Bengaluru: Ola to give its drivers personal loans

Bengaluru, Dec 11 (IANS) Leading app-based cab service provider Ola on Friday said it teamed up with small business debt-financing platform Indifi to lend personal loans for drivers registered on its platform.

“Access to financing for personal needs is essential to help them (Ola drivers) achieve their goals and with an improved repayment capability, this partnership makes it completely hassle free for drivers,” said Pranay Jivrajka, COO of Ola, in a statement.

Ola has already begun disbursing personal loans to meet needs such as marriage, business of spouse, repayment of hand loans, home renovation and other such requirements of its drivers in Bengaluru and Pune.

In the next six months, Ola aims to expand the facility with multiple financing partners in six more cities, the firm said.

However, the personal loan facility has been restricted only to those Ola drivers who have been with the company for more than six months or paid a minimum of eight EMIs for their car loan.

In 2014, Ola earmarked a Rs.100 crore fund to invest in its driver ecosystem to empower drivers to become entrepreneurs, the statement said.

Founded by IIT – Bombay pass-outs Bhavish Aggarwal and Ankit Bhati in January 2011, Ola currently operates in 102 locations in India offering 3,50,000 cabs and auto-rickshaws for hire.

Gurgaon-based Indifi will finance the personal loans through Edelweiss Retail Finance and aims to automate small and medium businesses financing in India.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here