National: U GRO Capital, a listed MSME lending fintech platform, announced that it has signed a Memorandum of Understanding (MoU) with India Health Link (IHL), a digital health and medical device start-up, to support building COVID Infrastructure through IHL’s solutions – health Pods (hPod) and IHL Care platform.
The Reserve Bank of India on May 7, 2021, has provided Rs 50,000 Crores on tap Term Liquidity facility to easy access to Emergency Health Services. Through this scheme, banks are incentivised for quick delivery of credit for building COVID-related healthcare infrastructure, banks can do this lending either directly or through intermediary financial entities regulated by RBI.
The healthcare sector has been one of the prominent sectors for U GRO Capital’s credit offerings. Its Doctor Loan Service is exclusively designed for doctors, which offers collateral-free loans of up to INR 25 lakhs, with minimum documentation and quick approvals. It also provides small business loans of up to INR 20 lakhs for healthcare sectors covering profiles like pharmacies, imagine centres, pathology labs, among others. U GRO Capital has received term lending support from State Bank of India, Indian Overseas Bank and Canara Bank for onward lending under this scheme of RBI.
hPod is an innovative first-of-its-kind stand-alone health kiosk providing non-invasive (automated) screening of more than 20 essential vital parameters including Blood Pressure, Heart Rate, 6 Lead ECG, Temperature, Respiratory rate, Oxygen Saturation, Height, Weight, BMI, Body mass composition etc. under five minutes and it is also a great tool for monitoring, detection and maintenance of COVID cases immediately.
U GRO Capital expects to disburse around Rs. 200 Crores loans up till June 2022 under this scheme and it expects IHL Care to be a big contributor to this effort through this partnership.
On the partnership, Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital, said, “It gives us immense pleasure to collaborate with India Health Link, towards our bid to build Covid related infrastructure. We are thankful to our lending banks for providing term lending support and through these kinds of partnerships, we would continue to provide innovative, convenient and effective healthcare credit solutions to the country. We intend to continue enhancing our credit outreach in the healthcare sector and leverage crucial relationships such as this, to extend our financing solutions to institutions and establishments and empower them to reach out to maximum individuals with novel healthcare offerings.”
Dr Satyender Goel, Founder & CEO, India Health Link, said, “This collaboration will be instrumental in enabling small clinics with one-of-a-kind self-screening health Pod and IHL Care platform. Our goal is to have every 18+ Indian screened for basic vitals, promote preventive care culture, and reduce the NCD burden in India. We want to do it from the grass-root level by providing health and wellness education and awareness via a trusted ecosystem of doctors. This initiative will accelerate the adoption and help us achieve 100+ deployments in the next three months.”