If you have had a medical emergency and you don’t have a proper insurance cover and don’t have the cash to receive the treatment, there may yet be a way out. Arogya Finance, a Mumbai-based NBFC has announced a tie up with HealthCare Global Enterprises, Bengaluru and is offering interest-free loans to patients for treatment.
According to a report by the Economic Times, the concept developed by Arogya Finance envisages granting loans to deserving patients who reach Global’s cancer treatment specialty hospitals. The amount of loan can vary from Rs 20, 000 to Rs 5 lakh. In a statement, the hospital has announced that this facility is being extended immediately in the cities of Bengaluru, Mysuru and Gulbarga. The other cities will also be added to the list in due course.
High-cost healthcare like treatment for cancer is still not within the reach of many Indians and the normal banking and financing channels don’t entertain this class of borrowers and even if personal loans are availed, the interest rates are quite high.
So this initiative should prove to be useful for people who have difficulty in accessing insurance policies and have no other source to raise funds at short notice. After all most diseases occur suddenly and hospitals insist on treatment being carried out without any delay.
Loan Cards can also be availed
Arogy Finance has launched a load card also for the same purpose as an alternate option to directly taking the loan. The Arogya card acts like a credit card with pre-set approved limits and the card can be used to make the payment at the hospitals and healthcare centres who have already signed on to Arogya’s platform. The limit set here is Rs 3 lakh and up to five family members can be covered under a single loan card.
The repayment structure is made flexible according to the ability of the borrower to repay. While one can choose to pay in six months going up to 48 months, there will be no interest charged if repayment is completed within a year. Beyond that, interest at rates of 6, 8 and 9% will be charged for two, three and four-year terms respectively. Arogya will also charge a flat 2% processing fee on each loan.
Considering how tough it is to obtain financial assistance, particularly to meet emergencies like medical treatments, this product from Arogya Finance must receive a good response.