On the Panda / 500 the alternator is very low mounted and subject to soaking on flooded roads. We had a really bad problem but the noise was not quite as bad as this. I sprayed the alternator with everything. Really soaked each end as much as possible. It gradually stopped. It had spray PTFE penetrating oil, 3 in 1, WD40, Silicon lube and penetrating oil sprayed daily for weeks before it stopped. Trouble is, getting at the bearings. You need spray cans with tubes on the nozzles to be able to direct the jet. Engine needs to be running too for much penetration. My method was saturation. I have dealt with nasty alternator bearings on a few cars and thankfully no adverse affects from these products ever noted. Avoid the belt though. Generally the noise went away as the car was driven off. It was ok on some days but it did happen when driving at speed as well on rare occasions. If the alternator seizes and chews the belt up there is a risk it could rip the cam cover off and wreck the cam belt and engine so be careful to get it resolved asap. As others have said belt tensioners could also cause this so carefully oil the tensioner wheel too. Dry alternators sound more high piched than this in my relatively slim experience. Due to the difficulty of accessing the alternator if you remove it for checking / cleaning and lubrication its economically more sense to replace it. It could also be sand and grit in / on the bearings. If you remove the aux belt rotate the alternator backwards which may dislodge debris and vacuum where youcan reach.