Cab aggregator Ola has partnered with a finance company to provide education loans for the children of its driver partners, the company said.
The loan comes with easier interest rates and is applicable for children pursuing education from Std 1 to Std 12.
“This first of its kind initiative allows loan options for driver-partners to cover the education expenses through affordable monthly installments. Loans up to a value of 1 lakh can be availed from Neev Finance by any Ola driver-partner who has been associated with the company for a minimum period of 6 months,” it said.
The first batch of the education loan scheme will cover driver-partners from Bangalore, Kolkata, Delhi, Mumbai, Chennai, Hyderabad, Pune and Nagpur; and will soon be available to driver-partners in other cities.
Ola and Neev Finance are aiming to support education of over 50,000 children of driver-partners over the next one year.
Ola is in a position to directly intervene in this matter as many of the urban poor engage in jobs such as cab driving.
Neev is an NBFC that provides loans to parents to finance school fees for their children through tie-ups with education institutions and corporates.
Keshava Murthy, Driver-Partner with Ola and also one of the first few beneficiaries of this partnership said, “I am thankful to Ola for making a better quality of education possible for my two children. Good quality schooling often requires us to pay money upfront. I always thought of sending my children to a good school, while I may be able to afford a better school for my children, paying all the fees upfront is often a challenge since our earnings comes to us on a daily basis.”