Bank has approved loan modifications amounting to RM5.4 billion since the start of Movement Control Order.
Kuala Lumpur, 24 November 2020 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) today announced that it is expanding its Payment Relief Assistance (“PRA”) programme to provide customers in the B40 and M40 segments, as well as Micro-SME with more options to help ease their financial commitment.
“We are aware that many individuals and business owners are struggling with cash flow constraints due to slower business cycles and sluggish payments from their customers. We understand their situation, and have been reaching out to help them with their financial needs. This extended measure to assist individuals and businesses adversely impacted by the pandemic is also in line with the Budget 2021 initiatives tabled recently,” said Mr. Joel Kornreich, Group Chief Executive Officer of Alliance Bank.
The Bank is offering the B40 segment enrolled in the Bantuan Sara Hidup (“BSH”)/Bantuan Prihatin Rakyat (“BPR”) registry options of either a 3-month loan/financing moratorium or 50% reduction in instalments for six months.
Similarly, the Bank extends the same package of 3-month loan/financing moratorium or 50% reduction in instalments for six months to micro-SMEs1 with a sales turnover of less than RM300,000 or having not more than five full-time employees. Micro-SMEs who qualify must have a loan or financing of up to RM150,000 with the Bank.
“The Bank has executed loan modifications for individuals and business clients amounting to RM2.9 billion and RM2.5 billion respectively2. We are here to help customers weather the current economic challenges and strongly encourage them to contact us to discuss a payment relief option best suited for their financial situations,” Mr. Kornreich added.
The Bank today also launched its WhatsApp channel to enable customers to apply for Payment Relief Assistance or check their application status in a fast, simple and responsive manner. To verify that the account is a genuine Alliance Bank WhatsApp channel, customers should look out for the green tick icon next to the account name “Alliance Bank Malaysia”, and “Official Business Account” on the Business Info screen. All messages exchanged on the WhatsApp channel are secured with the app’s proprietary end-to-end encryption.
The Bank is receiving applications for the expanded Payment Relief Assistance from 23 November 2020 until 30 June 2021. The payment relief package will take effect on 1 December 2020. Customers who are interested to take up the expanded Payment Relief Assistance can contact either the Bank’s Customer Service at 03-5516 9988 or Collections Department at 03-5516 9000 for a confidential discussion to modify their monthly instalment.
For more information on Alliance Bank’s expanded Payment Relief Assistance, please visit www.alliancebank.com.my.
1As defined in the Guideline on SME Definition issued by SME Corporation Malaysia.
2As at 20 November 2020.
