Allahabad Bank Weavers Credit Card

About Allahabad Bank Weavers Credit Card

Allahabad Bank offers different credit cards to several Medium and Small Enterprise individuals to fulfill their credit requirements. The cards are featured with multiple benefits and are available to certain individuals subject to their eligibility criteria. Allahabad Bank Weavers Credit Card is one such credit card scheme which offers financial assistance to weavers and ancillary workers for meeting their credit requirements. It also fulfills their working capital requirements to purchase tools and equipments in order to conduct the weaving activity.
Not everbody is entitled to enjoy such benefits which a borrower gets onto their Allahabad Bank Weavers Credit Card.

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Features of Allahabad Bank Weavers Credit Card

  • Weavers Credit Card has been especially designed for the weavers and ancillary workers occupied in weaving activities for meeting their credit requirements.
  • The credit limit will be fixed for Weavers Credit Card scheme based on their working capital requirements as well as for the purchase of tools and equipments required for carrying out weaving activity.
  • The maximum individual limit is ₹ 2.00 lac.
  • There is no margin limit set by the bank upto ₹ 25,000/- whereas there is only 20% margin limit for the amount above ₹ 25,000/-
  • In order to apply for Allahabad Bank Weavers Credit Card, certain things are to be kept as collateral. They are called security. These securities are primarily of two types- primary security and collateral security. The following components are included in such securities.

Security Primary : Hypothecation of Stocks, Book debts and other current assets are primary securities to be kept collateral for Working Capital purposes whereas hypothecation of plant & machinery and assets financed by the Bank are kept collateral for term loan purposes.

Security Collateral : For security collateral, the coverage has been given under CGTMSE.

  • The rate of interest is based on the profile of the proposed borrower and varies from base rate to BR+1.50% p.a. for monthly rests i.e. the effective rate of interest on the card is equivalent to 11.20% per annum.
  • The validity period for the Weaver’s Credit Card is for 3 years and the loan period ranges between 5 to 7 years. The tenure for working capital loan is dependent on the demand which is expected to be reviewed on yearly basis.
  • The Weaver’s Credit Card delivery channel accompanies all the rural as well as semi-urban branches of Allahabad Bank.

Fees & Charges

There are no processing fees and charges applicable on Allahabad Bank Weavers Credit Card.

Eligibility Criteria for Allahabad Bank Weavers Credit Card

To apply for Allahabad Bank Weavers Credit Card, borrowers should comply with following suitable norms.

  • All weavers and ancillary workers engaged in weaving activities are eligible to apply.
  • Preference shall be extended to weavers recognized under the Third Census of Handloom weavers organized by Development Commissioner(Handlooms).
  • Impulsive financing shall be on clusters of weavers and ancillary workers who have joined
    Societies /SHG /Consortia /Producer Companies/Joint Liability Groups.
  • All existing borrowers of the Bank possessing the credit facilities and having competent dealing with the bank are also eligible for Allahabad Bank Weavers Credit Card.

Documents Required

The following are the documents which are required to be produced by the customer for availing Allahabad Bank Weavers Credit Card:

1. Identity proof: Pan card, Driving License, Voter ID card, Aadhar card, Passport

2. Address Proof: Telephone or electricity bill (not more than 2 months old), Bank statement, Rent agreement, Voter ID card, Ration card, Passport, Driving License

3. 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).

4. Age Proof:  Secondary School Certificate (class X), Birth certificate, Passport, Aadhar Card, Voter ID card.

Allahabad Bank Weavers Credit Card Application Status Online

To apply for Allahabad Bank Weavers Credit Card, an application form is to be submitted manually.

1. Visit any nearby branch of Allahabad Bank and ask for the application form to apply for credit card.
2. Fill your personal details, occupation, income and other information and mention the loan amount.
3. Fill it and submit it to the bank representative.
4. After few days as asked by the bank representative, contact them for knowing your application status- whether approved or not. You can also ask the representative to contact you once your application gets approved.

Allahabad Bank Weavers Credit Card Statement

Allahabad Bank Weavers Credit Card Statement is a statement which shows the credit card transactions, the amount paid and the outstanding amount required to be paid by the customer. The credit card statement is sent to the customer on every billing cycle free of cost. This credit card statement indicates the usage of the weaver’s credit card by a particular customer.

Customer Care 24X7 Number

A dedicated and proactive customer care representative is all time present to entertain all your queries/doubts/grievances(if any) relating to Allahabad Bank’s Weavers Credit Card services. If you have any questions in mind and want to get it resolved quickly, then contact customer care of Allahabad Bank on : 1800 22 0363, 1800 102 2368, 033 2242 0851 / 2242 3373 / 2242 0863 / 2242 0915 / 2242 0869 / 2210 3777 / 2242 0900 / 2242 0883 / 2242 0912.

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