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Prime Minister Imran Khan launched the ‘Roshan Apni Car’ scheme to buy a car for his loved ones in Pakistan through Roshan Digital Account for Pakistanis abroad.
Under the scheme, Pakistani citizens will now be able to buy a car digitally from Pakistani banks while staying abroad through the Roshan digital platform.According to SBP Governor Raza Baqir, “The delivery of a vehicle purchased in this way will not only be faster but also lower the interest rate.
Pakistani Government talked with all the car manufacturing companies in Pakistan in this regard and forms in this regard have also started becoming available on the websites of various banks on Friday.
What is Roshan Apni Car scheme?
Recently a scheme was started for Pakistanis abroad to open an account in Pakistan from there, which was named Roshan Digital Account. The scheme has been very popular and so far remittances of one billion US dollars have been sent to Pakistan through it.
Considering the popularity of these accounts the government has launched a car scheme for Pakistanis abroad. Under which, even while living abroad, Roshan Digital Account Holders can get a car for their loved ones through bank financing in the same way as you get a car in installments from a bank in Pakistan.
Under this scheme, not only overseas Pakistanis have been given the facility to buy cars from banks, but in doing so, they are also being given additional facilities which are not available to those who buy cars from Pakistan.
For example, when buying a car in Pakistan, the bank has to pay a lower rate than the profit or interest that Roshan has to pay under his car. Thus, if the vehicle is available in Pakistan within three months after booking, then the scheme will be available in one and a half months. Similarly, car insurance will also be reduced under this scheme.
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According to a SBP spokesperson, “car manufacturers and insurance companies have also cooperated in this regard.”
How to apply for the Rosgan Apni Car scheme?
Pakistanis who have created Roshan Digital Accounts can apply for ‘Roshan Apni Car’ directly from their bank or any other bank’s website.
Several banks posted options and information on their websites. You can have any method of financing under this scheme ie both traditional and Islamic banking are available.Under the scheme, overseas Pakistanis can apply for a car in the name of their spouse.
According to the website of a large bank, the eligibility conditions are that the minimum monthly income of people living in the Gulf countries is equal to ten thousand dirhams and the income for the United States, United Kingdom, Canada, Australia, etc. is equal to three thousand dollars.In addition, the buyer’s credit history should be clear, ie non-payers of any bank, etc.
Requirements For Roshan Apni Car
Required documents include National Identity Card or NICOPE, Social Security Card or residency as well as income documents. The minimum down payment is up to 15%.