Allahabad Bank

Allahabad Bank  Credit Card

Apply Allahabad Bank  Credit Card

About Allahabad Bank

Allahabad Bank was found on April 24th 1865. Since then, this bank which was originally formed by Europeans has been steadily working towards economic development of weaker sections of the Indian Society by providing them with some of the best financial opportunities. It was in the year 1920 that that Bank came under the P&O Banking Corporation. The head office was then moved to Calcutta three years after.

Today, Allahabad Bank has over 2500 branches in urban, semi-urban and rural areas of the country. They continue to fulfill their mission of creating a strong base of customers by utilising the services of some of the most talented personnel in the banking industry and by providing the best in terms of banking technology.

By consistently re-organising the structure of the institution and providing convenient services to enable any-time banking on the go, Allahabad Bank has become one of the most revered organisations in the banking sector. Great product innovation has resulted in various schemes to promote small scale businesses, provide quick and timely financing for personal needs and helping businesses achieve their best potential through financial assistance. You have the advantage of great customer service which works towards understanding your requirements and providing the best and most affordable solutions.

Allahabad Bank Credit Cards

The Credit Cards offered by Allahabad Bank are primarily focused on providing finance to small scale businesses to help them procure raw material and also manage overheads conveniently. These Working Capital Credit Cards are provided under the Micro, Small and Medium Enterprise Loans to help individuals involved in small business and retail and even entrepreneurial ventures get timely credit facilities in order to purchase raw material as well as other equipment that is needed for the business.

Allahabad Bank also provides Personal Credit Cards in collaboration with State Bank of India to help individuals manage their expenses. These cards are loaded with several rewards and beneficial features that allow customers to get maximum value with every transaction that is made on these cards. The best rewards and privileges and easy access to cash when required makes this one of the most sought after Credit Cards today.

Hassle-free and transparent application processes make both Working Capital Cards and Personal Credit Cards extremely accessible to customers. Allahabad Bank is one of the premier organisations that have consistently been providing credit facilities not only in the urban sector but even in their rural and semi-urban branches to providing equal financing opportunities to all.

Categories of Allahabad Bank Credit Cards

There are two categories of Allahabad Bank Credit Cards, namely Working Capital Credit Cards and Personal Credit Cards.

Working Capital Credit Cards

  • Artisan Credit Card (ACC)
  • Laghu Udhyami Credit Card (LUCC)
  • Weavers Credit Card (WCC)
  • General Credit Card (GCC)

Personal Credit Card

  • Allahabad Bank SBI Prime Card

Features of Allahabad Bank Credit Cards

Be it a Working Capital Credit Card or a Personal Credit Card, there are several features and benefits that you can enjoy with the credit facilities offered by Allahabad Bank. Some salient features of these cards are as follows:

Working Capital Credit Cards

  • Provision for working capital and term loan: With the MSME Credit Cards, you have the option of both working capital to manage the overheads of your business as well as a term loan in order to procure equipment and tools.
  • Loan amount based on business: Customers can get up to 2 Lakhs as loan amount with the MSME Credit Cards or based on the annual turnover reported in the tax returns as working capital.
  • Cash credit facility: Customers can also avail cash credit based on the projected sales turn over. In case of a working capital requirement that is lower or higher than the estimate based on the turnover, the assessment is based on the requirement of the business.
  • Flexible repayment period: You can get a repayment term of up to 7 years on the term loan and up to 3 years on the working capital acquired through the Credit Card.
  • Interest rates: The rate of interest provided on the Working Capital Credit Cards depends upon the profile of the customer. It is usually up to Base Rate + 1.5% per annum.
  • Security: For the working capital the primary security is based on the hypothecation of the book debts, stocks and assets. In case of the term loan, the security is based on the finance provided by the bank based on the hypothecation of machinery and other assets.
  • CGTSME coverage: These loans also have collateral security with a CTSME coverage
  • Margin: For loans up to 25,000, the margin is not required. In case of loans above this amount, a margin of 20% is required.

Personal Credit Cards

  • Globally accepted: Allahabad Bank SBI Card is accepted in more than 24 million outlets world over
  • Easy cash withdrawal: You can get up to 80% of the credit limit for withdrawals. This is subject to a maximum withdrawal of 1,50,000 per day.
  • Flexible payment options: All transactions that are above 2,500 can be converted into monthly instalments within a month of making the purchase for easy repayment options.
  • Reward points: Earn reward points on all purchases made and redeem them against premium products from some of the best brands as per the rewards catalogue.
  • Balance transfer option: Any outstanding Credit Card balance on other cards can also be transferred to your Allahabad Bank SBI Prime Credit Card to enjoy easy repayment facilities and also a lower rate of interest.
  • Security and safety: The contactless technology in this card gives you a great security feature. In addition to this, you also have fraud liability coverage which keeps you protected in cases of any theft or fraud.

