Allahabad Bank was established in India on 24th April, 1865 and it is one of the oldest Joint Stock Banks in India. It focuses on key areas such as Trade, Organized industry and Banking. Allahabad Bank was nationalized in the year 1969 and it currently has around 151 bank branches across India. This Bank has had various achievements and milestones in its century’s old existence in India, and one among them being the formation of its subsidiary AllBank Finance Ltd. in 1991.
Those who are eligible to avail the Allahabad Bank Laghu Udyami Credit Card are: Existing customers of the Bank who fall under the category of Industries, Services & Business (ISB) sector who have a credit history with the bank. They should have a good transaction record with the Bank for at least three years (latest) and must hold a credit limit of maximum Rs.10 lakh. Allahabad Bank, in its move to provide financing to the MSME sector, has launched the Allahabad Bank Laghu Udyami Credit Card. The card allows easy access to credit. This makes it a great option for users that want to establish or run their business.
1. Loan Quantum
Retail Trade and Small Business: The loan quantum offered for Retail Trade and Small Business, etc. are up to 20% of the annual turnover that has been declared by them for the purpose of income tax or they can also provide the details of the turnover of the latest 12 months available in the operative account, whichever is the highest.
Self-employed and Professional individuals: The loan quantum offered for Self-employed and Professional individuals is up to 50% of their gross annual income as stated in the applicant’s IT Return.
Micro & Small Enterprises: The loan quantum offered for Micro & Small Enterprises will be determined by the recommendations of the Nayak Committee.
2. Loan Margin
The percentage of loan margin available on the Allahabad Bank Laghu Udyami Credit Card (LUCC) scheme is 25%.
3. Primary Security
The primary security in terms of working capital can be the hypothecation of book debts, stocks, current assets, etc. The primary security that has to be pledged with the bank for availing a term loan under this scheme, is the hypothecation of assets such as plant and machinery, that has been purchased using the finance provided by Allahabad Bank.
4. Security Collateral
The security/collateral that has to be placed in the Bank will be determined based on the borrower’s profile, amount of loan he/she has applied for, etc and it also has to meet the guidelines set by the Government of India.
5. Working Capital
The Allahabad Bank Laghu Udyami Credit Card (LUCC) scheme provides credit to the cardholder for the purchase of equipment, raw materials, and more.
6. Term Loan
The credit cardholder can avail a term loan against the Laghu Udyami Credit Card under this scheme for financing the purchase of tools and equipment that assists the process of production.
To apply for a Laghu Udyami Credit Card, you have to pay fees and charges applied by the Allahabad Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from Allahabad Bank i.e joining fee, annual fee, interest rate, late payments charges etc.
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TYPE |
CHARGES |
|
Interest rate |
Interest rate is determined based on the borrower’s profile and is usually calculated as Base Rate or BR+5.00% p.a., with monthly rests, depending also on the risk rating of the borrower’s account. |
|
Margin |
25% |
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Rate of Interest |
Between 9.15% to 14.15 % p.a. |
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Tenure |
Working Capital- On-demand Subject to review Term Loan- 5 to 7 years LUCC Card Validity- 3 Years |
Before applying for a Laghu Udyami Credit Card from the Allahabad Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your credit card very soon if you meet all the required eligibility criteria once the documentation is done
Account holders must be registered under the Industries, Services & Business (ISB) sector
Users must have a satisfactory relationship with the bank for the past 3 years
Account holders must be eligible for a credit limit up to Rs. 10 lakh with the bank.
Any applicant who is applying for a Laghu Udyami credit card from the Allahabad Bank must have to submit the following documents. These documents are the requirements for the lenders who are providing you the credit card.
1. KYC Documents = PAN, address proof and ID proof
2. Coloured photograph
3. Income Proof = Last 3 month salary slip
4. Last 3 months bank statement
5. ITR or Form 16
Allahabad Bank Credit Card Login
Cardholders of Allahabad Bank Credit Card can log in to their credit card account through following steps :
1. Visit the official website of Allahabad Bank and click on “Online Banking” option under “Digital Banking”.
2. On the next page, click on “Login” under “Personal Banking”.
3. Now click on “Continue to Login” and on the next page enter the User ID and password and click on “Login”.
There are two reason to apply for Allahabad Bank Laghu Udyami Credit Card :
1. Offline Method : By visiting the nearest branch of Allahabad Bank
2. Online Method :
First of all, log in to Allahabad Bank's website www.allbankonline.in.
Now you have to go to the ATM Services shown in the Service Offerings on the front screen and
Then click on the option with Credit Card Request.
Allahabad Bank Laghu Udyami Credit Card Customer Care
Contact number : 18005722000
Email id : customercare@allahabadbank.in
1. Log in to your Allahabad Bank account or your savings bank net banking account.
2. Select the tab of 'credit card' and click on the 'bill payment' option and enter the bill amount.
3. The money will then be debited from your account sending you a confirmation through email.
4. If you do not hold an Allahabad Bank account, log in to your savings net banking account.
5. Click on the credit card tab and select the 'payment' option. Once done, the money will be debited.
Bank offered Financial Products
Allahabad Bank, in its move to provide financing to the MSME sector, has launched the Allahabad Bank Laghu Udyami Credit Card. The card allows easy access to credit. This makes it a great option for users that want to establish or run their business.
The renewal fee of the Allahabad Bank Laghu Udyami Credit Card is NIL.
The interest rate is 9.15% to 14.15% per annum provided by Allahabad Bank Laghu Udyami Credit Cards.
You can apply for an Allahabad Bank Laghu Udyami Credit Card through online and offline by visiting the nearest bank branch.
You can contact through customer care toll free number and also through e-mail id for a Allahabad Bank Laghu Udyami Credit Card.
The joining fee of the Allahabad Bank Laghu Udyami Credit Card is NIL.
Last Updated on : 13/Oct/2020Know More About CREDIT CARDS
You're eligible for a Allahabad Bank Laghu Udhyami Credit Card if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Credit Cards is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account