The scheme would encourage skilled drivers to overcome liquidity crunch and excess documentation requirements to become an entrepreneur. The loans could be sanctioned in one day using an inbuilt digital offering, and would be collateral free as well as carry a very competitive interest rate. All loans will be covered under the government's Pradhan Mantri Mudra Yojana Scheme, SBI said in a statement.
"The on-demand transportation segment growth has created a whole new ecosystem enabling lakhs of Indians to earn livelihood by becoming micro-entrepreneurs on such platforms," SBI Chairman Arundhati Bhattacharya said.

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