Mumbai. Leading banks in India are planning to introduce Ola Loans to help commuters pay off the hefty taxi bills.
“We always strive hard to understand the market pulse and deliver the right products to our customers. Ola loans is our new product, aimed at helping people realize their taxi travel dream. Applicants with Ola id and passport size photograph will be eligible for the loan. We have partnered with P James Magic Show from Chennai for the last mile marketing”, said an official with a leading bank.
“We are hearing a lot of complaints about overcharging from the consumers. This has resulted in lower business for us. With this new loan, I think people will be willing to spend more money. We are weighing the possibility of increasing the multiplier from 1.8x to 10x. It is a win win situation for us.”
Auto drivers around the country have started protests alleging unfair competition. “We are also looting people off money. We want the banks to give auto loans too, so that we can also benefit. Why the double standards?”.
When we approached a regular taxi user he was elated with the loan and exclaimed, “This is a blessing for us. With my meager salary of 20,000 I used to spend half my salary on taxis. I am so happy”.