Uber has tiedconsolidated Toyota Kirloskar Motor to offer an expected 90% on road financing plan through the latter to its motorists, reports Economic Times. This will be just for firstvery first time motorists on the Etios and Liva models, inning accordance with the report. The financing consists of car expense, accessories, service, registration roadway tax and insurance coverage and will be offered till 31 December 2016.
In November 2014, Uber had released an automobile financing programme with financing firms Toyota Financial Solutions, Sriram Finance and AU Investors to let its motorists purchase a new vehicle to work for Uber. In May this year, Uber got an undisclosed amount of financial investment from Toyota, to partner with Uber to create an automobile leasing program for Uber’s drivers in the United States through Toyota Financial Providers. Toyota had likewise offered a fleet of Lexus and Toyota cars to Uber.
Previously this month, Uber invested Rs 200 crore in Mumbai-based car leasing firm Xchange Leasing in between June and September 2016. In December 2015, Uber partnered with Xchange Leasing to rent automobiles to motorists and subsequently invested Rs 43 crore in it in between January and March this year.
Last month Uber said that it would lease over 200,000 cabs to drivers in India who wanted to join its platform under the initiative UberShaan. UberShaan would basically work through Xchange Leasing. The business is betting big on leasing – it had actually stated that “With our goal to empower a million by 2018 under UberShaan, we anticipate that possibly one from the 5 brand-new motorists would be on the platform through our renting program.”