Business Line

NanoFin Enterprises Pvt, promoted by the Indian Syntans Group, has launched a portal for lenders and borrowers to transact business.

Addressing a press conference, Mr Kannan Narayanan, Managing Director, NanoFin, said the company expects to tap the informal lending segment estimated at Rs 5 lakh crore.

“We are tying location specific individual borrowers whose need for cash varies from Rs 5,000 to Rs 2 lakh to a neighbourhood lender willing to lend by fixing the terms and conditions of the loan amount and interest rate,” he said. If required the borrower can choose the amount and terms of the loan and select the borrower by opting for an e-auction.

The lender would have to pay a subscription of Rs 1,000 a year to become a member of the NanoFin Enterprise; there are no charges for borrowers accessing the Web site.

Mr Narayanan said that NanoFin is just providing an Internet platform for local lenders to get in touch with local borrowers and would not take any responsibility for defaults by borrowers. The entire liability and responsibility of terms and conditions of the loan would be on the lender.

The revenue stream for the company would be lenders’ subscriptions, giving credit history of borrowers to new lenders, and onsite advertisements.