Q: What is a medical loan?
A: A medical loan is a type of personal loan that is specifically designed to cover medical expenses. These loans can be used to pay for a range of medical treatments, from surgeries and hospitalization to diagnostic tests and medications.
Q: Who can apply for a medical loan in India?
A: Individuals who are residents of India can apply for a medical loan in India. They will also need to provide proof of identity, address, income, and medical bills for loan approval.
Q: What are the benefits of a medical loan?
A: Medical loans offer several benefits, including flexible repayment options, competitive interest rates, and the ability to cover the cost of medical treatment without relying on health insurance or savings.
Q: How can one apply for a medical loan in India?
A: To apply for a medical loan in India, individuals can visit the website of a financial institution that offers medical loans or visit their branch in person. They will need to fill out an application form and provide the necessary documents for loan approval.
Q: What are the repayment options for a medical loan?
A: Repayment options for a medical loan vary depending on the financial institution. Some institutions offer repayment terms of up to 5 years, while others may offer shorter repayment periods. It is important to carefully review the terms and conditions of the loan before applying.
Q: Can a medical loan be used to cover pre-existing medical conditions?
A: It depends on the policy of the financial institution providing the loan. Some institutions may allow medical loans to cover pre-existing medical conditions, while others may have restrictions.
Q: Are there any disadvantages to taking out a medical loan?
A: The main disadvantage of taking out a medical loan is the additional debt that it can create. It is important to carefully consider the terms and conditions of the loan and to ensure that you can comfortably manage the loan repayments.
Q: Are there any alternatives to taking out a medical loan?
A: Yes, there are alternatives to taking out a medical loan, such as health insurance, government schemes, and savings. It is important to explore all financial options before making a decision.
Q. What is Arogya Finance?
A. Arogya Finance is the Brand name of Ramtirth Leasing and Finance Company Pvt. Ltd. an NBFC registered with Reserve Bank of India. Arogya Finance offers Medical Loans to families to meet health care costs.
Q. How is a medical loan from Arogya Finance different than a regular bank loan?
A. ‘Regular’ bank loans are only accessible to those who are inside the ‘formal’ system – i.e. those who can provide income documents or have assets to collateralize. For the majority of people in India, such an approach is a non-starter. Arogya Finance has developed a proprietary approach, which allows it to lend to those in the ‘informal’ sector who don’t always have access to salary slips, collateral, etc. Arogya does that through the use of a special test developed, refined, and perfected by its army of experts.
Q. What can the loan be used for?
A. The loan is to be used only for medical needs. The loan, once approved, is disbursed directly to the caregiver (i.e. hospitals, nursing homes) ensuring proper use.
Q. What is the EMI of the loan?
A. The EMI depends on the borrower’s eligibility and on the amount and duration of the loan taken. We work with the borrower to make sure the EMIs are affordable.
Q. What is the maximum amount of the loan?
A. Arogya doesn’t define a maximum figure for the amount that can be borrowed. The goal is to work with the borrower to ensure that the total amount and EMIs are affordable and that the amount is enough to cover the particular health needs.
Q. Does Arogya Finance play a role in determining the nature of treatment prescribed?
A. No, Arogya Finance plays no role whatsoever in determining type of care to be provided.
Q. How do I apply?
A. To apply online, please click here, Apply for Loan. You can send us an email by clicking here, “Contact Us”. You can also call us at +91 9769205032
Q. What documents do I need?
A. Ideally, we would like to see (1) address proof, (2) ID proof, (3) proof of ownership, and (4) proof of income. But we can work with whatever documents you are able to bring with you.
Q. What will I be asked?
A. The online application process will guide you and result in an instant approval, if all criteria are met. In the manual process, the Arogya Finance Counselor will begin by asking some basic questions about your background, income sources, etc, and will then ask some forward looking questions about your plans for the future. The process should take about 3-4 hours. And that’s it!
Q. Can I take a loan for a family member?
A. Arogya Finance generally lends to a family member, so yes, you can take a loan for a family member. However, Arogya does not allow people to take loans on behalf of friends or other acquaintances.
Q. When will I find out if I am approved or not?
A. If you apply online, chances are that you will get an instant approval. If not, an arogya counseller will speak to you soon to complete the formalities. In case of a physical application, Arogya is able to reach and share a decision within 24 hours of meeting with the borrower. Our average turnaround time is about 3 hours (In case of emergency it could be as little as 3 hours.
Q. How will the money be paid to my health care provider?
A. Arogya transfers the money directly to the provider so the patient’s care can begin immediately.
Q. Will I have to pay any other fees?
A. There is a documentation charge of Rs 500 and one time 2% processing fee.
Q. How do I repay the loan?
A. Arogya prefers post-dated checks (PDCs) but if the borrower is not able to provide them, Arogya works with the borrower to explore alternate options.
Q. When is the first payment due?
A. The first payment is due on the 9th of every month after the patient is discharged from the care facility.
Q. What is the tenure of the loan?
A. The tenure of the loan depends on the borrower’s need but cannot exceed 4 years.
Q. How do I become part of the Arogya Finance network?
A. Just call us at +919769205032 or e-mail us at partners@arogyafinance.com
Q. As a partner will I be liable if a borrower defaults on his/her commitment?
A. No, Arogya Finance assumes the risk of default. Our partners have no liability and are paid immediately for the services they provide.
