Allahabad Bank Artisan Credit Card

Benefits of Allahabad Bank Artisan Credit Card (ACC)

1. Working Capital:

   The Allahabad Bank Artisan Credit Card (ACC) scheme provides credit to the cardholder for the purchase of equipment, raw materials, etc.

2. Term Loan:

   The credit cardholder can avail a term loan against the Allahabad Bank Artisan Credit Card (ACC) under this scheme for financing the purchase of tools and equipment to enable the process of production.

3. Loan Quantum:

   The maximum loan amount that can be availed by an eligible applicant is Rs 2,00,000 as either working capital or as Term Loan.

Features

1. Loan Margin:

   A 20% loan margin is provided for Working Capital and for Term Loan, a minimum of 10% of the project cost is set as loan margin.

2. Primary Security:

   The primary security that has to be provided for availing credit for working capital is the hypothecation of current assets including book debts, stocks, etc. If the cardholder wishes to avail a availing a term loan under this scheme, the primary security that has to be pledged with the bank is the hypothecation of their assets like plant and machinery, which was purchased using the financial assistance offered by the Bank.

3. Collateral/Security:

   The Bank has to be provided a security/collateral and this will be determined according to the borrower’s profile, the loan amount he/she has applied for, etc. and it is subject to the guidelines set by the Government of India.

Eligibility Criteria

In order to avail this credit card and its accompanying benefits, an applicant must meet the following pre-requisites set by the Bank:

• The applicant is eligible for this credit card if he/she is an artisan and an existing customer of Allahabad Bank, having maximum credit facility worth Rs 2.00 lac and a good transaction and banking history with the Bank.
• The applicant who belongs to the category of artisans, who is a part of manufacturing or production and other allied activities are eligible for availing these credit facilities.
• Those who are registered with the Handicrafts Development Commission as artisans, will be given priority.
• Artisans who belong to groups such as SHG or other clusters are also given primary importance while processing the credit card application.
• However, those artisans who have already availed a term loan under any other Government sponsored Scheme will not be considered eligible for this credit card scheme.

Fees and Charges

FAQs on Allahabad Bank Artisan Credit Card

1. What is the repayment period available on the Allahabad Bank Artisan Credit Card (ACC) for working capital?

   The repayment period will be specified by the Bank, for credit availed towards working capital on the Allahabad Bank Artisan Credit Card (ACC). This is open for yearly reviews by the bank.

2. What is the validity of the Allahabad Bank Artisan Credit Card (ACC)?

   The Allahabad Bank Artisan Credit Card (ACC) is valid for up to 3 years.

3. What is the tenure for which you can take a term loan against the Allahabad Bank Artisan Credit Card (ACC)?

   The tenure of the term loan taken against the Allahabad Bank Artisan Credit Card (ACC) can range from 5 years to 7 years.

4. Where can I apply for Allahabad Bank Artisan Credit Card (ACC)?

   You can apply for an Allahabad Bank Artisan Credit Card from any branch of the bank.