Since the introduction of online taxi-hailing applications, we have had an increase in the number of drivers that are using them. In the initial stages, the drivers who were using Uber had their own personal cars. With an increase in people using the service, new drivers have come up with ways to acquire cars to work with. There is a system that most drivers use, they rent cars for a price every day or month and work with them. As much as this system has its perks, there are certain disadvantages. Out of the money they earn in a day, whether it was a good day or a bad day, they have to pay for the rented car.
This system restricts drivers financially. The drivers rarely have the money to afford a car or take a loan so the financing bit is the greatest hindrance. The only sensible option would be to take a car loan. Car ownership through loans would generally be received negatively by most; the reason being that cars depreciate in value. Getting a car that you can use to pay for the loan is a whole other story.
Together with Uber, Barclays Bank has decided to offer 100% vehicle loan financing support for Uber drivers. This move is one of the exciting initiatives under their new 5-year strategy which is designed to promote the culture of entrepreneurship, autonomy, and ownership. It is in line with their commitment to be an active force for good within the communities in which they operate.
The partnership between Uber and Barclays Bank partnership is giving Uber drivers a chance to own their cars. This opportunity will be of great financial support to Uber drivers. It not only offers a chance to own a car but it is also a chance for financial freedom. The drivers will be given a realistic amount of time to pay off the loan. At the end of the sponsorship period, the benefits that come with it will end.
Drivers have an opportunity to own a brand-new Suzuki Alto 800, a one-year car insurance cover, credit life insurance and free car tracking for the financing period. The loan application will be processed within 48 hrs.
Barclays Bank has a flexible repayment plan of up to 3 years at the prevailing market price. The drivers who will be awarded this financial support have to meet several requirements.
They must have used the taxi-hailing app for at least six months.
They must have an average customer rating of 4.6 out of 5.
They must have a minimum turnover of Ksh300, 000 for the last three months.