HealthCare Global Enterprises has now partnered with Arogya Finance. Through this partnership, patients with cancer will finally have access to interest-free loans, a move aimed at increasing accessibility and affordability to high quality cancer care. This facility will be made available in Bengaluru, Kalburgi and Mysuru.

Patients can take loans either in the form of direct financial loans or in the form of loan cards with an embedded pre-approved loan.Arogya Finance will provide interest free health finance up to Rs. 5 lakh to treat needy patients for a period of 12 months. If the loan tenure exceeds one year, the patient will bear a minimal interest rate. The loan tenure is 6 months to 48 months with 0% interest rate for one year, 6% for two years, 8% for three years, 9% for 4 years.

Processing charges of 2% on the loan amount is applicable. It is easily accessible and is designed specifically for those with no collateral or formal proof of income. There is minimal KYC documentation, with flexibility of options such as the use of Aadhaar card in case of unavailability of PAN Card and the flexibility in co-borrower selection.

According to Dr. BS Ajaikumar, chairman and chief executive officer, HealthCare Global Enterprises affordability, should go hand-in-hand with quality of care and good patient outcomes. In India, we face issues where people cannot access high quality care due to cost.

“We believe rich or poor, cancer can be treated only one way: the right way, the first time. In line with this belief, we are pleased to partner withArogya Finance to enable this first-of-its-kind health financial offering. Together, we have come up with an innovative plan to help people who are in immediate need of finances, particularly with no interest for the first year. This will immensely benefit cancer patients,” he added.

Presently, the loan cards are available for up to Rs. 3,00,000 for a family of five persons valid for one year with a facility for renewal every year at a nominal cost. This is for people who have no health insurance and 75 percent of this amount will be provided for treatment. The minimum amount is Rs. 20,000 to be accessible to this loan card, said Jose Peter, co-founder and chief executive officer, Arogya Finance at a press conclave.

“This is a viable alternative to health insurance instead of families to lose assets. The 6-48 month loan payments period is an interest free phase for the first year. In case patients require a loan card, the hospital will refer them to Arogya Finance. The concerned official will assess the credibility and loan availing capability of the beneficiary and issue the loan card. The processing fee for the card will be Rs. 1,000, valid for one year, which can thereafter be renewed for Rs. 250 every year,” he added.