Al­liance Bank’s new loan con­sol­i­da­tion ser­vice

New Straits Times - - Business -

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

PIC BY MUHD ZAABA ZAKERIA

Al­liance Bank head of group con­sumer bank­ing Su­par­man Kusuma (cen­tre) with Al­liance Bank Head of Con­sumer As­sets Ken­neth Ho (right) and at the launch of the Al­liance One Ac­count in Kuala Lumpur re­cently.

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