Mumbai: In a move to widen access to medical financing, healthtech startup CarePay has launched Careena, an AI-powered EMI platform that enables patients to get real-time, no-cost medical loans up to Rs 10 lakh. The platform is aimed at individuals who are either uninsured or underinsured, especially amid rising healthcare costs in India.
AI-Based Eligibility and Instant Loan Approvals
Careena, short for Care Engagement Assistant, assesses employment status, education background, and income data to offer real-time EMI approvals. By eliminating manual paperwork and long processing delays, the platform seeks to simplify how patients access financing for procedures ranging from diagnostics and surgeries to long-term disease management.
Unlike traditional models where loan approvals could take several days, Careena uses AI algorithms to offer near-instant credit decisions. It also integrates with hospital management systems and is designed for mobile-first usage.
Bridging the Financing Gap in Healthcare
India continues to face significant healthcare affordability challenges, with less than 40% of the population covered under any form of health insurance. The gap often leaves patients relying on high-interest personal loans or delaying necessary medical treatment.
CarePay, founded in 2023, positions Careena as a solution to this affordability bottleneck by giving patients a structured payment plan directly at the point of care. “Our goal is to remove financing as a barrier to timely treatment,” said Gaurav Gupta, CEO of CarePay.
Expanding Network Across Healthcare Providers
In its first year, CarePay claims to have partnered with over 550 wellness centres, 1,500 clinics, and more than 30 hospitals across India. The company has also signed agreements with five global healthcare organisations and 25 chronic care centres, extending its reach across both preventive and long-term care segments.
This B2B2C model not only enables financing for patients but also supports hospitals and clinics in managing receivables and improving cash flow.
