Uber, the ridesharing startup valued at $18 billion, announced on Nov. 9 plans to extend its vehicle financing program to Uber drivers in India. This will be the first Uber financing program outside the United States, and signifies the importance of the massive Asian market to Uber’s business. The company partnered with lenders such as Shriram Transport Finance, AU Financiers, and Toyota Financial Services to create what its website calls “vehicle financing schemes with low down payments, superior finance rates, and faster turnaround times.” Down payments start at INR 60,000 ($975).
“We will provide loans to the partner drivers of Uber,” said Umesh Revankar, managing director and chief executive of Shriram Transport Finance, on Uber’s blog. “The association will facilitate us to expand our passenger car financing business.” In addition to the exclusive auto loan opportunities for registered Uber drivers, the company also reportedly worked out purchase discounts with auto companies like Mahindra, Maruti Suzuki, Tata Motors, and Toyota Motor Corp.
