What You Need to Know About Payment Relief Assistance [SPONSORED]

Payment Relief Assistance is a type of financial assistance offered to individuals and SMEs with existing loans/financing who are facing financial difficulties due to the COVID-19 pandemic.

In line with the PEMULIH aid package announced by the government, one can opt to get either a 6-month loan/financing moratorium, OR 50% reduction of instalments for six months on home loan (mortgage), hire purchase (car loan), personal loan/financing and/or other business loans.

Apart from the standard payment relief packages (of 6-month moratorium or 50% reduction of instalments), Alliance Bank has taken this one step further by offering customers the opportunity to customise their payment relief packages.

Opting for the Bank’s Payment Relief Assistance package will NOT affect your CCRIS record – the report or statement of all your credit/loans with the bank.

Note: The contact number/details in this article points to Alliance Bank, the sponsor of this message. If you are using other banks, please reach out to them on their respective portals/platforms.

What You Need to Know about Payment Relief Assistance

The first thing you need to know about Payment Relief Assistance is it helps those who really, really need breathing room and help with their daily cash flow situation.

Of course it goes without saying that you will take a longer time to pay off your loan and there will be additional interest on the loan or financing extension, but you don’t have to worry about messing up your credit report in the meantime.

How to Know If You Should Take Up Payment Relief Assistance

As mentioned, opting in for Payment Relief Assistance is not a decision to be taken lightly. You should think about it carefully and weigh the pros and cons. 

Here’s a simple checklist to help you make your decision:

• You’ve used up most of your savings
• You’ve tried to reduce unnecessary purchases to the best of your ability
• You’ve tried downsizing your lifestyle to bare basics
• You’re working on earning extra income and/or find higher-paying job but your efforts have not been fruitful yet
• You’re seriously considering terminating your insurance to save money, even if you’re worried about possible medical issues in the future

If at least one of the above describes you, then do consider taking the Payment Relief Assistance. At the very least, it’ll free up your cash flow and help you cope better with the financial anxieties you’re feeling right now.

Now, when your financial situation improves, you should IMMEDIATELY contact your bank and discuss new payment terms so that you can pay your outstanding loan/financing quickly. This will reduce your overall loan/financing cost.

How to Opt In for Payment Relief Assistance (And What to Expect)

Note: The contact number/details in this article points to Alliance Bank, the sponsor of this message. If you are using other banks, please reach out to them on their respective portals/platforms.

ALL banks in Malaysia offer Payment Relief Assistance (Note: They may be named differently). To select your payment relief package, you need to reach out to the bank you have a loan/financing with. This means visiting your bank’s website and social media platforms.

To make things convenient for their customers, Alliance Bank has introduced innovative ways for individuals and businesses to take up the payment relief assistance.

You can reach out easily by:

• Visiting https://www.alliancebank.com.my/ and filling up the webform
• Calling the bank’s Contact Centre at 03-5516 9988, or
• Starting a WhatsApp chat with the bank by scanning the QR code below

If you’re an Alliance Bank customer and you’re worried about paying your monthly instalment, give them a call or drop them a line even if you’re still unsure whether Payment Relief Assistance is the right decision for you. The can:

• Explain in further detail the types of instalments available,
• Help you calculate your new loan/financing amount, and
• Suggest the best option possible for you given your situation.

You can also read up these two helpful FAQs:

• FAQs on Payment Relief Assistance for Individuals
• FAQs on Payment Relief Assistance for Businesses

All the best, and I really hope you will catch your lucky break soon. Thank you to Alliance Bank for sponsoring this important message to the RoR audience.

Ultimately, take up on the offer of help if you need it, and if (when!) your financial situation improves, simply contact them and they will be happy to assist you with loan/financing repayment.