The State Bank of Pakistan has launched the Roshan Apni Car scheme in partnership with private banks. The scheme aims to help overseas Pakistanis holding Roshan Digital Accounts finance vehicles for families in Pakistan.
The scheme allows Roshan Digital Account holders to buy cars at reduced markup and insurance rates. In addition, financing options are available through conventional and Islamic banking.
According to the scheme details, financing is available for up to three vehicles. Repayment terms range from 2 to 7 years.
The programme offers priority vehicle delivery, with waiting time reduced by 50 percent compared with standard market timelines.
Overseas Pakistanis can apply through their bank’s online portal, with the loan process handled digitally to reduce documentation.
The scheme details state that banks typically approve applications within four days of submission.
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Under lien-based floating-rate financing, banks mark a lien on Roshan Digital Account deposits or Naya Pakistan Certificates. They then set rates at the State Bank of Pakistan floor rate plus 1 percent.
For non-lien floating-rate financing, banks set rates at six-month KIBOR plus 1 percent.
For fixed-rate financing, banks lock the rate for the full tenure. They base it on their cost of deposits or Pakistan Revaluation rates at the time of the loan.
