Applying For A GrabTaxi Driver Loan Singapore 2019: The Benefits To A GrabTaxi Driver Loan

We all have days when we would rather hop onto a cab than to jostle for space on public transport. All to save time and for convenience’s sake.

Southeast Asia has consistently preferred GrabTaxi, due to its convenience and efficiency, making it the leading taxi company in the region. Singapore has not been left behind. If you’re considering signing up to be a Grab Driver but lack the requisite funds to do so, 1AP Capital can be your timely source of financial help.

GrabTaxi has been preferred for various reasons. Convenience, ease of getting a ride and  including the fact that one can book their ride as far ahead as 7 days. Details are provided about where the passenger will be picked up and dropped, the time they should be picked, and other details given such as whether they will be traveling for business or for personal reasons.

The notes sections enables one to give details of personal features for easy recognition as well. Once the phone number has been verified, he or she can expect that someone will be there on the specific day, and at the specific time.

The Popularity Of GrabTaxi

There are several reasons why GrabTaxi has become so popular in Southeast Asia:

1. Qualified Drivers

In order to become a taxi driver with Grab, you must be a fully licensed driver. You are required to also register a business, make sure that the car is registered as a commercial business vehicle, make sure that your insurance is commercial to cover the persons your vehicle carries and their belongings in case of an incident.

You must also make a trip down to the Grab office in order to sign up to become one of their drivers.

2. Shorter Waits

Since nobody wants to wait a long time to get their ride, many prefer to go with GrabTaxi since they are very readily available in Singapore.

3. Flat Rate Charges 

Fee surprises are a thing of the past since they offer flat rates and are very transparent about the cost. This is important for those who may be on a tight budget and want to know beforehand what it will cost.

4. Driver Ratings

We all know how we can go ahead and rate their driver after completing our ride. Poorly rated drivers may be difficult to deal with and ride with, so one can opt for higher rated ones.

Benefits Of Applying For A GrabTaxi Driver Loan

One of the benefits for drivers is that they can receive financing by simply showing the income from pay slips generated by the app. Some drivers do this job fulltime, while others do it on a part-time basis. Whichever one it is, if the income can be proven, then one can qualify for a GrabTaxi driver loan.

GrabTaxi driver loans are essentially personal loans packaged with taxi drivers in mind. You must first meet the eligibility requirements for the loan in order to qualify for one. You must be above the age of 21, have proof of your GrabTaxi income, and should also be able to show bank statements for the last 2 or 3 months.

Like most other personal loans, GrabTaxi driver loans are unsecured. One doesn’t have to bring collateral along. Additionally, such a loan is flexible and our helpful loan assistants will be able to walk you through the process of applying for the loan.

Unsecured loans are pegged on one’s creditworthiness. This means that you will have to show that you are capable of making timely repayments. Your credit report and credit score will be taken into account. For banks and other financial institutions, those with a good credit score will often secure better interest rates because they are proven as low-risk borrowers.

However, fret not if you are grappling with a poor credit score. At 1AP Capital, our aim is to try and help as many people have access to credit. Thus, you can still expect that the loan will most likely be approved. The only drawback is that the interest paid might be slightly higher.

Furthermore, GrabTaxi driver loans have been tailor-made with the nature of taxi work in mind. This means that the repayment period is often longer. It allows for smaller monthly repayments which are more comfortable for taxi drivers who may have to contend with times when business is slow.

Your financial situation will be clearly accessed with the loan tenure tailored to fit. Of course, you are encouraged to pay off a loan as soon as possible so a shorter tenure is more desirable for those looking to pay less in overall interest. With a shorter loan repayment period though, comes larger monthly payments. It is therefore important that you strike a balance between monthly payments and loan tenure.

Getting The Best Deal Out Of A GrabTaxi Driver Loan

Since there are many different lenders offering such a loan, it pays to to carry out a comparison of what is on offer. You must look at the following points to ensure that they get the very best deal possible:

1. The Interest Rates 

This is important because interest is the largest expense of any loan. The lower that rate is, the better. However, watch out for unscrupulous lenders who attract clients with very low interest rates but have other hidden charges that are exorbitant.

2. Charges And Fees 

There will be several different charges that one must take into account. Such things as the loan processing fee, penalties for late payments and even a penalty for paying off the loan sooner than expected. Finding out what these charges and penalties are ahead of time is important.

3. Loan Tenure 

You must strike a balance here. If the loan tenure is too short, then the monthly repayments will be high, but overall interest paid will be low. If it is too long, monthly payments will be smaller, but overall interest paid on the loan will be high. It is important to strike a balance between loan tenure and monthly payments.

Applying For A GrabTaxi Driver Loan With 1AP Capital

The loan application process has been simplified for all. Applications can be done online after which you will be contacted with further details of the supporting documents required. You will then be required to make a trip down to our office to get the documents verified. Once the supporting documents have been verified, the loan will be disbursed immediately. This means that you will be able to have the money they need on the same day. Unlike banks and other financial institutions, there is no need to wait over long periods of time just for approval.

Even though you can get a good personal loan from any credit union or traditional bank in Singapore, most people prefer to go to licensed moneylenders for their GrabTaxi driver loans.

Such lenders are recognized and fully known by the Ministry of Law. It is important to ensure that you are only dealing with licensed lenders since it means that they are compliant with government guidelines and are not out to exploit borrowers. Prior to approaching a lender, you are required to carry out your own due diligence.

1AP Capital is a fully licensed moneylender under the Ministry Of Law and we operate under a stringent set of guidelines, while meeting the needs of our customers.

By applying for a GrabTaxi driver loan with 1AP Capital, we will be able to get you out of your current financial fix so that you will be free from financial worry. If you wish to find out more about what our GrabTaxi driver loan entails, you can also speak to us to find out more.