Pacemaker payment plans, courtesy of Medtronic | On Call

February 5, 2013 by MassDevice staff

Medtronic offers patients in India the option to pay off a pricey cardiac implants in installments.

MassDevice On Call

MASSDEVICE ON CALL — Medtronic's (NYSE:MDT) India division is offering patients an "easy monthly installment" plan to help families cope with the high cost of cardiac implants.

The EMI program is available in 60 hospitals in 18 cities and applies to a handful of medical devices, including stents, pacemakers and insulin pumps.

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The Minnesota medical device giant teamed up with a local credit firm to offer personal loans for medical treatments with the approved devices, with loans carrying an interest rate of about 10%, the India Times reported.

Patients must undergo an application process, which involves an earning family member undergoing a test to evaluate "sincerity and willingness to pay back on time," according to the report.

Medical device India head Milind Shah told reporters that around 200 EMI programs had closed successfully so far.

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