Roshan Apni Car: Overseas Pakistanis Can Now Gift Cars to Families at Lower Rates

KARACHI: The “Roshan Apni Car” scheme has been launched for overseas Pakistanis holding Roshan Digital Accounts (RDA), ARY News reported.

The State Bank of Pakistan (SBP), in cooperation with private banks, initiated this scheme to enable the Pakistani diaspora to purchase vehicles for their loved ones back home. Through this initiative, overseas Pakistanis can acquire cars at attractive interest rates with significantly reduced delivery times.

Key Features of the Roshan Apni Car Scheme:

Attractive Rates: Financing is available at below-market markup and insurance rates (as low as 1.4%).

Shariah Compliance: Modes of financing are available for both conventional and Islamic banking.

Flexible Terms: Tenure ranges from two to seven years, with the facility to finance up to three vehicles.

Speedy Delivery: Vehicle delivery is prioritized, taking 50% less time compared to standard market wait times.

How to Apply:
Overseas Pakistanis can apply online via their respective bank’s portal. The entire loan process is digital, eliminating complex documentation. Once the application is filed, loans are typically approved within four days.

Financing Rates:
RDA holders are offered two primary types of financing:

Floating Rate:

Lien-Based: A lien is marked on RDA deposits or Naya Pakistan Certificates. Rates are set at the SBP Floor Rate plus 1%.

Non-Lien Based: Rates are set at the 6-month KIBOR plus 1%.

Fixed Rate:

The rate is locked for the entire tenure based on the bank’s Cost of Deposits (COD) or Pakistan Revaluation (PKRV) rates at the time of the loan.