In an attempt to extend its utmost support to the drivers and also to add few more heads to its driver fleet, Ola has today announced its partnership with Indifi, a tech startup that enables small enterprises to gain greater access to debt financing, for easy access to personal loans for drivers registered on its platform.
The sole purpose of this partnership is to provide loans to Ola registered drivers for their personal needs like marriage, business of spouse, repayment of hand loans, home renovation etc. The partnership will enable quick disbursal of loan within three to four working days.
PranayJivrajka, Chief Operating Officer at Ola, said,
We are committed to ensuring the personal and professional well-being of our driver partners. This initiative and more such partnerships in the coming months will be a major step in that direction.
In order to avail this loan, drivers should have been working with Ola for more than 6 months or should have paid a minimum of eight EMIs of their car loan. Driver will then be scanned under CIBIL criteria after submission of necessary documents which includes the Ola incentive report.
Though this procedure also requires documents like any other personal loan procedure, but is a lot less hassle and way quicker. Indifi will finance these loans through Edelweiss Retail Finance. Indifi is a Gurgaon based platform for enabling debt-financing for small businesses.
Earlier in 2014, Ola had set aside a fund of Rs 100 cr towards investment in the driver ecosystem to help nurture them as entrepreneurs.
The company had also announced the first ever rewards-oriented initiative in India for drivers ‘Ola Stars,’ that included personal and professional benefits for drivers ranging from insurance, scholarship for children and skill development training for family to fuel discounts and car-servicing benefits.
Prior to that, Ola had launched ‘Ola Pragati’ in partnership with leading financial institutions like SBI to offer a tailor-made financing program to help drivers to take loans at lower rates and repay on a daily basis as against EMIs.
It’s good to see Ola extending support to drivers beyond their business needs as it would help them have a better life. On the more business end of things for Ola, this would perhaps give drivers yet another reason to stick around with the brand — at a time when there are too many taxi aggregators and drivers run multiple apps on their devices.