% per month.
  4. Cash Advance Fee: Withdrawing cash from an ATM using your credit card may incur a fee, typically around 2.5% to 3% of the withdrawn amount or a minimum amount, often Rs. 300 to Rs. 500.
  5. Late Payment Charges: Failing to pay the minimum amount due on time will result in late payment fees, often ranging from Rs. 100 to Rs. 1,000 or more.
  6. Over Limit Fee: Exceeding your credit limit may lead to an over-limit fee, typically around Rs. 500 to Rs. 1,000.
  7. Foreign Currency Transaction Fee: Making transactions in a foreign currency may incur a foreign currency markup fee, usually around 3.50% of the transaction amount.
  8. Card Replacement Fee: If your credit card is lost, stolen, or damaged, a fee is charged for card replacement, typically around Rs. 100 to Rs. 500.
  9. Duplicate Statement Fee: Requesting duplicate statements may lead to a fee, often around Rs. 100 per statement.
  10. EMI Conversion Charges: Converting a transaction into an Equated Monthly Installment (EMI) plan may involve a processing fee, typically around 2% to 3% of the transaction amount.

Allahabad Bank Credit Card Eligibility Criteria

  1. Age: Applicants are generally required to be within a specific age range, often between 21 and 65 years. The minimum age may be lower for add-on cardholders.
  2. Income: The income level required can vary based on the card type. For example, premium or platinum cards may have higher income requirements.
  3. Credit Score: A good credit score is crucial for credit card approval. Allahabad Bank, like other financial institutions, often prefers applicants with a credit score of 750 or higher.
  4. Employment Status: Credit card applicants are usually expected to be salaried employees or self-employed individuals. The bank may specify a minimum period of employment or self-employment.
  5. Residential Status: Applicants must typically be Indian residents or have valid residency status in India. Some credit cards may be available for Non-Resident Indians (NRIs) as well.
  6. Documentation: Applicants need to provide accurate and complete documentation, including proof of identity, address, and income. Common documents include PAN card, Aadhaar card, passport, salary slips, bank statements, and income tax returns.
  7. Credit History: A clean credit history with no defaults, late payments, or significant outstanding debts is typically expected.

Documents Required for Allahabad Bank Credit Card

To apply for the Allahabad Bank Credit Card, you must provide the following documents:

1. Identity Proof:

  • Passport
  • Aadhaar card
  • Voter ID
  • Driver’s License
  • PAN Card
  • Any other government-issued photo ID

2. Address Proof:

  • Aadhaar card
  • Voter ID
  • Utility Bill (electricity, water, gas, etc.) not more than 3 months old
  • Bank account statement
  • Rental agreement (if applicable)
  • Passport (if not used as an identity proof)

3. Income Proof:

  • Salary slips (usually the latest one or two)
  • Bank statements for the last three months
  • Income tax returns (ITR)
  • Form 16 (if applicable)
  • Business financial statements (for self-employed individuals)

4. Passport-sized Photographs: You may need to provide recent passport-sized photographs as specified by the bank.

5. Application Form: You must complete the credit card application form provided by Allahabad Bank, ensuring that all fields are accurately filled out.

6. Credit Score: While not a document you submit, Allahabad Bank will check your credit score as part of the application process.

7. Employment Proof: Salaried individuals may need to provide employment proof, such as a letter from their employer, while self-employed individuals may need to submit business-related documents.

How To Apply for Allahabad Bank Credit Card

To apply for the Allahabad Bank Credit Card, follow these steps:

1. Eligibility Check:

  • Visit Allahabad Bank’s official website or a nearby branch to check the eligibility criteria for the specific credit card you wish to apply for. Ensure that you meet the age, income, and other requirements.

2. Select the Card:

  • Choose the Allahabad Bank Credit Card that aligns with your financial needs and lifestyle.

3. Document Preparation:

  • Gather the necessary documents, such as proof of identity, address, and income, as required for your chosen credit card.

4. Online Application:

  • Visit Allahabad Bank’s official website.
  • Navigate to the credit cards section.
  • Select the specific credit card you need to apply for.
  • Click on the “Apply Online” or “Apply Now” button.

5. Complete the Application Form:

  • Fill out the online credit card application form with accurate personal and financial information. Ensure all details are correct.

6. Document Submission:

  • Upload the required documents as specified in the application form. Make sure the documents are clear and meet the bank’s requirements.

7. Application Verification:

  • Allahabad Bank will review your application and documents, which may include a credit check.

8. Wait for Approval:

  • The bank will notify you of the outcome.

9. Receive Credit Card:

  • If your application is approved, Allahabad Bank will issue and deliver your credit card to the address provided in your application.

10. Activate the Card:

  • Follow the instructions provided with the card to activate it, typically by calling a designated phone number or visiting the bank’s nearest branch.

11. Read Terms and Conditions:

  • Familiarize yourself with the terms and conditions associated with your Allahabad Bank Credit Card, including annual fees, interest rates, and the card’s features and benefits.

List of Allahabad Bank Credit Card

Here are some of the credit cards offered by Allahabad Bank Credit Card:

  1. Allahabad Bank Classic Credit Card
  2. Allahabad Bank Gold Credit Card
  3. Allahabad Bank Platinum Credit Card
  4. Allahabad Bank Premium Credit Card
  5. Allahabad Bank Visa Gold Credit Card
  6. Allahabad Bank Visa Platinum Credit Card