Barclays Bank of Kenya has partnered with Uber to offer 100 percent vehicle loan financing to Uber drivers that have used the taxi-hailing app for at least six months.
The financing arrangement comes as part of a full package that includes a one-year car insurance cover, credit life insurance and free car tracking for the financing period. The credit facility has a flexible repayment plan of up to three years at the prevailing market rate. The loan application will be processed in 48 hours.
Qualifying drivers will have an opportunity to own a brand-new Suzuki Alto 800 model that is popular under the Uber Chap Chap category.
“This is one of the exciting initiatives under our new 5-year strategy which is designed to promote the culture of entrepreneurship, autonomy, and ownership. It is in line with our commitment to be an active force for good within the communities in which we operate,” said Zahid Mustafa, Retail & Business Banking Director Barclays Bank Kenya, adding that qualifying drivers will have access to a zero-fee current account.
This facility will be accessible to drivers with an average customer rating of 4.6 (out of 5) and a minimum turnover of 300,000 shillings for the last three months.
“We have expanded our product portfolio to ensure we meet all our customers’ needs whether at a personal, SME or corporate level. We will also continue investing in technology and product innovation to enhance our service delivery,” Mr. Mustafa said.