Uber has been a popular taxi-hailing smartphone app in the country. This time around US headquartered company Uber Technologies Inc., has announced that it has partnered with financial services firms and multiple automobile manufacturers to launch a vehicle financing program that shall benefit Indian cab drivers. The financial companies that have partnered with are Shriram Transport Finance, AU Financiers and Toyota Financial Services. As for automobile companies that Uber has joined hands with, they are, Maruti Suzuki, Mahindra, Toyota and Tata Motors.
The Uber Technologies Inc. Serves in about 10 Indian cities, whereas globally it has presence in over 120 cities. The new program initiated by the company allows drivers to make a minimum down payment of about Rs. 60,000 and own a car in just a couple of days. The company's blog reads as, “With vehicle financing, Uber takes a large step forward in its endeavor to create entrepreneurs in every section of society. We have now empowered individuals and have created an ecosystem that will enable hundreds of thousands of Indians to become new business owners.”
Speaking more on the occasion, Allen Penn, Head of Asian operations at Uber said, “With this program drivers can own their own car in just a couple of days. By removing barriers to owning a car and providing affordable financing and approvals in a speedy manner, we anticipate to create thousands of jobs in India.” Further adding, Umesh Revankar, CEO and MD, Shriram Transport Finance, said, “Since Uber ensures enough business to these drivers so that their vehicles are fully utilized, we are assured of our EMI payments. We will provide loans to the partner drivers of Uber. The association will facilitate us to expand our passenger car financing business. We expect that with convenient loan facility, Shriram Transport Finance will be able to tap the current and expanding network of Uber.”
