Kuala Lumpur, 20 March 2020 – Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) has been providing moratoria on loan instalments, and restructuring or rescheduling (R&R) of loans for customers that are impacted by the ongoing COVID-19 pandemic.
“This is a challenging time for everyone. We know that business owners are struggling to sustain their business cash flows, and individuals are also financially impacted by the current situation. We have extended financial assistance to those in need,” said Alliance Bank’s Group Chief Executive Officer, Mr. Joel Kornreich.
“To-date, the Bank has approved financing of close to RM70 million to affected businesses and consumers under several financial relief initiatives, one of which being the COVID-19 Special Financing Facility for SMEs. Our relationship managers have been actively engaging with our customers to discuss, assess, and tailor the right solutions for them in their time of need. In addition, all Alliance Bank customers will receive a fee rebate for each ATM MEPs transaction beginning 26 March 2020 for a period of 1 month,” he added.
Alliance Bank is offering the following measures help alleviate the financial strains of its customers:
1. COVID-19 Special Financing Facility
Business owners can apply for immediate collateral-free financing facility of up to RM1 million per company to alleviate short-term cash flow situation. Only three basic documents are required for the loan application, and disbursements can be made in as fast as one working day.
2. Moratorium on Loan/Financing Repayment
Alliance Bank customers impacted by COVID-19 are eligible to apply for deferment of their loan instalments or financing servicing (of principal and interest/profit), up to six months.
3. Loan Restructuring
The Bank is also offering loan restructuring and rescheduling options for loan/financing, with the flexibility to also apply for waiver of late charges on instalment.
4. Digital Banking Accessibility
Alliance Bank continues to make available digital banking solutions for customers, enabling fast and simple banking anytime, anywhere. Customers can also perform online banking, including applying for a Personal Loan via the Alliance Bank website.
As a designated essential service under the Movement Control Order by the government, the Bank is open for business as per normal banking hours. To protect the health of its customers and employees, the Bank has made available hand sanitisers at the entrances of its branches and offices, and increased the frequency of cleaning and sanitisation at its premises.
Customers who would like to find out more can visit the Bank’s corporate website at www.alliancebank.com.my.