Policy Matter

Arogya Finance launches India’s First Pre-Approved Medical Loan Card

The Arogya Card is a concept introduced by Arogya Finance and has a pre-approved medical   loan of upto Rs. 2 lakh for the cardholders and their family members. The card is designed with a vision to ease the medical finance burden of the weaker section which leads them to poverty.  Medical-Loan-Card

“Unexpected healthcare shocks are leading over forty million Indians into poverty every year. Arogya Finance has taken a step to bridge this gap by launching the Arogya Card that offers pre-approved loans at reasonable terms by making it available at the right time and place of need to those who lack collateral or formal income proof.

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.

The Arogya Card does not require collaterals or formal income proof which is mandatory in other   forms of finance. Arogya Finance offers a pre-approved loan and makes it easily available within 24 hours.

The card offers medical loans to the traditionally un-bankable, using psychometric tests as an   innovative risk assessment tool, which enables evaluation of the credit risk profile of people outside the   formal banking system. The borrowers can repay the loans in Easy Monthly Installments of upto 36   months and is calculated in a way that it does not exceed 25% of the total family income.

Dheeraj Batra, Co-Founder and VP of Business Development at Arogya Finance said, “With the   launch of the Arogya Card, we are creating a lifeline for millions of people in India facing poverty due to   high expenses incurred on healthcare.Our Cumulative Collection Ratio is very high at 96% and shows the   robustness of our methodology”.

Arogya Finance has been recognized as one of India’s most unique social innovators by International   Partnership for Innovative Healthcare Delivery (IPIHD), an organization founded by McKinsey, USAID and   the World Economic Forum and Social Entrepreneurship Accelerator at Duke (SEAD).

With over 100   healthcare delivery partners and presence in 9 states, Arogya plans to implement the concept of Arogya Card across the nation.  About Arogya Finance: (www.arogyafinance.com)  Arogya Finance, co-founded by Jose Peter and 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 for India.

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