Thursday , August 24 2017

Good news for Ola drivers: Drivers will now get loans within 30 minutes

Good news for Ola drivers: Drivers will now get loans within 30 minutes

CHENNAI: Partnership of Ola with FlexiLoans Technologies, an online lending platform has now paved ways for quick, flexible and adequate loans to the cab aggregator’s driver partners

FlexiLoans will offer Ola’s driver-partners loans up to Rs 1 lakh, with affordable monthly installments and a disbursal time of just 30 minutes.

FlexiLoans has initiated this scheme in Mumbai and Bengaluru in the first-phase, and plans to partner with multiple finance-partners to extend this facility to Ola’s driver partners across the country. Through this association the company aims at empowering over hundreds and thousands of driver-partners on the Ola platform over the next year by helping them meet their financial requirements with ease.

“Ola has always understood the needs and aspirations of its driver partners. While connecting them with a larger pool of customers seamlessly, it has also provided them with various support systems like family medical Insurance, education assistance for children, discounted car service, fuel savings card, and grocery vouchers. With this partnership, we look forward to easing one of the most cumbersome tasks of the ecosystem; i.e., sanctioning adequate loans for our driver-partners, by removing complexities and giving direct access to easy finance”, said Nitesh Prakash, Senior director at Ola.

“We are excited to partner with a brand like Ola that is committed towards empowering hundreds of thousands of driver partners, and encourage them to pursue a choice, a dream they call their own,” said Deepak Jain, co-founder, FlexiLoans.

Over the last two years, Ola has partnered with various car manufacturers and financial institutions to lead various initiatives for their driver-partners. It has associated with Indifi for personal loans and Bajaj Allianz to offer motor insurance solutions to its drivers. The company has also partnered with financial institutions like Neev Finance and non-banking financial companies (NBFCs) like PNB, IDBI and Chola to create access to finance for buying their own cars and providing education to their children.

Ola’s partnership with with leading car manufacturers like Maruti, Ford, Mahindra and Nissan, has enabled its drivers to buy cars at substantial discounts.