Careem, in collaboration with United Bank Limited, has announced plans to provide cars on various financing terms to its Captains. UBL is one of the leading commercial banks in the country while Careem is one of the top ride-hailing platforms. The project is part of the State Bank of Pakistan’s Prime Minister Youth Business Loan Scheme.
Similar to conventional financing programs, individuals will be able to get cars on easy installments spread over a few years. Not only will this help people increase their assets, they will start getting regular income from driving the car on Careem as well. Considering the rapid increase in demand for ride-hailing services, Captains are likely to reap significant benefit from the scheme as the car they get will be utilized to gain a steady source of income from the Careem platform.
Sahir Ali, the Head of Transaction Banking of UBL said “The market presents an opportunity for digitally enabled organizations such as UBL and Careem to create innovative solutions that offer the best value to its drivers and ultimately translates into convenience for daily commuters across Pakistan. In line with the SBP strategy, we’ll keep focusing on expanding and growing the SME segment while providing innovative digital solutions“
A Careem spokesperson said, “Careem’s aim is to create 10 million jobs by the end of 2020. This partnership brings us closer to that mission and helps us to be of service to our community,” said Salahuddin Ghaznavi, Director, Fleet Ventures, Careem. “This initiative will help our captains achieve financial stability and independence. Our goal is to continue to ensure opportunities for the maximum number of people. We are very proud of the car loan scheme and expect to help as many captains as possible.”
Initiatives like Careem show the dire need for the promotion of startup culture in the country. Startups like these provide hundreds of thousands (if not millions) of job opportunities and these job opportunities can help the country in a lot of ways. Provision of vehicles on cheap terms paired with work opportunities on the platform can go a long way in curbing the crime rate in the country.