Alliance Bank Malaysia Bhd (Alliance Bank) is optimistic of providing an additional RM200 million in digital loans this year to help SMEs overcome the pandemic challenges and grow their business.
Eligible SMEs can obtain up to RM500,000 collateral-free financing via a simple online process that only requires the submission of their six-month bank statement.
The Digital SME financing is applicable to businesses that have been in operations for at least a year and with an annual turnover of between RM50,000 and RM30 million.
“To facilitate the application process, the Digital SME loan application is available in three languages – in English, Bahasa Malaysia and Mandarin,” Alliance Bank senior vice president and head of digital SME, Kevin Shum said.
“Customers can also request for assistance with their online application at any stage by contacting the bank’s contact centre, and applicants are notified in as little as 24 hours of their loan approval,” he said in a statement.
Alliance Bank also provides advice on how to establish credit history and to improve their credit profile in obtaining the loan.
The bank said that last year it provided RM60 million of Digital SME loans to its clients.
