India not only being the second most populated country but also one of the fastest growing economies is jaded with unique and unprecedented opportunities in health sphere. Healthcare is one of the largest sectors in India and it is expected to reach a net worth 19.57 lakh crore by the end of 2020 as per the report generated by India Brand Equity Foundation. “Healthcare” is a broad spectrum term comprising of hospitals, medical devices, outsourcing, telemedicine, health tourism and medical insurances. Healthcare in India is growing at an exponential pace owing to certain factors like widespread coverage, modern services and increasing investment by public as well as private players. Health has become a priority for many Indians. Backed with growing incomes, ageing population, increasing awareness and rising importance of preventive healthcare. The recent COVID -19 outbreak has simply expedited these changes. However with rising ailments, it is imperative to look at the cost of treatment. India’s public investment on healthcare, as a percentage of GDP, is lower than most countries. Private and public sectors cumulatively contribute to a health expenditure of 3.9 % GDP. Approximately, 30 % share of the total expenditure on healthcare is contributed by the public sector. This figure stands to be very low compared to other developing countries like Brazil (making a contribution of 46%) and Indonesia (making a contribution of 39%). The remaining 70% of the total expenditure is most often than not, bore by the individual patient. Speaking in general sense of things, household health expenditures can be bifurcated in to the categories of pocket expenses and insurances. “Out of pocket” expenses are those made by the patients directly at any point of service and these may not be covered by protection scheme. These contribute to 95% of total health expenses. Medicine cost has the highest stake in the out of pocket expense (contributing to 52% of the total expenses). Majority of Indians are not covered under any health scheme, making them vulnerable to poverty. According to an article published in “The Wire” 7% of the Indian population is pushed below the poverty threshold due to enormous out of pocket expenses.
This gap between need and support can be bridged by medical emergency loans which can be obtained from banks, money lenders, family members or acquaintances. Traditionally, patient’s family who approach a bank or other informal sources like money lenders to procure funds on an immediate basis. However, there are numerous challenges and hospitals across the country to provide best quality healthcare and medicinal loans at competitive interest rates. Healthcare in India is more demanding than ever in the current crisis. The current COVID crisis has pushed Indian healthcare systems to the bleak of revolution! We at Arogya Finance, believe in adopting a holistic approach towards medicinal loans in India. Backed with a unique credit underwriting model using proprietary psychometric tests, Arogya Finance has been able to serve many patients who would have otherwise left with no financial support with the tradition lending model. Arogya Finance is committed to its vision making healthcare affordable and accessible to all and serve each and every individual to satisfy their healthcare related financial needs.
- Arogya Finance is the only company to offer medical loans for customers with a wide range of CIBIL scores through its advanced Credit Risk Assessment Tools.
- 0% interest for borrowers availing loans from our partners (Terms and conditions applied on EMI schemes)
- Offers maximum repayment tenure ranging from 6-36 months.
- Rapid sanctioning and disbursement processes
- Borrowers can also opt for Arogya Card with a pre-approved credit limit, securing major health expenses of the borrower and up to 5 members of their family.
Arogya Finance has partnered with 650+ hospitals across 84 Indian cities to safeguard its mission of serving patients day in and day out. We stand true to our mission of making healthcare accessible, affordable and convenient for all!
