Taxi Finance

With the boom in the radio taxi business in India, several tech-based platforms are offering taxi services. Smart taxi drivers have signed up on these platforms to earn a steady, lucrative income. However, driving a car that belongs to an enterprise or another individual limits the earning capacity of a driver.

Taxi Finance – Capital Float’s innovative financial product – gives drivers the opportunity to own a car, so that they can operate singularly, enjoy the benefit of flexible working hours, and carve a mode of employment as per their own terms. Not only does this significantly increase their capacity to earn, but also helps them upgrade their lifestyle and fulfil their dream of becoming a micro entrepreneur.

Conveniently surpassing traditional banking institutions that involve long, tedious application procedures with excess documentation, Capital Float’s Taxi Finance offers an easy, hassle-free way to purchase a car at among the lowest down payment in the industry. We’ve partnered with several reputed taxi aggregators, so that the cab driver can ply the car on the platform and substantially increase their revenue. The instalments are repaid by the aggregator by deducting the amount from the driver’s earnings.

The entire application process of Taxi Finance is quick and hassle-free with minimal documentation. The product allows taxi drivers across India to take charge of their business and create a better way of life for themselves.

Features

Among The Lowest Down Payment in the Industry

Unlike traditional banking institutions who have a higher cut-off for down payments on automobile loans, we offer among the lowest down payment in the industry, thus, making purchasing a car extremely affordable.

No Pre-Closure Charges

Many banks and other lending institutions may ask the borrower to pay a certain number of EMIs or pre-closure charges before the final pay-off. At Taxi Finance, we levy no such charges if the borrower chooses to pay off the loan earlier than planned.

Weekly Instalment Repayment

With our flexible weekly instalment repayment, the borrower is no longer bogged down by heavy monthly EMIs. Instalments are repaid by the aggregator on a weekly basis by deducting the predetermined amount from the driver’s earnings on the taxi platform.

Benefits

The Most Convenient Way of Application

The entire procedure of applying for a loan with Taxi Finance happens online. Therefore, the borrower needs a working internet connection and the necessary documents to get started. Alternately, they can also apply using our handy mobile app, fill in the requested details, and upload digital copies of the documents.

Get Credit within 3 Working Days

Getting incredibly fast access to funds within 72 hours has the power to kick-start the driver’s journey. We process the application instantly and initiate the disbursement process, so that the driver can instantly start driving on the designated platform.

No Collateral Needed

Applying for taxi finance was never this easy. Taxi Finance is completely unsecured in nature. The borrower need not pledge any personal assets in order to secure a loan. All we require is a few documents at the time of application.

No Guarantor

Traditional lenders require a guarantor to validate the loan request. At Capital Float, we do not ask the cab driver to propose a guarantor for the loan, thereby removing external dependencies and empowering the driver.

Eligibility Criteria

In order to be eligible for a loan with Taxi Finance, the borrower must comply with the following parameters prior to the application:

  • Applicant must have a valid driving license
  • New drivers with taxi aggregators - Applicant must have 1-year-old taxi permit license/badge
  • Existing drivers with taxi aggregators – Applicant must have operated for at least 90 days on the taxi platform

Documents Required

We keep paperwork to a minimum. Following is a list of documents required at the time of application:

  • Valid driver license
  • Valid taxi permit license
  • KYC documents

Fees and Charges

At Capital Float, we conduct business in the most transparent manner. The borrower is only obligated to pay a processing fee of up to 2% for the loan. There are no hidden or pre-closure penalties during or after the application process.


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