Uber Rolls Out Vehicle Financing Program in India to Empower Drivers

The US-based firm Uber is doing quite well with providing cab facility in 45 countries across the globe and now, the company has taken a step forward to expand its roots.

Uber has come up with a new service under Vehicle Financing Program, which allows drivers to purchase new vehicles at comparatively low prices, allowing the drivers to expand their business. Because of this program, the drivers can now buy a vehicle using company’s special rate financing packages and discounts. India has been the first Asian market where this service has been introduced.

According to an official blog post by Uber, the company has partnered with some insurance companies like Shriram Finance, AU Financiers and Toyota Financial Services which could offer a minimum of $1,000 (Rs. 60,000) for down payment. Also, it says that because of their association with Mahindra, Maruti Suzuki, Tata Motors, and Toyota, these companies will be offering ‘exclusive deals’. It is yet unclear that what all deals will be offered.

As per a statement made by Uber, “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 young Indians to become new business owners.”

The company efficiently pulled as much as $ 1.2 billion last year and may reportedly fetch another $ 1 billion by the end of this year. With gaining this much mammoth amount since two years, it stands in close competition with Olacabs, which has received funding from SoftBank, Bangalore-based TaxiForSure and few more. Overall, this expansion of Uber has come as a wonderful surprise for the Indian market.