|Ms.Rajni Mishra,CGM,SBI with Mr.Pranay Jivrajka|
VP- Operations Ola addressing media.
STATE BANK OF INDIA FOR
FINANCING DRIVERS .
The scheme ' Ola Pragati' ,SBI
will offer car loans to drivers on
Ola's platform with a daily repayment scheme as against the current practice of an EMI.
also benefit from lower down
payment of just 10% ,24 hour loan approval
from SBI without collateral security and
easier documentation.Ola expects about
10,000 drivers entrepreneurs to avail the
scheme in the next couple of years.
As per the sheme, the maximum loan amount to be granted is Rs.50 lakhs and the
EMI is Rs.2280 per lac.
Ola is founded in January,2011 by Two
IIT Bombay alumni,Mr.Bavish Aggarwal
& Mr.Ankit Bhati.