Ola Lease Agreement

In order to reduce the economic impact that drivers will feel in the midst of the national blockade, Ola Cabs has announced that it will forego rents for drivers who operate vehicles as part of their leasing program. The company offers, through its subsidiary Ola Fleet Technologies, a car rental program in which drivers can rent a car for a daily rental amount between $700 and $1,150. At the time of the rental, drivers must pay between 21,000 and 31,000 euros in the form of a refundable deposit. Drivers` unions working for app-based taxi aggregators welcomed the move, but said much more needed to be done. “The closure was a fatal blow to motorists across the country. Many have no other source of income. We want companies to give all their drivers $10,000 in the form of interest-free loans that can be deducted from their accounts once the blockage is lifted,” said Shaik Salauddin, Secretary General of the Indian Federation of Applications-Based Transport Workers. Salauddin said they also asked Ola and Uber to reduce their commissions to 5 percent as soon as operations resume, and the government to postpone EMEs for car loans and insurance payments from three to six months. “Driver-partners who are currently in need… reducing the economic burden at this time. In addition, our drivers` and their spouses` insurance benefits against lost income due to the contraction of COVID-19 and other medical care will continue to be offered during this period,” an Ola spokesperson said Tuesday.

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