Uber has announced "Get a First Bank loan to buy a car for your Uber business". In this initiative, First Bank will provide low-interest loans to Uber driver-partners depending on their driving performance record. This will enable them purchase used cars for their Uber ride sharing business.

According to Ebi Atawodi, General Manager for Uber in Nigeria, the used vehicle finance offering is the first of its kind to be made available to Uber driver-partners in the country. This is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners. The loan will be at a competitive interest rate of 20% per annum over a 24 month repayment period.

“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,” Atawodi explains. “And these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses. Especially without incurring the high costs often associated with new vehicle purchases.”

According to MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Adesola Adeduntan, the Bank is committed to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development. “It therefore remains our business to foster the growth and development of small/medium scale businesses in Nigeria as the No. 1 SME Bank. This is also a reason we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,”

To quality for this loan, the driver must have an average driver performance rating not less than 4.5. He or She must have also earned more than N2,400,000 in the preceding 6 months.

https://autojosh.com/first-bank-loan-to-buy-a-car-for-your-uber/

Cc
Lalasticlala
Ishilove
Marpol
Semid4lyfe
Obinoscopy

Unimpressive

2.4m in 6months? This people are mad sha...

U go pay double d car price.. Dnt b surprised.. Dem go use u do investment

Ok

Conditions are very unfavorable tho

If You Think Buhari is our problem click like, if you think otherwise, click share...if you're neutral click both.

K

how dis post take concern 90% of nairalanders.

20% per annum? That's trash. You definitely won't make any money literally.

If someone has made 2.4million in the past 6 months,why would he need a loan to buy a 2nd hand car?....How much be 2nd car? ....This people are joking lol

Uber everywhere

Shity deal

Never start a business with a bank loan
The interest is not interesting

At the end of it all, you'll pay the bank 40% on what you borrowed.

BS!

JeffreyJamez:
If someone has made 2.4million in the past 6 months,why would he need a loan to buy a 2nd hand car?....How much be 2nd car? ....This people are joking lol

My thoughts exactly, the conditions are too stringent

Emekayoung:
2.4m in 6months? This people are mad sha...

Very mad. Factor in 20% interest over a year. Yet they say it like they're doing people a favour, take such risk at your own peril

Emekayoung:
2.4m in 6months? This people are mad sha...

UBER drivers take home about N100, 000 weekly.

20% interest per annum and yet to get 10% on your fixed deposit na wahala.
Driver-partner pay 20% on loan interest and 40% on trips completed to Uber, what's left?

Them no get sense ni? 2.4m in 6 months



Abeg read this "The fall of MMM Nigeria : Four Major things that caused it - including Nairaland"
http://talkeverytime..com/2017/02/the-fall-of-mmm-nigeria-4-major.html

Another bank slavery is about to start, if you don't want to be perpetually enslaved to the bank, stay away from this Ponzi scheme. It will be more fatal than MMM.

Hmmm

Emekayoung:
2.4m in 6months? This people are mad sha...

Lol
This country remains n will continue to be a joke.

Orikinla1:

UBER drivers take home about N100, 000 weekly.

BROS, BELIEVE ME NOT ALL UBER DRIVERS MAKE DAT AMOUNT ON A WEEKLY BASIS.

Emekayoung:
2.4m in 6months? This people are mad sha...

abi oh.. Dem nor well at all.

Stale

JeffreyJamez:
If someone has made 2.4million in the past 6 months,why would he need a loan to buy a 2nd hand car?....How much be 2nd car? ....This people are joking lol

GOD bless you... Seconded....

20% interest?...... It's not making sense at all

Wonderful

Meanwhile you can also check my signature for free and call up ASAP for your horticulture, Landscape and gardening services...
Thanks

this is not marketable at all...thanks

See better one chance! 20% per annum for 24 months, you'll be working for Firstbank cos interest go reach to buy car. Firstbank done enter Uber business.

Orikinla1:


UBER drivers take home about N100, 000 weekly.

So what do you think about the loan terms Sir? Favorable?

Finally