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State Bank of India has introduced a customised vehicle loan product for Uber’s fleet partners to support the growth of the ride-hailing industry.
This loan enables low-cost, tailored financing solutions as well as hassle free loan disbursement to Uber’s fleet partners, India’s largest bank said in a statement.
The strategic partnership between the two entities will 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, it added.
Affordable financing solutions
Vinay M Tonse, MD (Retail Business & Operations), SBI, said: “We are committed to offering innovative financial products that support businesses across India...By offering affordable financing solutions to Uber fleet partners, we are helping to fuel the growth of the ride-sharing sector.”
Prabhjeet Singh, President, Uber India & South Asia, said, this partnership aligns with the company’s vision of fostering growth in India’s ride sharing ecosystem.
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