SBI ties up with Uber for instant vehicle financing

Public sector lender SBI has tie-up with taxi-aggregator Uber to provide instant vehicle finance to ‘driver-partners’ on the latter’s platform. The scheme would encourage skilled drivers to overcome liquidity crunch and excess documentation requirements to become an entrepreneur. The loans could be sanctioned in one day using an inbuilt digital offering, and would be collateral free as well as carry a very competitive interest rate.