For many families in India, the thought of buying a prosthetic comes with hope and fear. The hope is about living independently again. The fear is about cost. Advanced prosthetics like bionic hands can feel out of reach when you see the total price.
This is where financing steps in. And among the most flexible options in India are NBFCs—Non-Banking Financial Companies. They may not be traditional banks, but they are trusted by millions for loans, EMIs, and medical financing.
NBFC financing makes prosthetics more accessible by breaking the cost into easy monthly payments. The process is faster, often simpler than a bank loan, and tailored for people who want quick approvals without endless paperwork.
In this article, we will look closely at how NBFC financing works for prosthetics. We will cover who is eligible, what documents are needed, and how fast approval can happen. Along the way, we will also share practical advice so you can apply with confidence and avoid common mistakes.
Understanding NBFC Financing
What an NBFC Is
An NBFC, or Non-Banking Financial Company, is a financial institution that provides loans and credit services just like a bank, but without operating as a full bank. You cannot open a savings account with them, but you can borrow money, finance purchases, or convert costs into EMIs.
NBFCs are regulated by the Reserve Bank of India, which means they are safe and trustworthy. Over the years, they have become a lifeline for people who may not qualify for strict bank loans but still need financial support.
Why NBFCs Matter for Prosthetics
Prosthetics are life-changing but expensive. A high-quality bionic hand like Robobionics’ Grippy costs between ₹2.15–3 lakh. Imported devices can go above ₹10 lakh. For most families, paying this amount upfront is impossible.
NBFCs bridge this gap. They provide financing quickly, without long waiting times. Their approval processes are often simpler, so families can focus on the prosthetic itself rather than chasing documents for weeks.
The Main Advantage
The biggest strength of NBFCs is speed. Unlike traditional banks, which may take days or even weeks to process a loan, NBFCs can approve financing in a matter of hours. This makes a huge difference when a patient needs urgent fitting and cannot afford delays.
Why Prosthetic Financing Is Different
The Emotional Angle
Financing a prosthetic is not like financing a car or a phone. It is about restoring independence and dignity. When someone loses a limb, every day without a prosthetic feels heavier. Families cannot wait months to arrange funds.
That is why NBFC financing plays such a critical role. It gives immediate hope, turning a dream into reality without long delays.
The Financial Challenge
Unlike other medical expenses that may be covered by insurance, prosthetics are rarely fully included. Even when insurance helps, the payout is often partial. This leaves families searching for other solutions.
Financing through NBFCs fills this gap by making high-quality devices affordable month by month.
Why Quick Approval Matters
In many cases, prosthetics are needed urgently after accidents. A delay in getting fitted can slow down rehabilitation. NBFC financing ensures that money is not the barrier. Once approved, patients can begin their fitting and training without waiting.
Eligibility for NBFC Prosthetic Financing
General Requirements
NBFCs want to make financing accessible, but they also check a few basic things before approval. The most common requirements include age, income, and repayment ability.
Usually, the minimum age to apply is 21 years. Some NBFCs also allow applications from 18 years if a parent or guardian co-signs. The maximum age limit is often around 60 or 65 years, depending on the NBFC.
Income Criteria
To approve financing, NBFCs check your income. This shows them that you can handle monthly EMIs. Salaried employees need to show salary slips or bank statements. Self-employed people may show business income or tax returns.
The required income level depends on the loan size. For a prosthetic costing ₹2.5 lakh, many NBFCs require a minimum monthly income of around ₹15,000–20,000.
Employment Status
NBFCs prefer applicants with stable jobs. A permanent job in a company is seen as reliable. But even if you are self-employed, you can qualify if you show consistent income proof.
For homemakers, students, or retired people, a family member can apply on their behalf as a co-borrower. This ensures approval even when the direct user has no income.
Credit History
A good credit history increases approval chances. If you have repaid loans or credit card bills on time in the past, NBFCs see you as trustworthy.
However, one advantage of NBFCs is that they are often more flexible than banks. Even if your credit score is low, they may still approve financing with some adjustments, such as a shorter tenure or slightly higher interest rate.
Example of Eligibility
Take the case of a salaried person in Bengaluru earning ₹30,000 per month. He applies for NBFC financing of ₹2.5 lakh for a prosthetic. With steady income and a decent credit score, his application is approved within a day.
Now consider a student in Delhi who has no income. In this case, his father applies as the co-borrower. The NBFC reviews the father’s income and approves the financing. The student still receives the prosthetic on time.
Documents Required for NBFC Prosthetic Financing
Why Documents Matter
NBFCs aim to make financing quick and easy, but they still need proof to ensure repayment is possible. The documents show who you are, how much you earn, and where you live. Having them ready can save days and speed up the approval process.
Identity Proof
The first set of documents are for identity. Most NBFCs accept Aadhaar card, PAN card, voter ID, or passport. These confirm your name, age, and photograph.
PAN card is especially important because it links your application to your tax and financial history. Without it, many NBFCs may not process your loan.
