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Allahabad Bank General Credit Card

Allahabad Bank General Credit Card

Last Updated : Dec. 5, 2023, 12:58 p.m.

Allahabad Bank, a renowned public lender, offers General Credit Card scheme to its customers located in rural, urban, semi-urban and metropolitan centres. The card is eligible for entrepreneurial non-farm or non-agriculture related activities. The scheme has been incorporated with an objective to permit credit flow to entrepreneurs involved in activities other than agriculture. This general credit card scheme is available PAN-India.

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Features of Allahabad Bank General Credit Card

  • The main objective of Allahabad Bank General Credit Card Scheme is to allow the credit flow to entrepreneurs across all the segments of the country including entrepreneurial activities not relating to agriculture.
  • Women entrepreneurs are eligible to obtain preferential treatment if they avail Allahabad Bank General Credit Card scheme.
  • The credit facility is available in the form of a term loan or cash credit wherein the credit cardholder becomes eligible for drawing the cash from any of the ATM/POS within the prescribed limits.
  • The credit limit is subject to the term loan and working capital requirements of the borrower. The maximum limit is set at ₹25, 000.
  • The permissible limit for a term loan facility would be decided, subject to the cost of plant and machinery or equipment. Whereas, in the case of a cash credit facility, the limit would be equivalent to 20% of the estimated sales turnover. However, it is capped to a maximum ceiling of ₹25000.
  • The bank does not impose a margin limit, and the interest rate will be equal to the bank’s base rate on the date of availing the scheme.
  • A smart card or a debit card would be issued, containing the details of an individual.
  • The validity period for Allahabad Bank Credit Card would be subject to 5 years, depending on the satisfactory operation of the account. However, the credit limit/account would be periodically reviewed or cancelled, based on the repayment or track record of the borrower.
  • The repayment period of the loan would be a maximum of 60 months with a repayment holiday or moratorium of 6 months to 18 months, subject to the borrower’s requirements.
  • Term loan repayments must be completed within 42 to 54 months, and interest must be paid as it becomes due. Cash credit repayments must be completed within 12 months of securing the credit facility.
  • Upon encountering project implementation delays or unforeseen circumstances beyond the borrower’s control, the lender may extend the moratorium period by an additional six months.
  • Borrower must provide collateral to the lender to secure the loan. Collateral is an asset that the lender can seize if the borrower defaults on the loan. This is done to protect the lender’s investment.
  • In case of term loans:the hypothecation of plant and machinery and entire movable assets of the unit(Present or Future). In case of Cash Credit:the hypothecation of stocks, book debts and other types of current assets.
  • Eligible account get coverage under CGTMSE.
  • The bank regularly monitors and reviews the progress of financing to safeguard against repayment defaults. These loans are classified as micro-enterprise advances within the MSME category.

Eligibility Criteria for Allahabad Bank General Credit Card

The eligibility criteria for Allahabad Bank General Credit Card is as follows:

  • Individuals involved in non-agricultural businesses are eligible to apply for the Allahabad Bank General Credit Card.
  • Women entrepreneurs are eligible to apply for the card.
  • The circularized KYC / due diligence norms will be suitable for ascertaining eligible beneficiaries under the revised GCC scheme.

Documents Required

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

  • Identity proof:Pan card, Driving License, Voter ID card, Aadhar card, Passport
  • Address Proof:Telephone or electricity bill (not more than 2 months old), Bank statement, Rent agreement, Voter ID card, Ration card, Passport, Driving License
  • Income proof:
  • Last 3 months salary slips, 6 months bank statement for salary account(for salaried employees)
  • Latest IT returns with the computation of income or certified financial documents, Proof of business continuity(for self-employed businessmen/professionals).
  • Age Proof:Secondary School Certificate (class X), Birth certificate, Passport, Aadhar Card, Voter ID card.

Allahabad Bank General Credit Card Application Status Online

To ensure a smooth approval process for your Allahabad Bank General Credit Card application, you must submit the application form manually.

  • Visit your nearby branch of Allahabad Bank and request for the application form to apply for the credit card.
  • Fill your personal information details, profession, income and other necessary details. Also, state the loan amount.
  • Fill all the details completely and submit it to the bank officials.
  • After few days time, contact the bank officials in order to know about your application status-whether approved or not. Otherwise, the bank officials will contact you once your application gets approved.

Allahabad Bank Weavers Credit Card Statement

Allahabad Bank’s General Credit Card Statement summarizes all your credit card transactions and provides a clear overview of your outstanding balance, allowing you to make informed payment decisions. The bank sends the statement on your e-mail ID each month at free of cost. The statement reflects the usage of the general credit card by a particular customer.

Allahabad Bank Credit Card Payment

You can go online or offline to pay the outstanding dues of your Allahabad Bank General Credit Card Scheme. If you have the net banking access with Allahabad Bank, it then becomes a lot easier to pay the bills. By logging to your net banking account, you can register the card and activate Auto Pay. With this service activation, you won’t have to worry about the payment as the bills will get paid automatically. You can even pay the bills on your own. If you do not have the net banking at Allahabad Bank but has the same of other banks, you can then register GCC as a biller there and pay by either Auto Pay or manually. If you are not comfortable with the online option, you can pay via cheque or cash. Bear in mind that the cash payment can lead to some charges.

Customer Care 24X7 Number

A dedicated and responsible customer care representative is here to solve all your queries/doubts/grievances (if any) pertaining to Allahabad Bank’s General Credit Card services. For prompt assistance, please contact Allahabad Bank customer care at 1800 22 0363, 1800 102 2368, or 033 2242 0851, 2242 3373, 2242 0863, 2242 0915, 2242 0869, 2210 3777, 2242 0900, 2242 0883, or 2242 0912.

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