CarePal Money, a leading healthcare lending marketplace, has forged a strategic partnership with Apollo Hospitals Group, India’s largest vertically integrated healthcare provider. This alliance is poised to transform healthcare financing, granting patients the opportunity to avail loans with 0% EMI for a duration of up to 18 months.
CarePal Money is a specialized medical lending marketplace that provides financial support to patients and their families. CarePal Money’s unique advantage is the ability to disburse medical loans for both critical and non-critical treatments with ticket sizes up to INR 15 lacs and tenure of up to 36 months. CarePal Money believes this advantage stems from its marketplace-based, multi-lender approach which ensures higher approval rates, benefiting more patients in need.
With this: An innovative financial offering, CarePal Money offers 0% interest EMI loans and shall be accessible at all Apollo Hospitals, through the assistance of CarePal employees stationed within the hospital.
Expressing his excitement about the partnership, Piyush Jain, Co-Founder and CEO, CarePal Group stated, “As CarePal Money embarks on this partnership with Apollo Hospitals Group, we are driven by the unwavering commitment to redefine healthcare financing. By combining our expertise in medical lending with the unparalleled healthcare services of Apollo Hospitals, we aim to usher in a new era of accessibility, where financial barriers no longer impede individuals from receiving the best medical care they deserve in both critical and elective areas. With CarePal Money, we aim to disburse over INR 1,000 crores in medical loans in the next decade through our lending partners.”
Krishnan Akhileswaran, group CFO, Apollo Hospitals Enterprise said, “We are pleased to partner with CarePal to further strengthen our mission to ensure accessible and affordable high-quality healthcare for all. Easing the financial burden on our patients and their families has always been a priority for us, especially in the context of India where health insurance penetration is still very low. We are committed to ensure that we are at the forefront of innovative solutions, through partnerships and collaborations, that improve the health eco-system and prioritizes patient well-being.”
India currently has a health insurance penetration rate of 37%, with about 500 million middle class people lacking any health insurance coverage leading to high out of pocket expenses. Patients with low or no insurance coverage are compelled to resort to loans at exorbitantly high interest rates to fund their medical expenses. CarePal Money aims to mitigate this challenge by providing low-cost healthcare loans, thereby alleviating the burden of high interest rates from patients.
This groundbreaking partnership between CarePal Money and Apollo Hospitals Group marks a significant milestone in the healthcare financing landscape, promising enhanced accessibility to healthcare services for patients.