Ola partners Indifi to provide driver partners with easier loan access

Drivers on the Ola platform will get personal loans sanctioned to them in three days

App-based taxi aggregator Ola has partnered Indifi to provide its driver partners with easier access to personal loans. The scheme has already been rolled out in Pune and Bengaluru and will be rolled out across six more cities in the next six months through partnerships with other financers.

The partnership will allow drivers who've been working with the company for over six months and have made a minimum of eight EMI payments on their car loans to get a personal loan in three to four days. Drivers will be able to avail for loans at Ola offices, while Indifi will finance these loans through Edelweiss Retail Finance.

"Access to financing for personal needs is essential to help them (drivers) achieve their goals and with an improved repayment capability, this partnership makes it completely hassle free for drivers. We are committed to ensuring the personal and professional well-being of our driver partners," said Pranay Jivrajka, Chief Operating Officer at Ola, in a statement.

Drivers on the Ola platform won't have to wait for up to ten days to get a loan, which is how long it generally takes to disburse such loans. Eligible drivers will be scanned under CIBIL criteria for the loans, while Ola will provide an incentive report to aid the process.

Ola, which claims to control 80 per cent of the app-based taxi market in India has 350,000 drivers on its platform. Previously, the company had rolled out Ola Pragati, a scheme where the company facilitated auto loans for drivers at lower rates and allowed them to repay them on a daily basis.