Alliance Bank Extends Payment Relief Assistance With Simplified Sign-Ups Method

Alliance Bank has extended payment relief assistance to customers and introduced new innovative ways to enable them to sign up easily through SMS or WhatsApp messages sent by the bank. 

Joel Kornreich, Group Chief Executive Officer of Alliance Bank said, “With the ongoing economic sector restrictions, we urge customers facing financial challenges to contact us as soon as possible to discuss a suitable relief package.”

“We are also actively reaching out to customers who have an existing payment relief package with us (that will soon expire) to discuss their latest financial circumstances and apply the required modifications and extensions,” Kornreich added. 

To date, the Bank has provided over RM6 billion in Payment Relief packages and close to RM840 million in extended moratoria to businesses and individuals. As a result, approximately 15% of its borrowing customers are now under its payment relief assistance programme. 

Nur Haliza from Puchong, Selangor shared, “The bank has made it so simple to get the help I need. They knew I was from the aviation sector, which is one of the sectors most affected by the pandemic. They modified my housing loan and personal loan to make the monthly instalments more affordable. You can tell that they are trying to help and that they understand how challenging it is for us.” 

Alliance Bank assures its customers that there is no impact on their Central Credit Reference Information System (“CCRIS”) record if they apply for payment relief assistance before December  31 2021.

In addition to the Payment Relief Assistance provided by banks, the government also makes various subsidies available to assist businesses during this time. Alliance Bank continues to help people apply for various government economic support programmes.

“We have disbursed more than RM600 million in Bank Negara Malaysia’s Special Relief Fund to help SMEs, and an additional RM120 million through the central bank’s Targeted Relief and Recovery Facility,” explained Mr Kornreich. In addition, the Bank also disbursed over RM800,000 to help micro-entrepreneurs and vulnerable communities through SocioBiz, its social crowdfunding platform.

“We will continue to facilitate applications for government relief funds such as the Targeted Relief and Recovery Facility, Micro Enterprises Facility and High Tech Facility on behalf of our customers,” he added.

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