Healthcare-focused financial inclusion fintech platform CarePay has announced the launch of its instant healthcare EMI platform, integrated with an AI-powered virtual assistant, Careena (CARE ENgagement Assistant).
It is indicated that the platform enables quick, no-cost EMI approvals for medical treatments up to INR 10 lakh, aiming to address key gaps in healthcare financing in India.
According to the company, the solution streamlines loan approvals using AI-based risk assessment and real-time processing, reducing approval timelines from several days to just minutes.
It offers zero-interest EMI options, where partner hospitals cover the interest costs as part of their patient acquisition strategies, allowing patients to pay only the principal amount. The platform covers a broad range of medical needs including planned surgeries, diagnostic testing, chronic disease management, and preventive care.
It is stated that CarePay’s offering is designed to help address the burden of out-of-pocket medical expenses, which, as per various estimates, push over 55 million Indians into poverty annually. The company states that only 36 per cent of the population has adequate health insurance, making financing solutions critical for access to care.
According to the company Careena, the platform’s AI assistant, provides real-time eligibility checks based on employment status, marital status, and educational background. It also guides patients through the application process, collects relevant data such as treatment costs and income, and delivers financing decisions within minutes.
The platform includes data encryption and adheres to regulatory standards to ensure privacy and security. Its mobile-first interface is accessible across devices and integrates with hospital management systems to provide a seamless experience for both patients and providers.
