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Old 18th March 2016, 12:10   #1
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Default SBI partners with Uber: Vehicle financing for Uber drivers

India’s largest bank, State Bank of India (SBI), as part of its SME lending initiatives has signed a partnership with Uber to provide vehicle finance for driver-partners on its platform.

Key Points
  • Part of State Bank of India's endeavor to fuel growth for micro-entrepreneurs by providing access to quick and low-cost finance.

  • The loans will be sanctioned instantly using an inbuilt digital offering.

  • This new product will enable skilled drivers to overcome liquidity crunch and excess documentation requirements, to become an entrepreneur.

  • All these loans are collateral free and are said to carry a very competitive interest rate.

  • All loans will also get covered under the Pradhan Mantri Mudra Yojana Scheme of The Government of India.

  • With this new facility, drivers can apply for loans at the Uber Partner Centre and get loans sanctioned in one-day. The partnership with Uber will help simplify the documentation requirements thereby eliminating traditional financial statements like income tax returns.

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As per SBI Chairman Arundhati Bhattacharya: "The on-demand transportation segment growth has created a whole new ecosystem enabling lakhs of Indians to earn livelihood by becoming microentrepreneurs on such platforms. In the process, it has also opened up a new world of opportunities for the banking industry, not just in the on-demand transportation loan space but also in other areas like payment wallet, consumer finance etc. It is now upon us to leverage these opportunities. Doing so requires us to think and go beyond the traditional banking products and delivery services. In January, earlier this year, SBI had launched an innovative digital loan offering for merchants on e-commerce platforms. The offering has been extended to some of the largest players in the space including Snapdeal, Flipkart, Paytm etc. The partnership with Uber is another big step in the bank's vision to build a risk mitigated portfolio by leveraging new ecosystem opportunities"

Full Press Release: Link

Last edited by Rajeevraj : 18th March 2016 at 12:13.
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