Benefits of Allahabad Bank Credit Cards

The benefits of choosing Allahabad Bank Credit Cards are as follows:

  • Timely credit options: Whether it is to finance a business or to manage personal expenses, you can avail easy credit facilities with these Credit Cards offered by Allahabad Bank. They also give you the advantage of cash credit and cash withdrawal options which help you get immediate access to cash in case of an emergency.
  • Easy repayment options: The flexible repayment tenure of the working capital and the term loan against the MSME Credit Cards makes them extremely affordable and ideal to fund any new or existing business venture. With Personal Credit Cards, you can convert all the transactions into EMIs to make repayment more convenient and affordable.
  • Accessibility: The MSME Credit Cards are also available in the rural and semi-urban branches, making them even more accessible. Eligibility conditions for these cards as well as the Personal Credit Cards are easy to fulfill. To check your eligibility for the Allahabad Bank SBI Prime Credit Card, you can use the "Simplifyer" tool to understand which card you are accessible for based on your income and the features you are looking for in your card.
  • Hassle-free application: Applying for an Allahabad Bank Credit Card is extremely simple. All you have to do is fill an application form and submit it online on the official Allahabad Bank website. You can also visit your nearest Allahabad Bank branch to submit your application.
  • Insurance coverage: While term loans and capital loans are covered under the CGTSME cover, you get a fraud liability coverage with the personal Credit Cards. This gives you a great security feature for your Credit Card.

Detailed Features of Allahabad Bank Credit Cards

With the Credit Cards provided by Allahabad Bank, you have the advantage of a host of features. Here is a detailed list of features of each Credit Card to help you understand which one suits your needs the best.

Working Capital Credit Cards

Name of the Credit Card Purpose Loan Amount Repayment Period Margin and Security Rate of Interest

Allahabad Bank Weavers Credit Card

This Credit Card is provided to facilitate any activities related to weaving or to ancillary workers associated with weaving.

  •  The credit limit offered on the loan is based on the assessment of the requirement of the working capital as well as the cost associated with the tools.
  • The maximum loan amount provided to each individual is 2 Lakhs.
  • Working Capital is subject to an annual review.
  •  The Working Capital is issued for a period of 3 years.
  • The repayment tenure for the term loan is between 5 to 7 years.
  • For loans up to 25,000, no margin is required
  •  For loans abo e this amount, a margin of 20% must be provided.
  • The primary security for the working capital is based on the hypothecation of book debts and other assets.
  •  For term loan, the primary security depends on the hypothecation of tools and machinery to be financed by the institution.
  •  Collateral security is provided under the CGTSME Scheme.

Rate of interest is based on the profile of the borrower and ranges from the Base Rate to Base Rate+ 1.5% per annum.

Allahabad Bank Artisan Credit Card

  • Working Capital is provided to purchase the required raw material.
  • Term loans are also extended for equipment and tools required for the production of the material.
  • The Term Loan and Working Capital available is up to 2 Lakhs.
  • Working capital is subject to an annual review.
  • The Artisan Credit Card is issued for a period of 3 years.
  • With a term loan, you get a tenure of 5- 7 years for repayment.
  • For working capital, a margin of 20% is necessary.
  • A minimum margin of 10% is necessary for term loans.

The interest rate is based on the profile of the borrower and is between Base Rate to Base Rate + 1.5% per annum

Allahabad Bank Laghu Udhyami Credit Card

  • The working capital is provided for purchase of any raw material required.
  • Term loan facility is provided to help purchase tools or other equipment required for the business.
  • For any retail trade or small businesses, 20% of the declared annual turnover that is declared in the tax returns or the turnover for the last 12 months, whichever amount is higher, is taken into account.
  • For any self-employed individual or professional, 50% of the gross annual income as per the IT return is provided as a loan.
  • For any micro and small enterprises, the loan is provided as per the recommendation  of the Nayak Committee.
  • The working capital is subject to an annual review.
  • This card is issued for a period of 3 years.
  • The repayment period on the term loan is between 5 and 7 years.
  • 25% of the loan amount must be provided as security.
  • Primary collateral for the working capital is based on the hypothecation of book debts and assets.
  • Primary security for the term loan is based on the machinery or tools financed by the bank.
  • The collateral security required depends upon the profile of the applicant and is based on the guidelines provided by the Govt. of India.

The interest rate varies as per  the profile of the borrower and varies from Base Rate to Base Rate + 5%.

Allahabad Bank General Credit Card

This card is issued for any entrepreneurial venture that belongs to the non-farming sector in order to increase credit flow.

