AmBank launches Malaysia’s first online debt consolidation platform

PETALING JAYA: AmBank recently launched the country’s first online debt consolidation capability, comprising two services, on AmOnline, its consumer digital banking platform.

AmBank (M) Bhd retail banking managing director Aaron Loo said AmOnline is constantly designing experiences that meet the financial objectives of its customers across different life stages.

“The AmMoneyLine/-i online debt consolidation comes at an appropriate time when things are getting tougher. Clients can consolidate their loans and reduce their cash flow burden either with reduced interest rates or by stretching their repayment period,” he said.

AmBank Group group chief operations officer Datuk Iswaraan Suppiah said AmOnline offers as easy online experience for both personal lending as well as debt consolidation to our customers.

“In understanding the financing needs of Malaysian customers, we detected the latter was not being addressed adequately,” he added.

The first service known as AmMoneyLine/-i Debt Consolidation Plan helps customers manage their debt burdens better.

“Whether the goal is to consolidate expensive card and non-card debt into a single and attractive rate or restructure debt over a longer period to manage their monthly outflow burden, AmMoneyLine/-i has a planning feature to help customers construct various repayment tenures and understand their repayments better. The product is easily accessible online with quick approval turnaround time,” the group said in a statement today.

The second service, AmMoneyLine/-i Cash Out Plan offers a simple and hassle free personal loan application.

According to the statement, AmMoneyLine/-i loan applications are processed within three working days, subject to complete documentation submissions. The approved loan amount is accessible right within AmOnline.