Careem and UBL to offer cars on installments to Captains. In a bid to promote the company’s profile, Careem has signed an MOU with United Bank Limited to provide cars on various financing terms to its Captains.

The project is part of the State Bank of Pakistan’s Prime Minister Youth Business Loan Scheme.

This project has also quite similar process just like conventional financing programs. Through easy installments spread over a few years, individuals will be able to get their cars.

The objective behind this move is not only to help people increase their assets it will also be valuable for getting regular income by driving the car on Careem as well.

Nowadays, there is a significance and rapid increase in demand for ride-hailing services. Hence, Captains are likely to harvest large benefit from the scheme because the car they get will be utilized to develop a steady source of income from the Careem platform.

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The Head of Transaction Banking of UBL, Sahir Ali shares his views in a statement,

“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“

On the other side, a Careem spokesperson Salahuddin Ghaznavi, Director, Fleet Ventures Careem, 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”.

“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.” He added.

These kinds of initiatives will be helpful to offer hundreds of thousands of job opportunities for Pakistanis and these job opportunities can help the country in many ways like Careem show the grim need for the support of startup culture in Pakistan.


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