Tata Capital to offer loans for medical needs

Business

Leading non-banking financial company Tata Capital today said it will facilitate lower priced loans to needy patients at empanelled hospitals.

"We have entered into collaboration with Mya Health Credit to facilitate low interest loans for planned medical procedures at empanelled hospitals," Tata Capital Housing Finance Managing Director R Vaithianathan told PTI here.

Mya Health Credit specilises in financing medical need of individuals and is based in the city.

Tata Capital will provide loan of Rs 75,000 and above to the patient after it completes KYC formalities, Vaithianathan said.

With healthcare becoming increasingly expensive in the country, the challenge for most Indians lies in accessing healthcare at affordable prices.

Mya Health Credit facilitates affordable healthcare loans in times of need for pre-planned medical procedures.

Mya Health has already tied up with healthcare providers such as Hinduja Hospital, Nova Specialty Surgery, Smile Care and Global Smiles to partner in this initiative, its director Manish Menda said, adding it will expand operations in Mumbai, Pune, Delhi, Bangalore and Hyderabad.

The company hopes to provide loan of Rs 100 crore for 600 cases over the next 2-3 year's period, Menda said.

"We are the first of its kind patient financing company in India and with the growing need for timely and affordable healthcare. We are sure Mya will become a preferred route for patients to get the healthcare they desire. With Tata Capital as our associate, we are looking forward to offering a better opportunity to those looking at procedures related to fertility, orthopedic, dental, gynaecology and many more at low interest rates."

Mya Health Credit operates in the patient financing space and the payment is disbursed directly to the hospital or clinic to which the repayment may be made by the applicant or co-applicant. For the patient there will be no extra charges in the hospital. A patient only needs to bear the financing charges for the loan to be paid over a period of time.

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