SBI partners with Uber for hassle free vehicle financing

16 March, Mumbai

Public sector lender, State Bank of India (SBI), Uber, world’s largest on-demand transport aggregation company, to provide vehicle finance for driver-partners on its platform.

Bank will help drivers get financing for vehicles at a low cost through an in-built digital offering which will make the process quicker and eliminate the need for excessive documentatio all these loans are collateral free and carry a very competitive interest rate, a bank release said.

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

Commenting on the development, SBI Chairman Arundhati Bhattacharya said, “The on-demand transportation segment growth has created a whole new ecosystem enabling lakhs of Indians to earn livelihood by becoming micro-entrepreneurs on such platforms.”