- Facilitates medical loans for Resof, a drug for treatment of Hepatitis C virus (HCV) infection and a few other therapies.
Mumbai; 21st October 2015: 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 Organization 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 Mr. 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% of the total family income.
Arogya Finance has been recognized as one of India’s most unique social innovators by Innovations in Healthcare, an organization 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.
About Arogya Finance: (www.arogyafinance.com)
Arogya Finance, co-founded by Mr. Jose Peter and Mr. Dheeraj Batra, is a social healthcare venture, which offers medical loans to the traditionally un-bankable, using innovative risk assessment tools that allows them to finance people outside the formal banking system. The business model is structured in a way, that it directly pays the medical bills of an individual to the hospital or the healthcare service provider. Arogya Finance has partnered with hospitals and other healthcare providers to ensure that people can access medical loans for themselves and their families. Patients borrow from and repay Arogya Finance directly leaving them free to get treated wherever they choose to do so.
To ensure maximum reach, Arogya Finance has developed a path-breaking proprietary approach, which enables it to lend to even those who fall outside the formal sector. Arogya’s approach does not require collateral or income proof. Arogya has developed a truly Indian approach to solving the healthcare affordability issue in India.