Money & Banking

Ola, Cholamandalam Finance team up for car loans

| Updated on: Jun 30, 2015
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Call taxi aggregator Ola has tied up with Cholamandalam Investment and Finance Company to offer car loans to drivers on its platform, with an option of daily repayment as against the current practice of EMI (equated monthly instalment).

Chola, on its part, has customised its services to cater better to this target group. It provides benefits ranging from quick loan approval to easier documentation. With this tie-up, Ola will share with Chola the daily revenue and payment details of drivers on real-time basis. This initiative will enable Chola to encourage entrepreneurship amongst drivers and help them to chart out a better life, said a press release from Cholamandalam Investment.

Ola launched the Pragati scheme (daily repayment scheme) for its drivers in February, and has tied up with State Bank of India, Shriram Finance and Kotak Mahindra Finance so far.

Drivers will be more comfortable paying off the loan daily, like any other expense, rather than paying it monthly. Ola had set up a ₹100-crore fund to enable drivers to buy their own cars and turn self-employed.

Over 15,000 drivers across the country have benefited from this programme, adds the release quoting Ravi Teja, Business Head (Tamil Nadu), Ola Cabs.

Published on January 24, 2018

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