Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Cholamandalam Investment and Finance Company Ltd ties up with Ola cabs

Posted On: 2015-06-30 19:45:58

Cholamandalam Investment and Finance Company Ltd (CHOLA), the financial services arm of the Murugappa Group, has announced their 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.

Ola launched the "Pragati" programme for its drivers in February 2015. The programme has already identified that daily EMIs are 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 cr 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."

According to Ravi Teja, Business Head- Tamil Nadu at Ola, "Ola focuses on nurturing micro entrepreneurship amongst the drivers' ecosystem. This Ola Pragati program with Chola will enable drivers to own a car and turn entrepreneurs with attractive repayment option that is better suited for them. This initiative aims to open up lucrative earning opportunities for a lot of drivers at multiple levels, thus helping them improve their socio-economic status. Drivers will now stand to benefit from Ola's technology and have increased access to capital and revenues that will help them grow faster."

The entry of multiple cab aggregators in the country has given the travel and transport industry a whole new dimension and support from NBFC's in this sector and this initiative will forever change the way entrepreneurship is viewed by cab drivers.

Shares of Cholamandalam Investment and Finance Company Ltd was last trading in BSE at Rs.638 as compared to the previous close of Rs. 622.3. The total number of shares traded during the day was 7666 in over 286 trades.

The stock hit an intraday high of Rs. 645 and intraday low of 620.25. The net turnover during the day was Rs. 4832124.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

GMR Group receives Rs. 5248 crore first tranche of payment from Groupe ADP

Sonata Software Ltd board declares 2nd interim dividend of Rs. 14.50

Balaji Amines Ltd board to consider interim dividend on Mar 9, 2020

Shilpa Medicare Ltd gets 15 observations from USFDA for facility at Jadcherla

Fitch affirms rating of JSW Steel Ltd

Coders from Asia Pacific Make a Clean Sweep at TCS CodeVita

Sundram Fasteners Ltd board declares 2nd interim dividend of Rs. 2.80

Polycab India Ltd board to approve interim dividend on Mar 3, 2020

Tata Motors Ltd board approves issue of NCDs E28-B Series worth Rs. 500 crores

Cipla Ltd gets warning letter from USFDA for Goa manufacturing facility

Aurobindo Pharma receives EIR for Unit VIII of Gaddapotharam API facility with VAI status from USFDA

CRISIL completes Greenwich acquisition

IndiGo denies receiving any communication from SEBI

Omaxe Chandni Chowk will be a Milestone for City: Shri Jai Prakash, Chairman Standing Committee, North Delhi Municipal Corporation

RBI lifts restriction on Bandhan Bank Ltd

Eldeco Housing & Industries Ltd board to consider dividend on Mar 3, 2020

ICRA revises ITD Cementation India Ltd's rating

IRB Infra bags prestigious Mumbai-Pune Expressway Project

Sundaram Clayton Ltd board to consider interim dividend on Mar 10, 2020

Veto Switchgears and Cables Ltd updates on loan to overseas subsidiary

Deepak Nitrite Ltd board to consider interim dividend on Mar 4, 2020

TVS Motor Company Ltd board to consider 2nd interim dividend on Mar 10, 2020

Stovec Industries Ltd Q4 PAT lower at Rs. 5.59 crore

Godawari Power & Ispat Ltd commences commercial production in rolling mill

Stovec Industries Ltd Board approves dividend of Rs. 60

Sanofi India Ltd board declares final dividend of Rs. 106 and special dividend of Rs. 243

S.R. Industries Limited enters into One time settlement with State Bank of India

Great Eastern Shipping Company Ltd board to consider interim dividend on Mar 6-7, 2020

Dr. Lal PathLabs Ltd board declares 2nd interim dividend of Rs. 6

Ind-Ra places Wockhardt's rating on rating watch

Albert David Ltd board to consider interim dividend for FY20

Wipro Recognized as 'Best Global Systems Integrator' by Looker

Shanthi Gears Ltd board to declare interim dividend on Feb 28, 2020

Rajratan Global Wire Ltd board to consider interim dividend on Feb 29, 2020

Sanofi India Ltd Q4 CY2019 net profit drops QoQ to Rs. 97.3 crore

Asian Paints Ltd board declares interim dividend of Rs. 7.15

ICRA reaffirms rating of Zensar Technologies Ltd

Plastiblends India Ltd Board approves interim dividend of Rs. 3.75

Chandni Textiles Engineering Industries Ltd receives order from Samsonite South Asia Pvt Ltd

Elantas Beck India Ltd Q4 CY2019 PAT declines to Rs. 10.55 crore

Kovai Medical Center & Hospital Ltd board declares interim dividend of Rs. 3 for FY20

Elantas Beck India Ltd board declares dividend of Rs. 5 for 2019

Lupin launches Ethacrynic Acid Tablets USP

Navin Fluorine announces $410 million multi-year contract with a global company

Asahi Songwon Colors Ltd Board approves interim dividend of Rs. 3

Navin Fluorine International Ltd Board approves interim dividend of Rs. 4

Hexaware and IKOR partner to strengthen engineering capabilities for Guidewire Solutions globally

Kama Holdings Ltd board declares interim dividend

ICRA updates on ratings of Rane Brake Lining Limited

PVR Annual Report for FY 2018-19, Ranked 17th Globally in Annual Report Competition, by League of American Communications Professionals

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019