Alliance Bank’s new loan consolidation service
KUALA A LUMPUR: Alliance Bank Malaysia Bhd and Alliance Islamic Bank Bhd have launched the Alliance One Account, the first loan consolidation service in Malaysia that uses a mortgage product.
In a joint statement recently, the banks said the Alliance One Account would give Malaysians greater control and flexibility over their monthly loan repayments as it was structured according to their preference and financial needs.
The Alliance One Account also offers a choice of lower monthly repayments, savings on total interest/financing costs, and/or more cash in hand for personal consumption.
Executive vice-president and head of group consumer banking, Suparman Kusuma said with the higher cost of living putting pressure on everyone’s budget, it would be increasingly challenging for Malaysians to pursue their desired standard of living.
The banks said the account was customised based on the customer’s income and property value.
Hence, they can choose to consolidate their hire purchase and personal loans, credit card balances, and/or overdraft credit limit balances into it.
It is structured as a mortgage account that is part term loan and/or overdraft.
One attractive feature of this service innovation is the over- draft facility that comes with it.
This eliminates the need to refinance in the future and enables customers to save on legal or documentation fees. Bernama