March 10 2016, 16.46 PM IST || Pocket News Alert
Bangalore; 09th March 2016: Arogya Finance, a social healthcare venture based in Mumbai is tying- up with various doctors and hospitals for bariatric surgeries, joints treatments and many more. Arogya Finance will facilitate easy Equated Monthly Installments to patients to pay for the treatments provided by the doctors and hospitals.
“Unexpected healthcare expenses have led to over 40 million people to fall into poverty every year due to heavy expenses incurred for numerous treatments. Arogya Finance has initiated tie-ups with various doctors and hospitals to make medical loans available to patients at the right time and place in different parts of India. We are already in talks with many hospitals, pharma companies and major doctors across India to provide a one-stop financial solution for people in need whenever and wherever there is an unforeseen medical emergency.” said Mr. Jose Peter, Co-Founder and CEO of Arogya Finance.
“This endeavor would go a long way in helping needy patients struggling with the scourge of type 2 diabetes as a result of morbid obesity. Metabolic surgery is still not approved by most insurance companies and the disposable cost of staplers and devices makes this surgery expensive for the common man. The Arogya Finance scheme gives patients hope at living a disease free life.” says Dr. Muffazal Lakdawala, Founder and Director, CODS (Centre for Obesity and Digestive Surgery)
Arogya Finance does not require collaterals or formal income proof which is mandatory in other forms of finance. Arogya Finance offers a pre-approved loan and makes it easily available within 24 hours. The company offers medical loans to the traditionally un-bankable, using psychometric tests as an innovative risk assessment tool to enable evaluation of the credit risk profile of people outside the formal banking system. The borrowers can repay the loans in EMIs of up to 36 months and is calculated in a way that it does not exceed 25% of the total family income.
Arogya Finance has been recognized as one of India’s most unique social innovators by “Innovations in Healthcare,” an organization founded by McKinsey, USAID, the World Economic Forum and Social Entrepreneurship Accelerator at Duke (SEAD). With over 150 healthcare delivery partners and presence in 12 states, Arogya plans to implement the concept of Arogya Card across the nation.
