 "Uber")
Country's largest lender State Bank of India will extend vehicle loans to driver-partners of Uber, the on-demand transport aggregation company.
All these loans are collateral free and carry a very competitive interest rate and will get covered under the Pradhan Mantri Mudra Yojana.
The loans will be sanctioned instantly using an inbuilt digital offering.
This new product will enable thousands of skilled drivers to overcome liquidity crunch and excess documentation requirements, to become an entrepreneur, SBI said in statement.
Access to quick and easy finance will provide necessary push to the growth of SME segment. The boom of on-demand transportation business will also provide impetus to the MSME sector.
SBI has about one million MSME customers with a loan book of around Rs 1,80,000 crore, it added.
