SBI launches loan scheme for poor heart patients

State Bank of India (SBI), the country’s largest commercial bank, today launched a loan product aimed at the poor heart patients. Named ‘SBI Hrudaya Suraksha Scheme’, the exclusive loan product is extended only for patients undergoing cardiac treatment at the Narayana Hrudayalaya in Bangalore.

The loan product was launched at the hands of Muhammad Yunus, founder, Grameen Bank of Bangladesh and Nobel Laureate for peace in 2006.

Speaking on the occasion, SBI Chairman O P Bhatt, said SBI has been taking several initiatives to reach out to the larger sections of the society and the new loan scheme is aimed at helping the poor to undergo heart surgeries was one such initiative. The bank will come out with many more complex products in association with Narayana Hrudayalaya in the future, he said.

Mahpara Ali, chief general manager, SBI, Bangalore, said the SBI Hrudaya Suraksha Scheme is a hassle-free loan product that will help the poor patient meet the shortfall in his medical expenditure.

Under the product, SBI would extend around 80 per cent of the medical expenditure or Rs 50,000, whichever is lower. The borrower will have to repay the loan in six months with no interest for the first three months.

Later, the loan amount will have to be repaid at an interest rate of 8.5 per cent. However, the loan scheme is available only to poor patients and as per the recommendation of the hospital. The bank expects to lend to about 30-50 patients per month initially, she said.

“We need to bring in innovative schemes and investments to shore up healthcare cover in the country. Healthcare, especially heartcare, needs huge investments. The present demand is 25 lakh heart procedures a year, but only 80,000 procedures are carried out across various hospitals,” said Dr Devi Prasad Shetty, chairman and managing director, Narayana Hrudayalaya.

Ali said, “Talks are on with Narayana Hrudayalaya as to how to link self help groups (SHGs) in Karnataka for healthcare schemes. Integration of SHGs and healthcare schemes are being worked out. State Bank of India along with few non-government organisations (NGOs) in Karnataka has exposure to 50,000 SHGs and has disbursed loans to the tune of Rs 200 crore,” she added.

Source: http://www.business-standard.com