INDIA – Narayana Health, one of the best multi-specialty private hospitals in India, has joined forces with the consumer lending platform Fibe with an aim to reduce medical costs for patients and their caregivers with limited resources.
The Narayana Health and Fibe, formerly EarlySalary, have agreed to offer low-cost and no-cost medical expense loans of up to Rs. 10 lakhs for all elective and non-elective treatments on an equated monthly installment (EMI) under the CareNow PayLater proposition.
The partnership will allow patients and caregivers under the “care now, pay later” payment model to seamlessly access the financing needed for healthcare emergencies via smartphones with a repayment tenure of 3 months to 2 years.
“To avail the loan, the patient or the caregiver availing the loan must be a resident of India, between 21-55 years of age with a minimum salary of Rs. 15,000. The entire process takes a few minutes to complete and there is a list of mandatory documents required.
Narayana Health pointed out that the medical financing scheme is applicable to people with no lending history irrespective of their socio-economic status to help more patients access treatment as well as to reduce the disease burden in the region.
In a press release, the Indian hospital chain said: “It is critical that healthcare providers along with finance and insurance players come together to offer comprehensive lending solutions for the mass market healthcare customers.”
The partnership will build on Narayana Health’s ambitious goal to make quality healthcare accessible to all while helping patients and caregivers to easily access affordable healthcare financing through its network of 21 hospitals and 4 heart centres across 13 cities in India.
It will leverage on Fibe’s financial ecosystem particularly its host of financial products like cash loans, long-term personal loans and buy now pay later plans to ensure Indian patients have access to health care services offered at the super-specialty tertiary care facilities.
Commenting on the agreement, Amol Maheshwari, Chief Distribution Officer at Fibe, underscored: “With this strategic partnership, Fibe’s Health arm and Narayana Health would enable millions of Indians to afford best-in-class healthcare services.”
He outlined that it is in line with Fibe’s mission to ensure that every Indian gets first-class healthcare treatment without financial difficulties.
“We anticipate that through this partnership with Narayana Health, we would take Affordable Healthcare to all consumer segments creating a great value proposition for the society,” Maheshwari added.