Course Requirements for Mathematics and Applied Mathematics Phd admission
I would also like to know if its possible what kind of undergraduate
  requirements does an Applied Maths program usually look into? Would I
  be correct in assuming that they won't be looking in to algebra that
  much?


Not having had an undergraduate course in abstract algebra wouldn't be much of problem for admission to the graduate program at my institution (which focuses on applied and industrial mathematics.)  Background in analysis, differential equations, modeling, probability, and numerical analysis is much more important.  Significant background (such as a minor) in some area of science or engineering is also helpful.