School Fees And Hospitals Bills Will Be Handled By These Startups
Many companies in the retail and small enterprise lending businesses have created a stir in the market, but many of them startups are focusing on a very special sector. According to the needs of some startup customers, using technology, providing funds from health bills to children’s school fees and even online courses. Pune’s HealthFin gives immediate loans to patients at affordable interest rates through their platform in case of medical emergencies.
This startup had started trading in March this year with more than 50 hospitals in Maharashtra. HealthFin founder Parvez Hussein said, “Our aim is to provide immediate loans to patients without putting financial pressure on patients. We take soft approvals in 10 minutes and do the rest in an hour. The country’s 83% healthcare costs are out of pocket, and according to the World Health Organization’s standard, the healthcare industry has a market that worth’s around $100 billion.”
Affordplan is another startup that offers planned procedures for consumers in terms of medical services and operations. Affordplan provides savings products for pregnancy such as planned procedure, non-emergency surgery, and many others. This startup provides services such as wallet with a partnership with around 200 hospitals in Delhi-NCR, in which patients can deposit money for a short period of time and can use them in funding of medical procedures.
Tejbir Singh, co-founder of Affordplan, said, “We work in a manner similar to the financial units of hospitals. If the consumer contacts them through us, then a 15 to 20% discount will be given on the total expenditure of the surgery due to the partnership with the hospital. After raising $300 Million in the funding of Series A Round, this startup is now targeting mid-size hospitals for the partnership where most patients who do not have medical insurance.
In the field of education, it is very cost effective for most parents to teach children in private schools. In such a case, the Finomomenta of Bangalore is fulfilling their special needs through affordable lending products. Brahma Mahesh Khaderbad, co-founder of Finomomenta, said, “We fund whole or small school fees for a year according to the needs of the parents. This loan can be repaid in the next one year.”
All these startups are in the early stages and are busy trying to increase their size. In these sectors, there are many opportunities to provide special products based on demand for startups.