Uber loans for new drivers


 

Uber is helping to create a new generation of auto drivers in Vietnam with first-time bank loans for vehicle purchases.

In a country where motorbikes outnumber cars by a factor of 16, the three-month-old bank programme is changing driving habits while opening another front for Uber in its battle for ride-hailing customers and driver.

The program, run together with Viet Capital Bank, has enabled participants to more than triple their income by becoming Uber drivers.

Uber has also just started a leasing program with Toyota Motor Corp in which payments are made from Uber fares.

“About 70 percent of car buyers borrowed money from banks last year,” said Ho Minh Tam, vice chief executive officer of Viet Capital Bank. “Vietnamese spending behaviours have changed.”