Financial services company Cholamandalam Investment and Finance on Tuesday said it has joined hands with mobile app-based taxi aggregator, Ola, to offer car loans to the latter's drivers with an option of daily repayment scheme instead of a monthly payment.
Under this tie-up, Ola will share daily revenue and payment details of drivers on real time basis, a company release said. "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," Chola's MD Vellayan Subbiah said. The usage of Ola’s technology platform will smoothen the repayment process, he added.
In February this year, Ola along with SBI had launched a programme -- ‘Pragati’.