Before updating the Credit Information Bureau (CIB) database of borrowers, banks or non-banking financial institutions (NBFIs) have been instructed to communicate with other banks/NBFIs which have previously sanctioned loans.
The new directive was issued by the central bank in a circular published on Sunday.
If information filed to the CIB isn't accepted by the bureau within three months, the application will be deemed void.
The borrower companies must attach necessary documents including board memo, memorandum of articles along with its application.
Information of new directors of loan taking companies needs to be included in the CIB database before sending the application to the bureau.
The central bank has said the directive will be effective immediately to ensure improved and better services.