Address Proof
The second requirement is address proof. This may be Aadhaar, ration card, electricity bill, or rental agreement. Some NBFCs ask for recent utility bills to confirm your current residence.
This is needed not only for records but also to ensure they can contact you if needed.
Income Proof
Income proof is the most critical document for approval. For salaried employees, this usually means salary slips from the last three months or bank statements showing salary credits. Some NBFCs also ask for Form 16 or ITR (Income Tax Return).
For self-employed people, documents like GST registration, business bank statements, or income tax returns are required. These show regular income flow.
Bank Statements
Most NBFCs ask for at least 6 months of bank statements. This helps them see your income pattern, expenses, and repayment ability. It also assures them that you have a stable financial life.
Photographs and Application Form
Along with official documents, applicants usually provide passport-size photos and a filled application form. Some NBFCs now allow eKYC, where documents are uploaded online, reducing the need for physical forms.
Co-Borrower Documents
If a family member applies as a co-borrower, their documents must also be submitted. This includes ID proof, address proof, income proof, and bank statements. This ensures the responsibility of repayment is shared.
The Approval Process Step by Step
Step 1: Application
The process begins with an application. This can be online through the NBFC’s website or offline at a partner prosthetic center. The form collects basic details like name, age, income, and the prosthetic’s cost.
Step 2: Document Submission
Next, you submit your documents. If everything is in order, the NBFC begins verification immediately. Some NBFCs offer paperless processes where Aadhaar and PAN can be verified online in minutes.
Step 3: Verification
The NBFC verifies your details. They check your ID, address, and income proof. They may also run a credit check through CIBIL or other agencies. For most applicants, this step is quick, but if details are unclear, they may ask for clarifications.
Step 4: Eligibility Check
Based on your income, age, and credit history, the NBFC calculates your eligibility. If your income supports the EMI comfortably, approval is more likely.
For example, if your income is ₹25,000 and the EMI comes to ₹9,000, approval is likely. But if your income is ₹15,000 and EMI is ₹12,000, approval may be harder unless there is a co-borrower.
Step 5: Approval or Rejection
Once eligibility is confirmed, the NBFC gives a decision. Approval can be instant or take up to 24–48 hours. If rejected, they usually provide reasons, such as low income, missing documents, or poor credit history.
Step 6: Disbursement
If approved, the NBFC pays the prosthetic provider directly. This ensures the money is used for its purpose and not diverted. The patient can then proceed with fitting and training without delay.
How to Speed Up Approval
Prepare Documents in Advance
Families often lose time because documents are incomplete. Keeping Aadhaar, PAN, salary slips, and bank statements ready saves hours, sometimes days.
If you know you will apply soon, collect and scan these documents in advance.
Maintain a Healthy Bank Record
NBFCs look at your bank statements closely. If your account shows regular income and balanced spending, approval is smoother. Avoid bounced cheques or overdrafts before applying.
Apply With a Co-Borrower if Needed
If your income is low or unstable, adding a co-borrower increases approval chances. A spouse, parent, or sibling with steady income makes the application stronger.
Choose the Right Tenure
Sometimes applications are rejected because the EMI is too high compared to income. In such cases, choosing a longer tenure lowers the EMI and improves eligibility. Even if the total interest is more, approval becomes easier.
Opt for Trusted NBFCs
Not all NBFCs are equal. Choose well-known names with experience in medical financing. They usually have smoother processes, fair interest rates, and faster approval systems.
Interest Rates and Tenure Options
How Interest Rates Work
Interest is the extra amount you pay for borrowing money. With NBFC financing, the rate usually depends on your profile—income, credit score, and loan amount. For prosthetics, interest rates typically range between 9% and 15% annually.
If you have a strong credit score and steady income, you may qualify for the lower end. If your profile is weaker, the rate may be higher.
Tenure Choices
Tenure means the time you take to repay. NBFCs usually offer 12, 18, 24, or 36 months. Some even stretch to 48 months for high-value prosthetics.
Shorter tenures mean higher monthly payments but less overall interest. Longer tenures mean smaller monthly payments but more total cost. Families must decide based on comfort, not just numbers.
Example of Tenure Impact
Imagine a prosthetic costing ₹2.5 lakh.
- With a 12-month tenure at 12% interest, EMI is about ₹22,200, total repayment ₹2.66 lakh.
- With a 24-month tenure, EMI drops to about ₹11,800, total repayment ₹2.83 lakh.
- With a 36-month tenure, EMI falls further to ₹8,300, but the total repayment rises close to ₹3 lakh.
The device is the same, but the choice of tenure changes both comfort and cost.
Pros of NBFC Financing
Fast Approval
The biggest advantage of NBFC financing is speed. In urgent cases, approval can happen within hours. This makes it far more efficient than bank loans.
Flexible Eligibility
NBFCs are usually more flexible with applicants than traditional banks. Even with a weaker credit history, you may still qualify if other factors are strong.
