PaisaDukan Introduces Varishtha Nagarik Vittiya Samadhan (VNVS) for Senior Citizens
Mumbai, 25 Sept 2018: Aging is not “Lost Youth”, but a new stage of opportunity and strength. The term retirement echo as end of regular earnings and a retiree has always found it difficult to maintain their earnings over debt. To include the community into financial system and to build a more senior citizen-friendly ecosystem, India’s leading peer-to-peer lending platform PaisaDukan.com today set-up another milestone and announced “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 opt for various instruments to create an alternate source of income and invest a big portion, approximately more than 70% 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% to 8% 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, rate of inflation and earn positive real returns on investments, or to get instant credit to fulfill post retirement liabilities.
“Peer-to-peer lending has emerged as 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 opportunity to senior citizens to earn Risk Adjusted Return of 10% to 12%. We have 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, 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 Mr. Ranjan.
Company believes the new product category would be a game changer and will bring back senior citizen community to financial system.