State Bank of India empowers Uber fleet partners with tailored loan solution

2024-11-23 07:08:20 Business

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Mumbai, 23 November 2024: State Bank of India, the country’s largest bank, has introduced a customized vehicle loan product specifically designed for Uber’s fleet partners. This loan enables low-cost, tailored financing solutions as well as hassle free loan disbursement to Uber fleet partners. 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. The collaboration is aimed at contributing to the ongoing growth of India’s ride-hailing industry.

Through this collaboration, SBI has created a customized car loan product specifically designed for Uber’s fleet partners. The collaboration aims to support both new and existing Uber fleet partners, helping them expand their businesses with ease and contributing to the ongoing growth of India’s ride-hailing industry. The integration will enable hassle-free loan disbursement, helping fleets maintain optimal performance. By leveraging Uber’s technology and SBI’s extensive financial services network, the collaboration ensures that fleet partners can manage their finances efficiently and scale their businesses faster.

Vinay M Tonse, MD (Retail Business & Operations), SBI reiterated that “At SBI, we are committed to offering innovative financial products that support businesses across India. 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 ridesharing sector, while also ensuring that fleet owners have access to the capital they need to succeed.”

Commenting on the partnership, Prabhjeet Singh, President, Uber India & South Asia, said, “This partnership reinforces Uber’s commitment to its fleet partners and aligns with our vision of fostering growth in India’s ride sharing ecosystem. By providing affordable loans through SBI’s customized offerings, we aim 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.”

About State Bank of India

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lenders in the country which has so far fulfilled the home buying dreams of around 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 7.64 lakh crore. As of September 2024, the bank has a deposit base of over Rs. 51.17 lakh crore with a CASA ratio of 40.03% and advances of more than Rs. 39.20 lakh crore. Ranked as the 4th most trustworthy bank in the world by Newsweek, SBI commands a market share of 27% and 19.2% in home loans and auto loans respectively. SBI has the largest network of 22,640+ branches and 63,000+ ATMs / ADWMs in India with close to 80,300 BC outlets. The number of customers using

internet banking and mobile banking stands at 132 million and 287 million respectively. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY25. YONO, which has more than 8.1 crore registered users, witnessed 37 lakhs new YONO registrations in Q2FY25. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 1,253 crores through YONO during Q2FY25. SBI also has the highest number of followers on Facebook and X amongst all banks worldwide.

About Uber

Uber came to India in 2013 with a simple promise: press a button, get a ride. More than 10 years and over 3 billion trips later, we continue to build products to help people get where they need to be. Today, Uber is available across 125 cities in India and has become #IndiaKiRide where people can go where they have to on Moto, Auto, Cars and even Buses - designed for their various intracity and intercity travel needs. With just a swipe on the app we make mobility seamless for millions and support over 1 million Indians making a sustainable income by getting in the driver's seat. We continue to reimagine the way the world moves for the better in ever expanding ways and as we mark our ten-year milestone - we remain committed to keep India Moving Forward.