SBI partners Uber for instant vehicle financing

Posted on:17 Mar 2016 09:46:18
SBI partners Uber for instant vehicle financing
17 March 2016 Current Affairs: Public sector lender SBI has tie-up with taxi-aggregator Uber to provide instant vehicle finance to 'driver-partners' on the latter's platform.The scheme would encourage skilled drivers to overcome liquidity crunch and excess documentation requirements to become an entrepreneur.The loans could be sanctioned in one day using an inbuilt digital offering, and would be collateral free as well as carry a very competitive interest rate.All loans will be covered under the government's Pradhan Mantri Mudra Yojana Scheme, SBI said in a statement.SBI Managing Director Rajnish Kumar said the new facility would enable drivers to apply for loans at the Uber Partner Centre and get loans sanctioned in one day.This is supported by our digitally integrated back-end system, thereby eliminating the long processing time. The partnership with Uber will also help us simplify the documentation requirements thereby eliminating traditional financial statements like income tax returns.Uber is present across 27 cities in the country, more than any other country outside the US.India is a global market priority for us in such a short span of time, we've got over 2,50,000 driver partners on our platform who have become micro-entrepreneurs .Uber Asia Pacific president Eric Alexander said.The tie-up with SBI would create tens of thousands of micro entrepreneurs.Uber India had partnered with the Army Welfare Placement Organisation (AWPO) under the Ministry of Defence to help ex-servicemen transition to civilian life and provide them with entrepreneurial opportunities.
Public sector lender SBI has tie-up with taxi-aggregator Uber to provide instant vehicle finance to 'driver-partners' on the latter's platform.The scheme would encourage skilled drivers to overcome liquidity crunch and excess documentation requirements to become an entrepreneur.The loans could be sanctioned in one day using an inbuilt digital offering, and would be collateral free as well as carry a very competitive interest rate.All loans will be covered under the government's Pradhan Mantri Mudra Yojana Scheme, SBI said in a statement.SBI Managing Director Rajnish Kumar said the new facility would enable drivers to apply for loans at the Uber Partner Centre and get loans sanctioned in one day.This is supported by our digitally integrated back-end system, thereby eliminating the long processing time. The partnership with Uber will also help us simplify the documentation requirements thereby eliminating traditional financial statements like income tax returns.Uber is present across 27 cities in the country, more than any other country outside the US.India is a global market priority for us in such a short span of time, we've got over 2,50,000 driver partners on our platform who have become micro-entrepreneurs .Uber Asia Pacific president Eric Alexander said.The tie-up with SBI would create tens of thousands of micro entrepreneurs.Uber India had partnered with the Army Welfare Placement Organisation (AWPO) under the Ministry of Defence to help ex-servicemen transition to civilian life and provide them with entrepreneurial opportunities.

Monthly Current Affairs



Fresherslive telegram Group

Current Affairs Section



Daily Current Affairs Quiz


Daily Current Affairs Videos Video Link
22nd May 2019 Current Affairs Video
21st May 2019 Current Affairs Video
20th May 2019 Current Affairs Video
18th May 2019 Current Affairs Video
17th May 2019 Current Affairs Video
Watch more Current Affairs Videos






Subscribe to Current Affairs

Enter your email to get daily current affairs
SUBSCRIBE
Download Current Affairs PDF
Weekly pdf's
60 39
at 21 off

Monthly pdf's
250 125
at 125 off

Yearly pdf's
1200 499
at 701 off

YEARLY Current Affairs PDF

  • Yearly Current Affairs 2018 PDF



  • Currentt Affairs 2019 May

    23 MAY
    NEWS
    22 MAY
    NEWS
    21 MAY
    NEWS
    20 MAY
    NEWS

    Currentt Affairs 2019 April

    30 APRIL
    NEWS
    29 APRIL
    NEWS
    28 APRIL
    NEWS
    27 APRIL
    NEWS

    Currentt Affairs 2019 March

    31 MARCH
    NEWS
    30 MARCH
    NEWS
    29 MARCH
    NEWS
    28 MARCH
    NEWS




    ×
    Download Current Affairs PDF
    Weekly PDF's
    60 39
    at 21 off

    Monthly PDF's
    250 125
    at 125 off

    Yearly PDF's
    1200 499
    at 701 off