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.
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.
Also Check: Cibil score for credit card
There are two categories of Allahabad Bank Credit Cards, namely Working Capital Credit Cards and Personal Credit Cards.
Working Capital Credit Cards
Personal Credit Card
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:
Tip: Check free cibil score before applying for a credit card
The benefits of choosing Allahabad Bank Credit Cards are as follows:
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.
|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.||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||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 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.||Interest rate is based on the profile of the borrower.|
|Allahabad Bank SBI Prime Card|
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.
Additional Reading: Cibil Score Calculation
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|
Interest Free Period of 20-50 days applicable if previous dues are cleared in full.
|Cash Advance Fee|
|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|
|Over Limit||2.5% of amount exceeded|
|Foreign currency exchange||3.5%|
|Rewards Redemption Fee||99|
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:
Steps to apply offline
Additional Reading: How to improve cibil score immediately?
The eligibility criteria for Allahabad Bank Credit Cards are as follows:
|Name of the Card||Eligibility Criteria|
|Artisan Credit Card|
|Weavers Credit Card|
|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 documents required are as follows:
Additional Reading: Top Credit rating agencies in India
The options available to make your Allahabad Bank Credit Card Payment are as follows:
You can get in touch with Allahabad Bank using the following contact numbers:
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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.
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.
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%.
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.
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.
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.
Yes, you can use your Allahabad Bank SBI Prime Card in over 24 million outlets globally.