Wider Coverage
NBFCs are spread across India, often in places where banks are harder to access. This makes them available to more families.
Tailored for EMIs
Unlike traditional loans, NBFC financing is often structured for EMIs. This means you don’t have to worry about large lump sums—just predictable monthly payments.
Cons of NBFC Financing
Higher Interest Than Banks
While NBFCs are faster, they often charge slightly higher interest than banks. For some families, this means paying more over time.
Processing Fees
NBFCs may add small processing charges, usually 1–2% of the loan amount. On a prosthetic costing ₹2.5 lakh, this can be ₹2,500–5,000 extra.
Limited Subsidy Tie-ups
Some government subsidy schemes work directly with banks, not NBFCs. Families may miss out on certain state benefits if they choose NBFC financing.
Risk of Over-Borrowing
The easy approval system can tempt some people to borrow more than needed. Without careful planning, this may create stress later.
Real-Life Examples
A Mother in Pune
A mother in Pune lost her hand in an accident. Her family was worried about paying for a prosthetic. The local NBFC approved her financing in just 24 hours. With a 24-month plan, she managed an EMI of around ₹11,800 per month.
She later said the speed of approval mattered more than the extra cost. She could return to daily life without delay.
A Student in Delhi
A student wanted a bionic prosthetic before starting his first job. He had no income, but his father applied as a co-borrower. The NBFC approved the loan quickly because of his father’s stable salary.
The family spread the payments over 36 months, keeping the EMI low. It allowed the student to start work with confidence while his father handled the finances.
A Farmer in Madhya Pradesh
A farmer lost his arm in a machine accident. He did not qualify for a bank loan because of irregular income. But an NBFC reviewed his land records and seasonal income, and still approved financing.
This flexibility gave him the prosthetic he needed to keep working on his farm. He paid off the loan after a good harvest season.
Practical Tips for Applying Smartly
Check Your Eligibility First
Before applying, ask the NBFC or prosthetic provider what the basic requirements are. Knowing the minimum income, age limits, and documents in advance saves time. It also helps you prepare stronger applications.
Keep Your Credit History Clean
If you have a credit card or existing loan, pay your EMIs on time. A clean history improves your chances of approval and may even lower your interest rate. Even small delays can affect your profile.
Choose Tenure Based on Comfort, Not Ego
Many families want to finish payments quickly. While shorter tenures save money overall, they can create stress if the EMI is too high. Always choose a tenure that feels comfortable every month. Peace of mind is worth more than saving a little interest.
Add a Co-Borrower if Needed
If your income is not strong enough alone, apply with a co-borrower. This could be a parent, spouse, or sibling with stable earnings. It increases approval chances and sometimes reduces the interest rate.
Compare NBFC Offers
Different NBFCs may give different terms for the same loan. Take the time to compare at least two or three options. The difference in interest, tenure, or processing fees can save you thousands.
Common Mistakes to Avoid
Not Checking the Total Repayment
Families often focus only on the monthly EMI and forget to check the total repayment amount. Always calculate how much you will pay in total, including interest and fees. Sometimes a small difference in EMI hides a much larger cost over time.
Ignoring Processing Fees
Some NBFCs add hidden charges like processing fees, insurance fees, or service charges. These may look small but add up when the loan is large. Always ask for a full breakdown before signing.
Waiting Too Long to Apply
In cases of sudden accidents, families sometimes wait months to arrange money. This delays rehabilitation. The longer you wait, the harder it becomes for the patient to adapt. Applying early ensures a faster return to normal life.
Borrowing More Than Needed
Easy approvals can tempt people to borrow extra money. But loans must always be repaid, with interest. Borrow only what is needed for the prosthetic, not beyond. This protects your family from unnecessary stress.
Why NBFC Financing Works Best with Robobionics
At Robobionics, we understand that cost is one of the biggest worries families face. That is why we partner with trusted NBFCs to provide fast, fair, and simple financing for prosthetics.
Our pricing is transparent—the Grippy Bionic Hand costs between ₹2.15–3 lakh across India. With NBFC support, this number becomes smaller, predictable monthly EMIs that fit into your family’s budget.
We guide you step by step through eligibility, documents, and approval. Whether you choose a 12-month or 36-month plan, we ensure you understand the full cost before you decide. No hidden charges, no confusion—just honest guidance.
A Call to Begin Your Journey
Buying a prosthetic is not just a financial decision. It is about independence, dignity, and freedom. Every day without a prosthetic feels heavier. With NBFC financing, money does not have to be the barrier.
If you or your loved one needs a prosthetic, do not wait. Explore NBFC financing today. Have your documents ready, check your eligibility, and take the first step. The sooner you apply, the sooner you begin living with confidence again.
At Robobionics, we are here to walk with you. Book your demo at https://www.robobionics.in/bookdemo/ and let us guide you through both the prosthetic and the financing process.
Your journey to freedom begins with one decision. With the right prosthetic and the right financing, life can feel lighter, brighter, and full of possibilities again.