Financial consumers had to bare inconveniences of visiting banks with bunch of documents when extending loans. However, extending loans will be made possible with just a phone call within this year.
Do to so, financial consumer has to make an agreement to the clause related to extending loan through phone call when initially applying for a loan. When the maturity date approaches, respective bank will make a phone call asking whether the customer is willing to make loan extension through phone call. Upon consent, the customer will go through necessary procedures for loan extension on the phone.
Extending loan through phone call will be only subject to household credit loans this time but will be gradually applied to other types of loans such as mortgage loans.