SBI launches low-cost tailored vehicle loan for Uber's fleet partners

India’s largest lender State Bank of India (SBI) has launched a low-cost customised vehicle loan product for Uber’s fleet partners, the lender said on Friday. The customised loan will enable low-cost, tailored financing solutions as well as hassle free disbursement.

 

The partnership between SBI and Uber aims to leverage SBI’s extensive financial services network and Uber’s technology to ensure that the fleet partners effectively expand their fleet and scale-up their operations.

 

The collaboration is aimed at supporting both new and existing Uber fleet partners, helping them expand their businesses.

 

“By offering affordable financing solutions to Uber fleet partners, we are helping to fuel the growth of the ridesharing sector, while also ensuring that fleet owners have access to the capital they need to succeed,” said Vinay M Tonse, MD, SBI.

 

SBI accounts for 19.2 per cent market share of auto loans in the country.

 

“By providing affordable loans through SBI’s customised offerings, we aim to create an enabling environment that provides fleet partners with the tools they need to scale effectively and contribute to the overall development of the industry,” said Prabhjeet Singh, President, Uber India & South Asia.