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| Mr. Rajiv M. Ranjan, Founder & Chairman, PaisaDukan |
MUMBAI, NEW DELHI, SEPTEMBER 1, 2021 (TGN): Espousing the Gandhian praxis of Antodaya, Sarvodaya, and Gramodaya as a doctrine, which collectively connotes upliftment of the bottom of the rural stratum, Mumbai-based peer-to-peer (P2P) lending marketplace, PaisaDukan has stirred up a perfect last mile niche lending facilities in Bihar and other tier-2 & tier-3 townships of India.
In a first-of-its-kind move, PaisaDukan has rolled out a slew of P2P lending options for the populaces inhabiting in the credit-deficient rural hinterlands of Bihar as a pilot project, which includes Grameen loan, small business loans, Varishtha Nagarik Vittiya Samadhan (retirement) loans, Divyang Loan (disabled people), education loan, healthcare loan, pilgrimage loan, home improvement loans and marriage loan
Traversing the rural landscape to uphold the cause of women empowerment, PaisaDukan is the one of the alternate credit facilitator in rural India to provide credit options to the relatively untapped women populace of Bihar’s Madhubani, Mujhapparpur, Sitamarhi and Darbhanga districts. It further aims to proliferate into other tire-II and towns in the country to offer financial support to small businesses such as brick-and-mortar grocery stores, standalone shops, tea & coffee kiosks, cluster building development, and to name a few, informed Mr. Rajiv M. Ranjan, Founder & Chairman, PaisaDukan.
“We’ve always grown based on adjacencies, and there are lots of opportunities in the rural areas of India for fintech adoption. Our rural lending module in Bihar today stands as a chronicle for the entire industry as we succeeded in creating an alternative lending grid by way of shoring up the techno banking realm in remote hinterlands,” he said.
Elaborating on the business prospects, Mr. Ranjan said: “The Pandemic did have some impact on our customers, both on the borrower and lender. The major impact was inflicted on rural borrowers because they were the ones who were rendered jobless during a pandemic. It comprised laborers like cooks, security guards, drivers who were employed in Delhi, Mumbai, Chennai and whose families were based in the rural areas of India. That’s where we faced some challenges in terms of recovery. There was about 10 to 15 percent delay in repayment of loans.”
“The rural economy is witnessing a steady recovery and is expected to be a major driver for the country’s revival in a couple of months. Although the P2P sector in rural areas grappled a complete halt during April-October 2020, it’s currently moving on an upward trajectory after suffering precipitous jolts of the pandemic-induced nationwide lockdowns,” he said.
“As a business strategy, between March-October 2020, we took a hiatus in our new lending initiatives to avoid any uncomplimentary business outcomes. Subsequently, post October 2020, we witnessed zero delays and zero default in the repayment since we commenced our operations post lockdown easing. Today, we are the only P2P marketplace in India to have 100 percent lending exposure in rural areas, with a customer base of around 2,500 spread across 750+ villages. Besides, our business has clocked a 75% percent growth during the current tremulous phase and Investors on our platform have received an average return of 15-18%.” he informed.
In 2018, PaisaDukan received certificate of registration from the Reserve Bank of India (RBI) as a NBFC-P2P. As a P2P company, it offers unsecured/personal loan to individuals in relatively smaller amount, with rate of interest in the range of 12 to 20 percent per annum, without having to pledge of offer credit guarantee. The P2P lending structure of the company operates under Reserve Bank of India guidelines.
PaisaDukan’s current loan book stands at INR 150 million. However the company has planned to increase its lending wallet to INR 1,000 million in next 12 months, informed Mr. Ranjan. Ends
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