Apart from the usual disclosures addressing Goods and Services Tax (GST), ATMs, and fund transfers, Alliance Bizsmart offers a collaborative loan for SMEs. Qualified traders can access the fund application slip through the online portal.
However, it’s not a process you want to rush into because some fees apply, and there are minor deductions to consider. So, we would like to guide you through several highlights as a preliminary to the actual applications.
For a concise figure-focused description, check the transcript from the Alliance Bizsmart merger portal. We only skim the more prominent aspects in this article.
As per the use case, the Alliance Bank loan best suits businesses looking to access loans on a short-term notice. The one criteria being competence and potential for growth, the applicant must be disposed to a basic credit check by filling marked fields in the application files (or other docs).
Moreover, the pegged rates, 5.9% per annum and 13.7% are applicable for RM200,000.00 and RM500,000.00 loans. Although it’s a bit higher than offers from other banks, it has benefits riding on the offered loan terms.
Besides, beneficiaries get support carrying through the loan period, including getting their previous records backlogged in the credit search. So, you have a string of benefits to enjoy.
Read on below for details.
Alliance Bizsmart: Why Use the Bank?
Understandably, there are many banks offering loans on comparative terms as the Alliance Bizsmart merger. If that is so, why would anyone settle for Alliance Bank? How does the bank stand out? We’ll take a brief look at the distinct features here.
Get SME Funds online entirely
The first thing you’d notice is the ease of business made possible through e-banking, which typically integrates fringe transactions like SME loans into core operations.
Here is a file detailing sundry services accessible across all transaction levels on the site. You can see sub-units for different carrier fees and so on. Apparently, the best takeaway for anyone looking to get remote services on time is the token disclosure. It puts a firm hardline on who authorizes and monitors your transactions.
Also, you have a chance to appoint a system administrator.
Although it isn’t on the loan terms proper, any beneficiaries that have an Alliance Bizsmart ledger operating on the e-banking framework can enjoy similar benefits and access the same features.
That’s not all, though. It spills over to actual commercial platforms working on various digital markets. Below is a short description.
Still, on the SME growth arc, Support Lokal targets various start-up brands that work on market branding and retails. According to one source,
“The Support Lokal initiative helps SMEs reach more customers online by providing easy entries to e-commerce platforms, digital branding, and marketing support.”
As well as support, the Alliance Bank loan via this partner will also build a micro-support base to link the SMEs with mainstream e-commerce companies in the long run. The annual rates aren’t lower than the quotes from other loans, though.
Competitive Rates & a Secure Draft
You can access competitive rates (calculable per annum from the loan capital), and relatively longer terms than other loan providers may offer in this scheme.
Below are the applicable rates.
RM20,000.00-RM200,000.00 _ applicable interest is 5.9% p.a. (flat rate) to 13.78% p.a. (effective interest) for 1-5 years.
RM200,000.00-RM500,000.00 _ applicable interest is 7% p.a. (flat rate) to 13% p.a. (effective interest) for 2-5 years
Although Maybank offers lower rates than is available in the above quotes, they don’t weigh in as much as regards loan management advice and other riders. Beneficiaries are left to their funds without clues to possible growth paths.
Alliance Bizsmart uses a different approach instead. It offers solutions. Where this is not always accessible, the bank will have fostered a self-help scheme to guide the beneficiaries.
Below are the application details.
You need to retrieve a slip from the online portal and complete the application there. No third-party submissions are acceptable.
For this Alliance Bizsmart SME loan, you will need to _
- Submit your e-form, passport, and a copy of your NRIC ID card;
- Provide a valid and recent bank statement;
- Schedule and complete the online interview on the official application portal.
See here for the LINK.