Good news for driver-partners of Uber as they can now apply for loans for used vehicles. This is coming as a result of the partnership between Uber and First Bank of Nigeria, and other small financiers.
Driver-partners of Uber will be able to access used car loan from First Bank of Nigeria at an interest rate of 20% per annum over a 24month repayment period. There ae also alternative offers on the Uber Vehicle Solutions Programme, that have a 22% interest rate per annum over a maximum repayment term of 36months. To qualify for this loan, the driver-partners must have an average driver performance rating of 4.5 or more. They must also have earned above ₦2.4 million in the last 6 months.
According to Ebi Atawodi, General Manager of Uber Nigeria, “We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their own successful and profitable businesses, and these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses without incurring the high costs often associated with new vehicle purchases.”