Arogya Finance, a social healthcare venture based in Mumbai, tied up with Dr. Reddy’s Laboratories a multinational pharmaceutical company, for providing medical loans for treatment of hepatitis C.
Arogya Finance will facilitate easy equated monthly installments to patients to pay for the drug for hepatitis C and a few other therapies provided by Dr. Reddy’s Laboratories.
“According to World Health Organisation over 12 million people in India suffer from chronic hepatitis C leading to unexpected healthcare expense burden. Arogya Finance in association with Dr. Reddy’s has taken an initiative to offer medical loans at reasonable terms and making it available at the right time, right place and reaching out to the patients in rural India. We are providing a one-stop financial solution for people in need whenever and wherever there is an unforeseen medical emergency.” said Jose Peter, co-founder and CEO of Arogya Finance.
Arogya Finance does not require collaterals or formal income proof which is mandatory in other forms of finance. Arogya Finance offers a loan and makes it easily available within 24 hours. The company offers medical loans to the traditionally un-bankable, using a psychometric test 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 upto 36 months and is calculated in a way that it does not exceed 25 per cent of the total family income.
Arogya Finance has been recognized as one of India’s most unique social innovators by Innovations in Healthcare, an organisation founded by McKinsey, USAID and the World Economic Forum and Social Entrepreneurship Accelerator at Duke (SEAD). With over 150 healthcare delivery partners and presence in 10 states, Arogya is also implementing a unique concept of an Arogya Card, a pre-approved medical loan for the entire family, across the nation.