Mumbai: In order to include the senior citizens into the financial system and to build a more senior citizen-friendly ecosystem, peer-to-peer lending platform PaisaDukan.com launched “VNVS-Varishtha Nagarik Vittiya Samadhan” (Senior Citizens Financial Solution) a financial lending product for senior citizens. The product will enable elderly people to use it according to their needs, be it a loan in needs or to generate alternate earnings.
Earning Challenges: At the time of retirement, retiree opts for various instruments to create an alternate source of income and invest a big portion, approximately more than 70 per cent of the money in Fixed Deposits plans and rest into market-linked investments. Interest rates under conventional banking system have been reduced as low as 6.5 per cent to 8 per cent and market-linked investments remain a big challenge.
The decreasing return on investments might be putting stress on many retired people. Whether it’s about to beat the rate of inflation and earn positive real returns on investments or to get an instant credit to fulfil post-retirement liabilities.
“Peer-to-peer lending has emerged as a new source of alternate income globally and can offer a type of investment which is perceived as risky, but actually is safer than other investment options. You just need to build up a diversified portfolio. PaisaDukan becomes the first P2P lending platform to introduce a specialized senior citizen financial lending product giving an opportunity to senior citizens to earn Risk Adjusted Return of 10 per cent to 12 per cent. We have a strong management team with over 100 years of industry expertize that help individuals in portfolio by prioritizing the investment options” said Mr. Rajiv Ranjan, Founder & CMD PaisaDukan.com.
Finance in Need: In the prevailing scenario of fast changing times, the financial needs of individuals have only multiplied and getting finance in need becomes a task for this community.
“If we look from borrower’s perspective, this segment is not financially included under conventional banking system because of the parameters and driving the credit of that particular segment is not favorable. We are prioritizing this segment and also offering loans to senior citizens at best affordable interest rates, loan applications from senior citizen will have top priority at PaisaDukan”, concluded Ranjan.
Company believes the new product category would be a game changer and will bring back senior citizen community to the financial system.