The non-banking finance company, Tata Capital, has joined hands with Mya Health Credit to launch a new retail loans product, which is meant for medical needs. The private sector NBFC has said that the new product will enable it to provide low interest loans to poor patients in selected hospitals.

Announcing the tie up, the Managing Director of Tata Capital Housing Finance, Mr. R Vaithianathan said, "We have entered into collaboration with Mya Health Credit to facilitate low interest loans for planned medical procedures at empanelled hospitals."

Mya Health Credit is a Mumbai based firm which provides financial assistance to people who need to get medical procedures done.

Under the new loan product, Tata Capital will offer loans from Rs. 75, 000 and above to needy patients after the completion of Know-Your-Customer (KYC) norms. The company plans to sanction about Rs. 100 crore covering 600 cases in the coming 2-3 years under this scheme.

On the matter, the director of Mya Health Credit, Mr. Manish Menda said, "We are the first of its kind patient financing company in India and with the growing need for timely and affordable healthcare. We are sure Mya will become a preferred route for patients to get the healthcare they desire. With Tata Capital as our associate, we are looking forward to offering a better opportunity to those looking at procedures related to fertility, orthopaedic, dental, gynaecology and many more at low interest rates."