Mumbai, November 22, 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, stated a press release.

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.”