Roshan Apni Car Scheme Launched for Overseas Pakistanis

KARACHI: The government has launched Roshan Apni Car Scheme for Overseas Pakistanis holding Roshan Digital Accounts, under which overseas Pakistanis will be able to get a vehicle for their family and loved ones in Pakistan on easy terms.

The State Bank of Pakistan has introduced this scheme in collaboration with various banks. The aim of this scheme is to facilitate overseas Pakistanis so that they can get easy financing for purchasing a vehicle in Pakistan through Roshan Digital Account.

Overseas Pakistanis will be able to submit an application online under the Roshan Apni Car Scheme. The applicant can apply for the scheme through the portal of their respective bank. According to officials, the entire process of obtaining a loan has been kept completely digital, in which there will be no hassle of paperwork.

The special thing about this scheme is that the loan can be approved within just 4 days after submitting the application. In addition, the delivery of the vehicle will also be made 50 percent faster than the normal procedure, so that overseas Pakistanis can get a vehicle for their families in less time.

Two types of loans have been made under the scheme, including floating rate and fixed rate. Under floating rate, the interest rate will change over time. If the amount in the Roshan Digital Account or Naya Pakistan Certificate is kept as collateral, then only one percent additional profit will be charged on the State Bank’s floor rate under lien-based financing.

In case of taking a loan under non-lien-based financing, only one percent additional will be charged on the 6-month Kybor rate. Similarly, in fixed rate, the loan rate will remain the same for the entire period, which the bank will determine based on its costs or the Pakistan Revaluation Rate.

According to bank officials, once the fixed rate is fixed, the same rate will remain until the loan is fully repaid. The Roshan Apni Car Scheme is being described as an important facility for overseas Pakistanis, which will not only make it easier for them to buy a car in Pakistan but will also increase confidence in remittances and the banking system in the country.