New Delhi: fibea consumer lending platform, has entered into a partnership with Narayana Health to offer low-cost and no-cost medical expense loans of up to ₹10 lacs for all elective and non-elective treatments on EMI under the CareNow PayLater proposal. Patients and caregivers, under this proposition, can now avail of loans for healthcare emergencies with a repayment tenure of 3 months to 2 years. The scheme is also applicable to those with no lending history.
Speaking on the partnership, Amol MaheshwariChief Distribution Officer, Fibe, said, “With this strategic partnership, Fibe’s Health arm & Narayana Health would enable millions of Indians to afford best-in-class healthcare services. At Fibe, it’s our mission to ensure that every Indian gets first- class healthcare treatment and shouldn’t live through the stress of finances. 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.”
according to a NITI Aayog Research reports on the Indian healthcare sector, only 30 to 35 percent of patients in India have surgery, compared to 60 to 65 percent of their global counterparts. Furthermore, 15 to 20 percent of patients undergo radiation therapy as against 40 to 50 percent globally; These figures clearly indicate the challenges faced by Indian patients in terms of healthcare awareness, access to treatment, and healthcare financing. Furthermore, WHO The data also indicates that India accounts for nearly 21 percent of the global disease burden.
While emphasizing that it is critical that healthcare providers, along with finance and Insurance players, come together, the partnership between Fibe and Narayana Health is aimed in that direction to offer lending solutions for mass market healthcare customers. Ashish Bajaj, Chief Marketing Officer, Narayana Health reaffirmed this and said, “Narayana Health for over two decades has been working towards making quality healthcare accessible to all. Our partnership with Fibe will further boost this vision and help patients and caregivers have easy access to affordable healthcare financing.”
Adding further, Atul Bhatnagar, Group Head-Payor Relations, Narayana Health, said, “Access to finance is a big concern for many Indians, especially for those who don’t plan for future uncertainties. This is irrespective of their socio-economic status , despite rising awareness. If not planned well, it can impact people’s savings and earnings lifelong at the family level. Our partnership with Fibe is just the beginning of bringing access to healthcare financing at a nominal cost. Narayana Health is known for its efforts in assisting patients when in need through various interventions and we will continue to work with external partners to further add on to the solutions in the coming future as well.”
To avail the loan, the patient or caregiver availing the loan must be a resident of India, between 21 to 55 years of age, with a minimum salary of ₹15,000. The entire process, according to the company, takes a short span of time to complete and requires basic documents like KYC details, a PAN, and bank account statements.