Launching a vehicle financing program for Indian cab drivers
Ties a knot with vehicle manufacturers and finance firms
Uber- the creators of the world renowned mobile app for hailing taxies, is all set to conquer the Indian market with its about to launch ‘Vehicle financing program’ meant for the Indian cab drivers. This program is aimed to assist the cab drivers in purchasing a new cab with a low down-payment. Uber will assure that they get loan at the competitive interest rates and insurance. To achieve this, Uber is in partnership with several finance firms like Shriram Transport Finance, AU Financiers and also with the vehicle manufacturing giants in India like Maruti Suzuki, Mahindra & Mahindra, Tata Motors and Toyota.
The drivers who are willing to participate in this scheme will get a new vehicle in merely couple of days and with a down payment as low as Rs. 60,000 as reported by company officials. The financing firms which are partnering with Uber will grant loans for these purchases at the competitive rates by a process which is designed to be hassle free. The association of drivers with Uber will allow them to get a good business and that in turn will help them to repay the loan is the methodology behind this scheme. Uber’s role will be to bring together such prospective cab drivers, vehicle manufacturers and financing firms. To make this scheme more lucrative, Uber has offered a few more perks like guaranteed minimum income for some hours, incentive per trip, reference bonus etc.