  • Maximum loan of 2,50,000 is provided per borrower.
  • The term loan depends on the cost of the equipment and machinery required.
  • You can also get a cash credit of up to 20% of the turnover that is projected.
  • For door to door loans, the tenure available is up to 60 months.
  • The term loan must be repaid in 42 to 54 EMIs. The Interest must be repaid as and when due.
  • The repayment tenure for the term loan is between 5 and 7 years.
  • A moratorium period of up to 18 months is allowed. 
  • Primary Security on the loan is based on hypothecation of any movable assets in the unit.
  • Primary security is based on the hypothecation of book debts, stocks and assets.
  • Collateral security is not required on these loans as they are covered under the CGTSME Scheme.

Interest rate is based on the profile of the borrower.

Personal Credit Cards

Allahabad Bank SBI Prime Card

  • Contactless Technology allows you to simple wave your card towards a reader that is secure to complete the transaction.
  • Enjoy welcome gift vouchers of up to 3,000 with popular brands like Hush Puppies, Pantaloons, Marks & Spencers, and more.
  • Complimentary membership for Club Vistara Silver is available.
  • You get a complimentary voucher for free lounge access and to upgrade your air travel.
  • You can get complimentary access to 4 International Priority Pass Lounges and 8 Domestic Visa Lounges each year.
  • For spends of 50,000, get a pizza hut e-voucher worth 50,000.
  • The renewal fee is waived off on annual spends of up to 3 Lakhs.
  • Gift vouchers of up to 7,000 are available for Pantaloons or Yatra.com for any annual spends of above 5 Lakhs. 
  • This is a security feature that ensures that you do not have to hand over your card to the retailer when making a purchase, reducing the chances of skimming.
  • This Credit Card is accepted in over 24 million stores globally.
  • You can get an Air Accident Liability Cover of up to 50 Lakhs.
  • Complimentary Fraud Liability Insurance of up to 1 Lakh is available.
  • You have the advantage of a 24x7 helpline for any emergency related to a lost card. The card can be replaced in any part of the world.
  • You can get add on cards for up to 2 family members who are above the age of 18 years.
  • You can withdraw cash from over 1 million Visa ATMs across the world.
  • Convert all your transactions into easy EMIs for flexible payment options. You can convert any transaction above 2,500 into flexible EMIs within 30 days of making the purchase.
  • Transfer any existing balance to your SBI-Allahabad Bank SBI Prime Card to enjoy flexible payment options as well as lower interest rates.

Allahabad Bank Credit Cards Rewards Details

Allahabad Bank Working Capital Credit Cards do not provide any reward points to customers. However, with the Allahabad Bank Personal Credit Cards, you have the following reward point options.

Prime Reward Points

  • For every 100 spent on your Allahabad Bank SBI Prime Card in any retail store, earn 2 reward points.
  • You can pay any outstanding on your card using your reward points. Every 4 reward points are worth 1.
  • You get a waiver on 1% fuel surcharge on transactions between 500 and 4,000
  • The maximum surcharge waiver available each month is 250
  • A special birthday benefit gives you 20 reward points on every 100 spent on your card

Allahabad Bank Credit Card Fees Detail

The fees and charges on your Allahabad Bank Credit Card are as follows:

Name of the Card Joining Fees Annual Fees

Artisan Credit Card

NIL

NIL

Weavers Credit Card

NIL

NIL

General Credit Card

NIL

NIL

Laghu Udhyami Credit Card

NIL

NIL

Allahabad Bank SBI Prime Card

2,999

2,999

There are no additional charges applicable for the Working Capital Credit Cards offered by Allahabad Bank.

The charges applicable for Allahabad Bank SBI Prime Card are as follows:

Add on Fee

NIL

Extended Credit

Interest Free Period of 20-50 days applicable if previous dues are cleared in full.

  • The finance charges of up to 3.35% are applicable from the date the transaction takes place.
  • The minimum amount due is 5% of the current outstanding amount.

Cash Advance

  • You can get up to 80% of the limit available as a cash advance. This is subject to a maximum withdrawal of 15,000 each day.
  • There is no fee credit period
  • The finance charges are applicable at 3.35% per month from the date of withdrawal.

Cash Advance Fee

  • At SBI ATMs: 2.5% of the cash withdrawn with a minimum of 300
  • At International ATMs: 3% of the amount withdrawn with a minimum of 300

Cash Payment Fee

100

Cheque Pick Up

100

Dishonor of Payment

100 for every statement that is over 2 months old.

Cheque Fee

100 for payments upto 10,000

Late Payment Fees

  • NIL for 0 - 200
  • 100 for 200 - 500
  • 400 for 500 - 1,000
  • 600 for 1,000 - 10,000
  • 800 for 10,000 - 25,000
  • 950 for amount above 25,000

Over Limit

2.5% of amount exceeded

Card Replacement 

100

Foreign currency exchange

3.5%

Rewards Redemption Fee

99

How to Apply for Allahabad Bank Credit Card?

