SBI partners Uber for instant vehicle financing

Last Updated: March 17, 2016

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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.

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