As India's healthcare landscape expands beyond basics to include cosmetic procedures, wellness, and more, affordability becomes a major roadblock for many. Traditional health insurance often doesn't cover elective treatments, and upfront costs can be daunting, especially when they run into lakhs of rupees.  

Additionally, medical inflation in India adds to the financial strain as India's annual medical inflation rate of nearly 15 perc ent exacerbates the financial burden of pursuing private elective care. Moreover, traditional payment methods, such as credit cards with short repayment cycles, are ill-equipped to address the financial strain imposed by these substantial upfront expenses, often reaching several lakhs of rupees.   

Advancements in technology, including the deepening of credit bureau data, digitization in KYC (Know Your Customer) processes, and the widespread use of digital banking, enable customers to access these credit lines within minutes which is fully compliant with regulatory standards.  

Amid the treatments and technology enters the game-changer: No-cost EMIs (Equated Monthly Instalments) for healthcare. These are innovative financial solutions offered by healthcare-focused fintech platforms in partnership with banks and healthcare providers. The idea is simple – you can split the cost of your treatment into manageable monthly payments.  

Imagine getting a cosmetic procedure worth Rs 1 lakh and paying just Rs 9,000 per month. This approach eliminates the need for a large upfront payment and makes elective healthcare more accessible.  

Here's how it works: Healthcare providers share part of the interest cost, and customers might have a small processing fee. The lending company assesses the customer's creditworthiness swiftly, and the terms are communicated clearly. The entire process is quick, paperless, and compliant with digital banking and authentication mechanisms.  

Everyone involved benefits: The healthcare provider gets paid upfront by the lending company, making it a win-win situation. No-cost EMIs, although familiar in sectors like electronics and travel, are now emerging as a solution to make healthcare affordable. Given the pivotal role of healthcare in societal productivity, it is essential to raise awareness among consumers about the benefits of these modern installment plans.  

The collaboration between health tech companies, traditional lenders, and healthcare providers is transforming the landscape, ensuring that more people can access preventive and elective care without breaking the bank. No-cost EMIs empower individuals to prioritise their health and well-being, fostering a healthier and more confident society. As these flexible financial solutions become more widely available, they hold the potential to revolutionize the healthcare landscape, making quality treatments more affordable and accessible to a broader segment of the population. 

Authored by Jitin Bhasin, CEO and Founder of SaveIN