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Founded on April 24, 1865, Allahabad Bank is the oldest stock bank of the country. It came into being due to the dedicated efforts of a group of Europeans at Allahabad. It has its headquarters in Kolkata. Organized Industry, Trade and Banking had started shaping up in India at that very juncture. The history of the bank is thus spread over three centuries – nineteenth, twentieth, and twenty first. In July 1969, Allahabad Bank was nationalized along with 13 other banks. A couple of decades later, in October 1989, United Industrial Bank Ltd. merged with Allahabad Bank.
About Allahabad Bank
Coming to the twenty first century, Allahabad Bank services have transcended the national boundaries, opening a representative office at Shenzen, China. Soon thereafter, this was followed up by another major milestone – it opened its first overseas branch at Hong Kong in February, 2007. In that very year, the bank’s business crossed the Rs. 1,00,000 crores mark, thus further consolidating its presence in the finance and banking sector. In 2010, Allahabad Bank banking services surpassed the business figure of Rs. 1,75,000 crores with a growth rate of 23.06%. By March 2011, it implemented CBS in all its branches. On 24th April 2014, the bank entered into its 150th year of establishment.
Vision and Mission:
The bank strives relentlessly to surge ahead on a path of higher growth, by laying the foundation of a strong customer base. Talent management, induction of the State-of-the-Art Technology and structural re-organization are the pillars of this banking institution. It aims to ensure smooth and seamless baking experience for every customer, aided by latest state-of-the-art technology. Allahabad Bank financial services also emphasize strongly on the development of effective customer centric relationship, with its goal being to emerge as a world-class service provider through an optimal utilization of Human Resources and product innovation.
Allahabad Bank loans:
There are several Allahabad Bank loan schemes available to the customers. A few of these are as mentioned below:
According to Allahabad Bank’s Aashiyana Scheme, one has to be a minimum of 21 years of age, while the age by which the loan should be fully repaid is 70 years. This scheme has been introduced mainly for the construction of residential house on land which is already owned. The maximum amount is a sum of up to Rs. 500 lacs. The repayment period is a maximum of 7 years. The bank also has a housing finance scheme for NRI/PIO. When it comes to Allahabad Bank home loan eligibility, the borrower should be of minimum 21 years, employed/self-employed or having a business unit. He/she should be staying abroad for at least 1 year. As far as income/remittances are concerned, he/she should have minimum gross annual income equivalent to Rs. 3.00 lacs per annum, or should have minimum gross remittance equivalent to Rs. 3.00 lacs per annum in his NRE/NRO/FCNR during last three years.
Allahabad Bank Business Loan/Trade Loan : the target group for this type of loan includes all traders who are individuals, firms, companies, co-operative societies dealing in any lawful trading activity. Business loan from Allahabad Bank also encompasses business concerns/agencies which provide services such as Xeroxing, dry cleaning, licenses to deal in petroleum products/LPG, auto service centres, ISD/STD/PCO booths etc. Under this type of loan, credit facilities will be sanctioned up to a limit of Rs. 5 crores. Allahabad Bank business loan eligibility covers trades/business concerns having registration/license as applicable under local laws/appropriate authorities. Further, the applicant should preferably be engaged in the particular line of business for at least one complete financial year for which Income Tax Returns have been submitted. The unit should be one which makes profit