Bajaj Finance has ventured into lifecare lending, a segment through which it will finance expenses for elective medical procedures such as stem cell storage..
Bajaj Finance has ventured into lifecare lending, a segment through which it will finance expenses for elective medical procedures such as stem cell storage, eye care, dental treatment, maternity care and cosmetic-based hair and skin treatment.
The NBFC plans to launch this product in 40 cities across India, including tier-1 markets like Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad, Hyderabad and Pune, and hopes to garner around Rs 1,000 crore from it over the next five years, president of the consumer business Devang Mody told FE.
The company is the first lender in India to make a foray into the lifecare lending segment. The idea behind the move is to tap into a market which is untouched in India but is a booming business in many western countries.
“We have already serviced around 500 customers in the last few months ever since this went underway. The margins would be similar to those of our other consumer businesses such as furniture finance or consumer durables finance but the way we see it, this one more ecosystem for us to cater to and hence, we will be able to service more needs of our consumer,” Mody said. Some of the procedures being covered by the company include laparoscopic hernioplasty, all types of bariatric surgery, total laparoscopic hysterectomy (uterus removal), and knee replacement surgery and all knee care related procedures, among others.