You have the following options to apply for your own Allahabad Bank Credit Card:

Steps to apply through bank website

For Working Capital Credit Cards, the online application facility is unavailable.

You can apply for the Allahabad Bank SBI Prime Credit Card using the following steps:

  • Log on to sbicard.com
  • Fill up the online application form available
  • You will have to provide personal details including your name, address, employment status and income details.
  • Once the application has been submitted, bank authorities will contact you in order to collect the documents required.
  • Once the application has been reviewed and approved, you can avail your Credit Card

Steps to apply offline

  • You can apply for the working capital card at any Allahabad Bank including rural and semi-rural branches.
  • The Allahabad SBI Prime Card can be availed at any SBI or Allahabad Bank Branch
  • Fill up the application form and submit along with the necessary documents
  • Upon submission, the application will be reviewed and the card will be sanctioned based on the eligibility of the applicant.

Eligibility Criteria for Allahabad Bank Credit Cards

The eligibility criteria for Allahabad Bank Credit Cards are as follows:

Name of the Card Eligibility Criteria 

Artisan Credit Card

  • Any artisan who has availed a credit facility of up to 2 Lakhs from Allahabad Bank.
  • Artisans who are involved in the production and manufacture of goods eligible for credit facilities.
  • Cluster or SHG of artisans are also eligible
  • Any artisan registered with the Development Commission
  • Artisans who have availed a loan through government schemes

Weavers Credit Card

  • Weavers and or other workers involved in related activities
  • Weaves under the Third Census of Handloom Weavers are given priority
  • MThrust Finance is provided to weavers who are part of SHG, Societies, Producer Companies and joint liability groups.
  • Current customers who have availed credit facilities

General Credit Card

Entrepreneurs involved in non-farming activities. 

LaghuUghyami Credit Card

Any borrower under the ISB sector with a good relationship with the bank and a credit limit of up to 10 Lakhs.

Allahabad Bank SBI Prime Card

  • The eligibility is based on the employment status and the income of the individual.
  • You can use the Simplifyer tool on www.sbicard.com to check your eligibility.

Documents Required for Allahabad Bank Credit Cards

The documents required are as follows:

  • 2 passport sized photographs
  • ID Proof: Aadhaar Card/ Voters' ID/ Passport/ Driver's License
  • Address Proof: Aadhaar Card/ Voters' ID/ Passport/ Driver's License/ Utility Bills
  • Income Proof: Salary Slip/ Balance Sheet/ IT returns

Making Your Allahabad Bank Credit Card Payment

The options available to make your Allahabad Bank Credit Card Payment are as follows:

Online

  • You can choose an auto-debit option
  • Payment can be made using your net banking/ mobile banking accounts
  • UPI
  • RTGS/ NEFT

Offline

  • You can drop a cheque or DD at any Allahabad Bank Pick Up Point or ATM
  • Visit the branch to make a payment through cash, cheque, DD or RTGS/NEFT

Allahabad Bank Credit Card - Customer Care Numbers

You can get in touch with Allahabad Bank using the following contact numbers:

  • Toll-Free Number: 18005722000
  • Principal Grievance Redressal Officer: 033-22104713/ 033-22106323

FAQs - Allahabad Bank Credit Card

Who can avail Working Capital Credit Card facilities through Allahabad Bank?

Working capital card facilities are available to professionals, self-employed individuals, artisans, weavers and other small and micro businesses that require immediate credit options for the purchase of equipment or any tools.

What is the repayment tenure for Working Capital Cards?

You have a repayment tenure of up to 7 years with the term loan offered and tenure of up to 3 years for the working capital. The working capital is subject to an annual review.

What is the rate of interest on Working Capital Cards?

The rate of interest available is based on the Base Rate. Depending upon the type of facility that you choose, you get an interest between the Base rate and up to Base Rate + 5.00%.

What is the maximum loan amount available?

The loan amount available with the working capital cards is up to 2 Lakhs. This is based on the hypothecation of book credits and assets.

What are the finance charges for Allahabad Bank SBI Prime Card?

The current finance charges on transactions made through your Allahabad Bank SBI Prime Card are as 3.5% per month. These charges are applicable from the date of the transaction.

Are cash advance options available with Allahabad Bank SBI Prime Card?

You can withdraw up to 80% of the credit limit available on your Credit Card. This is subject to a maximum withdrawal of 15,000 per day.

Is Allahabad Bank SBI Prime Card internationally accepted?

Yes, you can use your Allahabad Bank SBI Prime Card in over 24 million outlets globally.

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