Now get a loan for hair transplant, dental braces
MUMBAI: Bajaj Finance, the lending arm of Sanjeev Bajaj-led Bajaj Finserv, is looking to replicate its success in consumer finance in a new category – elective healthcare like cosmetic and aesthetic surgeries.
The company will fund procedures like dental braces, stem cell storage and hair transplant. But it will not finance procedures that are life threatening or which can be covered by insurance. The lending approach will be similar to other consumer finance loans. Repayment will be in equated installments over six months with the financing costs being borne by the provider while the credit risk will be taken by Bajaj Finance. The catch is that the service provider has to be approved by Bajaj Finance.
“Most of products that we finance are super discretionary, like the iPhone. It is aspirational and offers much better quality despite same features being available in cheaper phones. Because of the discretionary nature of spend, our financing increases velocity for the provider,” said Devang Mody, president-consumer business, Bajaj Finance.
According to Mody, elective healthcare financing is big business in North America. “Only one company – Synchrony Financial – has a loan book of over $7 billion, which is more than our entire book. We believe that care credit is a Rs 20,000-crore business and we hope to get a 10% market share in two years,” said Mody.
“We expect to demand from stem cell storage and cosmetic dental treatment. We have signed up relationship with Lifecell and mydentist already, and serviced 500 customers,” said Mody. Balding at 30? Bengaluru’s young men, women battle new lifestyle disorder
The main causes are late night shifts and consumption of tobacco, alcohol and fast food.
Late nights, some drinks, ciggies, pizzas and burgers. If that sounds like the yuppie’s regular lifestyle package, here’s the downside: a balding pate, at age 30.
Clinics in Bengaluru are conducting over 700 hair transplants a year, with baldness on the rise among the young, reveals a recent study. The main causes are late night shifts and consumption of tobacco, alcohol and fast food.
Three years ago, around 250 hair transplants were conducted annually in the city, and 80% of the patients were males in the age group of 21 to 30, according to the study conducted by Bengaluru-based International Research and Treatment Centre.
“Hairfall is only a symptom of what may be going on inside your body . It is alarming to see an increasing number of youngsters in the 20-30 age group suffering from hair loss and opting for transplant. The past year’s research is totally skewed towards men, with the male-female ratio being 80:20,” says Bani Anand, founder director, Hairline International Hair and Skin Research and Treatment Centre.
“The reasons for premature hair loss are partly hereditary and partly lifestyle. Recent research points to causes like poor groundwater quality in Bengaluru, high consumption of non-vegetarian food, a sedentary lifestyle and heavy use of plastic vessels as some of the contributing factors. Hairfall might also indicate chronic diseases, and is the first symptom of a poorly functioning liver or polycystic ovaries,” points out Dr Dinesh Gowda, dermatosurgeon.