HOME > BUSINESS > Ola ties up with Neev to provide education loans for families of drivers

Ola ties up with Neev to provide education loans for families of drivers

olaCab 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.”

Follow ULTRA.news
Moody’s to train SBI employees to appraise loan applicants State Bank of India, the country's largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans.SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program.The program has been...
WATCH: Kerala student secretly records teacher hitting others in class A student in Kerala went out on a limb to expose the abuses of his teacher by bringing a cellphone and recording the teacher's actions secretly.The video, which shows the teacher repeatedly beating a student with his hand, has gone viral on WhatsApp in Kerala.The video h...
Kejriwal’s bet on Delhi schools is paying off – survey A survey by industry association Assocham has found that the majority of people who send their children to government schools are "overwhelmingly satisfied" with the performance of the schools.Improving the performance of government schools has been a high priority for the A...
SBI waives processing fee on car loans till Dec State Bank of India, India's largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30.The bank did not specify the new rates.It already has zero processing fees when someone t...
Expecting waivers, farmers stop paying back bank loans? The write-off of farm loans in Uttar Pradesh and Maharashtra seems to be encouraging farmers in other states to stop paying back their farm loans to make sure that they will get the benefits of any farm loan waiver program in their state. This has led to a sharp increase in farm ...
Maharashtra gets 65% of all National Highway upgrades in FY17 Even as states race to denotify state highways as 'urban roads', Maharashtra, home of roads and highways minister Nitin Gadkari, managed to get 65% of all sanctioned upgrades of state highways into national highways last year.According to year-end data prepared by the roads a...
No exemption to Tamil Nadu on NEET: Health Minister Health Minister Faggan Singh Kulaste at an event in DelhiExemptions to the National Eligibility cum Entrance Test cannot be given to any place or zones inside India as a common entrance test is required under the law, Faggan Singh Kulaste, junior minister in charge of health...
Can’t allow NGOs to impede India’s growth: Center to NHRC Women from the Mahan region celebrate after cancellation of coal blocks.Greenpeace helped organize protests against open coal mining in the area.The home ministry has written back to the National Human Rights Commission that non-governmental organizations cannot be allowed t...
HRD ministry says won’t interfere in college politics Ramjas CollegeThe ministry of human resources development, which oversees educational institutions in the country, today refused to intervene in political protests and incidents in colleges."These autonomous institutions are established under the respective Acts of Parli...
Permission sought to open 39 Ayurveda colleges in Uttar Pradesh Symbol of National Ayurveda Day (28 Oct)Various private entites have sought the central government's permission to open 39 Ayurveda colleges in the state of Uttar Pradesh, according to data obtained from the ministry of alternative medicine or AYUSH.Uttar Pradesh is alre...
After missing twice, India comfortably meets power sector targets for 12th five-year plan After missing its targets by wide margins in the previous two five-year plans, India is all set to comfortably meet or exceed all its power sector targets for the 12th five-year plan that ends this month.Five-year plans, borrowed from the Soviet Union, are a legacy of Nehruvi...
Maharashtra gets 50% of India’s total highway budget this year Maharashtra, home state of Nitin Gadkari, accounted for 50% of the new highway development projects sanctioned in the ongoing financial year, data from the ministry of road transport and highways showed.A total of 520 new projects -- including expansions -- worth Rs 53,264 cr...
Hindustan Aeronatics submits detailed proposal for Aerospace Univeristy A combat helicopter made by Hindustan Aeronautics Hindustan Aeronautics Ltd, India's biggest manufacturer of aeroplanes and related equipment, has submitted a detailed project report for setting up an aerospace university in the country, the government said.The university w...
Gadkari to miss ambitious highway target for 2016-17 Nitin Gadkari, who is slowly building up a reputation as a pragmatic and capable minister, is likely to face major disappointment in the ongoing financial year as his ministry is unlikely to meet the steep road construction target it set for itself.Unlike the term of the ...
Half of rural population classified as poor in Socio-Economic Caste Census Half of India's rural population have been classified as poor by the Socio-Economic Caste Census of India 2011, the government said today.The findings of Socio-Economic Caste Census of India, which was conducted after vociferous demands by some political parties, has never be...
Chhattisgarh leads as India uses solar to take power to villages New villages electrified in India, year-wiseThe central Indian state of Chhattisgarh has come out as a leader in India's quest to take electricity to remote villages where grid-based power cannot be supplied due to economical reasons.The state accounts for 550 of the 852...
Pune, Western Maharashtra emerge as air pollution hotspots in India Air pollution, particularly levels of Nitrogen Dioxide and Sulfur Dioxide, rose sharply in towns and cities in Western Maharashtra in 2016, according to data from the National Air Quality Monitoring Programme of India.Though 2016 saw a worsening of air quality across the coun...
NEET 2017 medical entrance exam to be conducted in 8 languages The National Eligibility cum Entrance Test medical entrance test for academic year 2017-18 will be conducted in eight languages, the government of India said.The decision was taken by the government after consultations with State Governments.The eight languages are Hi...
We need more buses, not Nanos: Union Minister What India needs are more buses and better public transport and not more cars, said Union Minister of State for Road Transport, Highways & Shipping, Mansukh L Mandaviya.Tata Motors introduced its Nano car within a price bracket of Rs 1.5 lakhs-2 lakhs for middle class...
There can be no Equality without Reservations – Ravi Shankar Prasad Law and Justice minister said that reservations to Dalits and backward communities was essential to ensuring equality of opportunity in government jobs.Delivering a talk on the concepts of freedom and equality in the Indian constitution, Prasad said it was wrong to think that...