Cholamandalam Investment and Finance Company, a pan-Indian, composite financial services provider, today announced their association with Ola, India's leading mobile app for personal transportation to offer car loans to drivers on Ola's platform, with an option of daily repayment scheme as against the current practice of an EMI.

Vellayan Subbiah, MD, Cholamandalam Investment and Finance Company said, ''At Chola, we believe in developing new frontiers for our customers to enter a better life. With this tie-up, we look forward to support those drivers who aspire to own their vehicle and payback through their daily earnings. This initiative will ensure better financial discipline amongst drivers. The usage of Ola's technology platform will smoothen the repayment process.''

Shares of the company gained Rs 6.4, or 1.03%, to trade at Rs 628.70. The total volume of shares traded was 336 at the BSE (11.31 a.m., Tuesday).