Indonesia: State-own bank, Grab launch soft-loan programme for drivers
State-owned lender Bank Rakyat Indonesia (BRI), in cooperation with ride-hailing service provider Grab, has launched a low-interest loan facility for the latter’s drivers and merchant partners who have been impacted by the COVID-19 pandemic.
A driver with ride-hailing app Grab picks up a passenger (Photo: )
Jakarta (VNA) - State-owned lender Bank Rakyat Indonesia (BRI), in cooperationwith ride-hailing service provider Grab, has launched a low-interest loanfacility for the latter’s drivers and merchant partners who have been impactedby the COVID-19 pandemic.
Under the programme, Grab’s drivers are eligible for a low-interestloan worth up to 5 million rupiah (336 USD) with a 24-month tenure. The BRI isalso giving leeway to the drivers by freeing them from payment obligations forthe first three months.
Besides drivers, merchants who operate through the GrabFood and GrabKiosservices, especially those with no access to bank loans, will be eligible for amicrocredit programme (KUR) worth up to 50 million rupiah.
According to Grab Indonesia’s Managing Director Neneng Goenandi, theprogramme can ease the burden on Grab’s partners. Drivers who open accounts inthe bank will also get insurance for accidents to the amount of 250 percent oftheir current account or a maximum coverage of 150 million rupiah.
In the first phase of the programme, a quota of 1,000 Grab driver partners inGreater Jakarta will be able to access the soft-loan facility. However, thepartners will still have to meet the minimum requirements for their averageearnings and the length of partnership with Grab to access the loans.
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A driver with ride-hailing app Grab picks up a passenger (Photo: ) 
