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Business EconomyPosted at: Jun 30 2015 11:59AM


Chola ties up with Ola for daily repayment car loan scheme

Chennai, June 30 (UNI) Cholamandalam Investment and Finance Company Limited (CHOLA), the financial services arm of the Murugappa Group, today announced its association with Ola, India’s leading mobile app for personal transportation to offer car loans to drivers on Ola’s platform, with an option of daily repayment scheme as against the current practice of an EMI. A Murugrappa group release here said Ola launched the “Pragati” programme for its drivers in February 2015. The programme has already identified that daily EMIs were better suited for driver entrepreneurs, who earn their revenue on a daily basis. They will have higher comfort in paying off the loan daily like any other expense rather than paying it monthly. Ola on its part had set up a fund of Rs.100 crore to enable drivers to buy their own cars and to transform into driver entrepreneurs. Over 15,000 drivers, across the country, have already benefitted from this program by gaining access to benefit from the ecosystem. Through this programme and Ola’s tie up with Chola, Ola Pragati enables drivers to take loan at competitive rates and repay a part of their loan on a daily basis. Chola has customized its services to cater better to this target group. It provides an array of benefits ranging from quick loan approval and easier documentation. With this tie up, Ola will share daily revenue and payment details of drivers on real time basis. This initiative enables Chola to encourage entrepreneurship amongst drivers and help them to enter a better life. Speaking about the association, Mr. Vellayan Subbiah, Managing Director, Cholamandalam Investment and Finance Company Ltd said ''at Chola, we believe in developing new frontiers for our customers to enter a better life. With this tie-up, we look forward to support those drivers who aspire to own their vehicle and payback through their daily earnings''. This initiative will ensure better financial discipline amongst drivers. The usage of Ola’s technology platform will smoothen the repayment process, he added. UNI GV GM ADB 1158
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