Medical and education costs in the country are rising at a fast pace. Pune-based fintech company Fibe believes there are considerable lending opportunities across these impact sectors and has introduced ‘impact lending’, a category dedicated to addressing these crucial needs of individuals.
Fibe has been disbursing loans to finance various healthcare needs of individuals and, overall, the company is working to strengthen and expand its focus on these categories.
Akshay Mehrotra, Cofounder & CEO, Fibe said the company sees immense potential in healthcare and education financing for young professionals in the mid-salary bracket.
“Our healthcare financial solutions enable customers to avail of quality treatment from leading hospitals without financial constraints. Additionally, our partnerships with healthcare and education providers across India strengthen our impact positioning as a lender to Mass India, he said.
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According to reports, about 27.5 million married couples are actively trying to conceive and suffer from infertility. Some of the major reasons for the rise in infertility in India is a hectic lifestyle, hormonal issues and obesity, giving a boost to the IVF industry.
A case in point is a couple from Bengaluru, Neha (30) and Arjun (36) who decided to go for IVF, said the company. They recall the entire process to be an emotional rollercoaster filled with hope, anxiety, and fear, all mixed together.
This is when they approached Fibe, founded by Akshay Mehrotra and Ashish Goyal, and the EMI option gave them the freedom to focus on their parenthood journey without constant financial worries.
Elective treatments such as IVF, cosmetic surgery or even advanced dental procedures are rarely covered by insurance.
Besides, the penetration of health insurance remains remarkably low in India. Nearly 30 per cent of the country’s population does not have health insurance, according to the NITI Aayog.