Oxxy Healthcare on Friday said it will provide interest-free loans of up to Rs 1,000 crore this fiscal for medical treatment and surgery from next month at two lakh centres which are under its network.
There will be no processing fee and the application will be processed within hours, it said in a release.
"Oxxy is all set to disperse medical loans worth Rs 500-1,000 crore in the current financial year. Oxxy along with its network partners have sourced the corpus of Rs 1,000 crore for patients' welfare and to provide ease in treatment or surgery expenditures," the release said.
The corpus, it added, is ready in place and can be availed from September onwards.
"Interest-free medical loans will now be available to all Indians for any medical treatment or surgery. This is the first time in the world initiative at such large scale has been taken," it said, adding that the process to avail the interest-free loan is simple.
The initiative has been started in collaboration with Oxxy's medical partners, it added.
"Oxxy is already India's largest healthcare network and understands the need to provide affordable healthcare as it is key to the development of the Indian healthcare sector," it added.
Oxxy founder Pankaj Gupta said the company's vision is to eradicate the tension that one faces when it comes to medical expenditure.
The release further said Oxxy health plans come with no riders, with no age limit, no expenditure limit and are valid unlimited times on OPD and IPD.
According to it, more than 10,000 plans are sold every day.
It also said Oxxy is valued at over USD 4 billion.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)