Uber Nigeria Offers Car Loans At 5% Per Annum To Its Indirect Staff (Drivers)

The global brand; Uber, known for its ride-sharing platform amongst many other profitable ventures like UberEats is changing the way things are being done in Nigeria and they are doing it perfectly.

They just partnered with Stallion motors and the Lagos State Employment Trust Fund who will provide access to finance for budding transport entrepreneurs at just 5% per annum.

So in other to break it down, this is what happens in simple terms.
1. You apply to be qualified for this project with Uber.
2. Your application is verified using certain documents like drivers license, passport with of course references.
3. When qualified, you are given an option of buying a locally assembled brand new car by Stallion.
Likely cars are; Hyundai i10 and Hyundai Grand Xcent etc. of up to NGN3, 000, 000
4. Repayment plan is 5% per annum. How the calculations would be done is still not clear but the below is likely;
a. Car of NGN5, 000, 0000 for example
b. You make a down payment of NGN250, 000 as your own commitment.
c. Loan comes with an interest of NGN250, 000
d. At the end of 3 years with payment made monthly at a calculation Uber would agree upon with you, you would have paid NGN5, 250, 000.
C. Remember you already committed NGN250, 000 so what you are actually paying back is just the NGN5, 000, 000

Stallion will offer both the Hyundai Grand Xcent (NNG3, 000, 000) and Hyundai i10 (NGN2, 7000, 000).Both cars are locally assembled and are in line with the NAIDP.

NOTE: In order to qualify you will be required to have been operating on the Uber platform and with a minimum of Uber star 4.5 or higher. So start early.

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Image: uberestimate

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