IVRS details all the loan schemes available at particular point of time. It also elaborates on the process and formalities related to sanctioning of loan. By clicking on specific schemes among several, it lists the eligibility criteria to avail the scheme. If the caller is found eligible then it tells the terms and condition such as amount, its payment interest rate, time duration etc. after detailing all these information, it provides the procedure of getting the loan sanctioned. Interactive Voice Response System (IVRS) tells documents and letters which are needed for applying for loan. Here, IVRS give information of the bank employee detail to be contacted in this regards such as his name, designation, phone number, fix appointment for the meeting with the concerned personnel.
While the people who have already applied for the loan can call on toll free generated IVRS to get the status of their applied loan