FlexiLoans Technologies, an online lending platform has partnered with Ola, Indian mobile app for transportation, to provide quick, flexible and adequate loans to Ola’s driver partners.
FlexiLoans will offer Ola’s driver-partners immediate business and need based loans upto Rs 1 lakh, with affordable monthly installments and a disbursal time of just 30 minutes. This tie up is exclusively for Ola Star drivers, which includes Ola’s top rated driver partners.
FlexiLoans has initiated this scheme in Mumbai and Bengaluru in the first-phase, and plans to partner with multiple finance-partners to extend this facility to Ola’s driver partners across the country. Through this association the company aims to empower over hundreds and thousands of driver-partners on the Ola platform over the next year by helping them meet their financial requirements with ease.
Nitesh Prakash, Senior Director, Operations at Ola said “Ola has always understood the needs and aspirations of its driver partners. While connecting them with a larger pool of customers seamlessly, it has also provided them with various support systems like Family Medical Insurance, Education Assistance for Children, Discounted Car Service, Fuel Savings Card, and Grocery Vouchers. With this partnership we look forward to easing one of the most cumbersome tasks of the ecosystem viz. sanctioning adequate loans for our driver-partners, by removing complexities and giving direct access to easy finance.”
“We are excited to be partnering with a brand like Ola that is committed towards empowering hundreds of thousands of driver partners, and encourage them to pursue a choice, a dream they call their own. Drivers have to struggle to get quick fix financing on tap and when needed during exigencies. The promise of a Loan decision in less than 30 minutes appeals to these driver partners”Deepak Jain, Co-Founder, FlexiLoans commented on this association.
Over the last two years, Ola has partnered with various car manufacturers and financial institutions to lead various initiatives for their driver-partners. Ola has associated with Indifi for personal loans and Bajaj Allianz to offer motor insurance solutions to its drivers. The company has also partnered with financial institutions like Neev Finance and NBFCs like PNB, IDBI, Chola etc. to create access to finance for buying their own cars or providing education to their children. Through Ola’s partnerships with leading car manufacturers like Maruti, Ford, Mahindra and Nissan, the company enables its drivers to buy cars at substantial discounts made available at scale. Today, the company is proud to have developed strong partnerships and a vast ecosystem for many more budding driver-entrepreneurs spread across the country.
FlexiLoans is an online lending platform started with an endeavor to solve the problem that SMEs face in accessing Quick, Flexible and Adequate funds for growing their Businesses. Over 80% of Loan proposals from SMEs currently are rejected by institutional channels on account of inadequate financial history or collaterals. The online platform has already processed over 500 small business loans, including cab owners over the last 6 months via its proprietary credit scoring models and has a turnaround time of less than 2 days.