GrabCar Breakdown? Here’s How To Get The Best GrabTaxi Driver Loan At The Best Interest Rates In Singapore

CreditMaster February 14, 2020

GrabCar Breakdown? Here’s How To Get The Best GrabTaxi Driver Loan At The Best Interest Rates In Singapore


As of 2020, Grab holds more than 60% of the ride hailing market share and has expanded to providing food delivery services known as GrabFood and even provides online digital payment services. Grab is everywhere.

After Uber left the Singapore market in 2018, Grab has definitely become even stronger in the private transport sector. Consumers who were used to Uber were forced to switch over to Grab. This being said, it actually brings great news to GrabTaxi drivers!

Although ride hailing competitors such as Ryde or Gojek has entered the race, it is fairly difficult for them to compete with Grab. From the reviews by certain consumers, their map systems and mobile application platforms are behind Grab’s.

With this, it means that there is leverage in being a GrabTaxi driver. There are many benefits to driving GrabTaxi. Being a GrabTaxi driver not only means that you will have a decent income, but you will also have access to their larger customer market. What with GrabPay, GrabFood and GrabRewards, more Singaporeans are choosing Grab.

Whether you are driving GrabTaxi to generate a side income or as a full-time job, it is definitely one of the best ways to earn money in Singapore. To aid in your journey, CreditMaster offers GrabTaxi driver loans to help you. Whether you need money for your car, for your car repairs or for basic necessities, our GrabTaxi driver loan will be able to lend you a hand.


Why Is GrabTaxi So Popular In Singapore?


Southeast Asia has consistently preferred GrabTaxi, making it the leading taxi and private hire company in the region. Singapore has not been left behind.

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    GrabTaxi has been preferred for various reason including the fact that one can book their ride as far ahead as 7 days. Details are provided about where he or she 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 enable 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.

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

    • Qualified drivers – In order to become a taxi driver with Grab, one must be a fully licensed driver. He or she is required to also register a business, make sure that the car is registered as a commercial business vehicle, make sure that their insurance is commercial to cover the persons they carry and their belongings in case of an incident, and they must also show up in person at the Grab office in order to sign up. The drivers at GrabTaxi are experienced as well.
    • 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.
    • 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.
    • Driver ratings – One is allowed to go ahead and rate their driver. Poorly rated drivers may be difficult to deal with and ride with, so one can opt for higher rated ones.


    What Is A GrabTaxi Driver Loan?


    Many Singaporeans and foreigners drive GrabTaxi as their full-time job or as a way to make side income. For some, they might have another job while driving GrabTaxi on certain days. This helps bring in extra cash and helps with their monthly expenses. However, even while driving GrabCar, they might be facing financial and other issues as well.

    For example, the GrabCar will require maintenance and that costs money. Grab drivers need to ensure the safety of their cars and regularly visit car mechanics and workshops to check on it. This will cost money. In other cases, drivers also need to keep their cars clean. It is not a good idea to ferry passengers on a dirty car. Cleaning the GrabCar thoroughly will also cost money.

    In the worst case scenario, an accident or a car breakdown occurs. This will be an emergency. When the car breaks down, the GrabTaxi drivers will not be able to work, putting a pause on their income. Not only is income ceased, they will also need to fork out money from their own pockets to fix the car. All these are expenses. CreditMaster’s GrabTaxi driver loans are here to help drivers get through rainy days.


    Here’s Why Our GrabTaxi Loans Are Special 

    Heres-Why-Our-GrabTaxi-Loans-Are-Special CreditMaster-Licensed-Moneylender-Singapore

    At CreditMaster, we aim to help as many customers as possible. Being one of the best licensed moneylenders in Singapore, our loan packages offer many benefits. One of the benefits for drivers is that they can get financing by showing the income from the payslips they generate from the app. Some of them 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 Grabtaxi driver loans.

    These loans are personal loans packaged with taxi drivers in mind. Our loans are affordable, easy to apply and most important, we offer fast approval. It is not difficult to qualify for our loans as well. One must first meet the eligibility requirements for the loan in order to qualify for one. He or she must be above the age of 21, must have proof of GrabTaxi income, must be a permanent resident or citizen of Singapore, 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, they are not given tied to a specific purpose. This means that the person taking the loan can use it for just about anything they wish. They can be used to help make ends meet, for emergency situations, for a vacation, a wedding and more. As long as one can show that he or she works for GrabTaxi and is making an income, they can generally get a loan.

    Unsecured loans are pegged on one’s creditworthiness. This means that one will have to show that they are good at paying off borrowed money. One’s credit report and credit score are taken into account. Those with good credit will often secure better interest rates because they are proven as low-risk borrowers. If one has bad credit, he or she can still expect that the loan will be approved, but the interest paid will be higher. Or, they might not be able to get a large loan amount. This is done as the lender tries to ensure that they mitigate the risk of losing their money as much as possible. However, this is still a case by case basis as all financial consultants will carefully review each application before making a decision.

    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. One’s financial situation is scrutinized and the loan tenure tailored to fit. Of course, one is 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 one strikes a balance between monthly payments and loan tenure.


    How Do You Apply For The Best GrabTaxi Driver Loan?


    The loan application process has been simplified for all. It is fast and easy. Applications can be done online after which one is contacted with further details of the supporting documents required. One is encouraged to use an online calculator that can often be found on the licensed moneylenders website to calculate how much money they can be lent, and also how much they can expect to pay out every month.

    Our loan application process is faster than other licensed moneylenders and banks. This means that one can have the money they need on the same day. There is no need to wait for a month or more for approval.

    Even though one 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 one is 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, one is required to carry out their own due diligence. Start at the Ministry of Law’s website where there is a list of all licensed moneylenders and then narrow it down from there.


    What Should You Take Note Before Deciding On A Legal Moneylender?


    Since there are many different lenders offering this type of loan, it behooves the borrower to carry out a comparison of what is on offer. One must look at the following things to ensure that they get the very best deal possible:

    • 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.
    • 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.
    • Loan tenure – As mentioned earlier, one 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.


    CreditMaster, One Of The Best Licensed Moneylenders In Singapore


    If you are going through a financial emergency, CreditMaster, Singapore’s esteemed moneylender offers loans at fast approval.

    We are registered with the Ministry of Law and are a licensed money lending company that distinguishes itself through good customer satisfaction and innovative financial products. Whether you are struggling to make ends meet, facing a financial crisis or simply need money to fix GrabCar, CreditMaster has something to offer you. Our simple and fuss-free online application speeds up the entire loan process and you may be able to get your cash within hours. Speak to us today!


    At CreditMaster, we believe in building long-term relationships with our clients. Our team of experienced professionals is always ready to provide personalised financial advice and assistance to ensure that our clients make informed decisions. We understand that each client's situation is unique, and we strive to tailor our services to meet their specific needs.

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