A Bengaluru startup, Navanc Datasciences, aims to simplify and standardise the way mortgage-based credit is collected.
Story so far: Founded by Nagachetan S M in 2021, Navanc is dedicated to attributing creditworthiness scores to properties and assets. Since receiving loans from banks is a long and tedious process, the startup aims to ease the trouble of lenders when it comes to property valuation for mortgage-based lending.
- The founder states that there is no standard evaluation method of properties, thereby employing Navanc to homogenise the process.
- Since the evaluation process is currently in a grey area, loans are disapproved due to a lack of clarity on the property.
Game-changer: After working as a banker for 14 years, Nagachetan saw the unruly process behind approving loans and decided to create a way to streamline the process. This is where Navanc comes in, offering to make lenders’ lives easier. So far, it has carried out 500 property evaluations in Tamil Nadu and Karnataka.