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    Allahabad Bank Weavers Credit Card
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    Allahabad Bank Weavers Credit Card

    Overview:

    As a part of its MSME (Micro, Small & Medium Enterprises) Banking scheme, Allahabad Bank has introduced the Allahabad Bank Weavers Credit Card (WCC) for the benefit of all weavers and other small-scale ancillary workers. Also, those who are a part of groups/ institutions such as SHGs/ Societies/Consortia/Joint Liability Groups/ Producer Companies, etc. can avail credit under this scheme, to purchase assets such as plants and machinery and more.

    Benefits of Allahabad Bank Weavers Credit Card (WCC):

    • Loan Quantum:

      Based on the working capital requirements of the applicant the credit limit will be determined by the Bank. The Bank will evaluate the application and determine the cost of equipment and other tools that are required to carry out the activity of weaving and finalize the requisite amount of credit that will be disbursed to the applicant. The maximum credit limit available to applicants who avail the Allahabad Bank Weavers Credit Card, is Rs 2,00,000.

    • Loan Margin:

      The loan margin set by the bank is 20% for an amount worth more than Rs. 25,000. For an amount worth less than Rs. 25000 there is no loan margin.

    Features:

    • Security:

      In terms of working capital the applicant can place a security of Book debts, Stocks, and any other current assets by hypothecating the same.

      In case you are availing a Term Loan under this scheme, then the assets including plant & machinery which the Bank has helped purchase, can be hypothecated in the Bank’s name. The security collateral that is placed is coverage under CGTMSE.

    • Repayment:

      The repayment on credit on working capital will be stated by the Bank and is subject to review each year. This credit card is issued for a 3 year period. Tenure on the term loan on this credit card ranges from 5 years to 7 years.

    • Accessibility:

      Eligible individuals can apply for an Allahabad Bank Weavers Credit Card (WCC) from any semi-urban and rural branches of Allahabad Bank.

    Eligibility Criteria:

    The Allahabad Bank Weavers Credit Card is available to the following applicants only:

    • This credit card can be availed by weavers and other ancillary workers who are involved in weaving activities.
    • Those weavers who are recognized under the 3rd Census of Handloom weavers which is conducted by the Development Commissioner, Handlooms, are given preference by the Bank.
    • The Bank intends to provide finance to weavers and ancillary workers who are a part of SHGs/ Societies/Consortia/Joint Liability Groups/ Producer Companies, etc.
    • The existing customers of Allahabad Bank who have availed credit facilities and has a good banking history are eligible to apply for this credit card.

    Allahabad Bank Weavers Credit Card FAQs:

    1. What is the validity period of this credit card?

      The Allahabad Bank Weavers Credit Card (WCC) that is issued to an applicant, has a validity of 3 years.

    2. Where can I get this credit card from?

      You can apply for an Allahabad Bank Weavers Credit Card (WCC) from any semi-urban and rural branches of Allahabad Bank.

    3. Can I place stocks as security with the Bank?

      Yes, stocks and other current assets can be placed as security in the Bank, in exchange for credit.

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