SBI partners with Uber to offer tailored loans for fleet expansion

India’s largest bank, the State Bank of India (SBI), has introduced a customised vehicle loan product for Uber fleet partners. The initiative aims to provide affordable financing and streamline loan disbursement, for improving India’s ride-hailing industry.

The collaboration seeks to empower both new and existing fleet partners by offering low-cost financing options, efficient loan disbursement processes, and tools to scale their operations seamlessly.

The partnership combines SBI’s large financial network and Uber’s technological capabilities to enhance operational efficiency for fleet owners, ensuring smoother business expansion. It represents a significant step towards supporting the growth of India’s burgeoning ride-hailing sector.

Vinay M Tonse, Managing Director (Retail Business & Operations) at SBI, said, “Our partnership with Uber highlights our focus on providing tailored solutions to a diverse set of customers. By offering affordable financing solutions to Uber fleet partners, we are helping to fuel the growth of the ride-sharing sector, while also ensuring that fleet owners have access to the capital they need to succeed,” he said.

Uber India and South Asia President, Prabhjeet Singh, emphasised the company’s dedication to its fleet partners and said the partnership reinforces Uber’s commitment to its fleet partners and aligns with its vision of fostering growth in India’s ride-sharing ecosystem. By providing affordable loans through SBI’s customised offerings, the company aims 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, he noted.

The initiative aims to address the challenges faced by Uber fleet partners, ensuring they have access to financial resources to maintain optimal fleet performance and grow their businesses. It is expected to contribute significantly to the ongoing development of India’s ride-hailing ecosystem, which has become crucial for urban mobility.