Prime Minister Imran Khan is in action to provide ease to overseas Pakistanis and their families. Now the PM has unveiled the Roshan Car Scheme to facilitate overseas Pakistanis residing in different countries. With the help of this scheme, overseas Pakistanis can finance cars for their families residing in Pakistan at low interest rates. This gesture will not only empower the local automakers but also support the State Bank of Pakistan (SBP) through remittances.
Roshan Car Scheme
The government in collaboration with SBP launched the ‘Roshan Apni Car’ scheme to facilitate non-resident Pakistanis to purchase cars at lower prices due to very low interest rates. This scheme will help the families of overseas Pakistanis who want to finance their car through conventional or Islamic banking options.
Interest Rate Under The Scheme
As per the PM’s Roshan Car Scheme, cars will be available to finance at a lower rate of 7% for NRPs. Although more details are yet awaited, the scheme will allow overseas Pakistanis to finance their car from any bank of Pakistan that falls on the list.
Currently, overseas Pakistanis are paying interest rates of 12%-13% on financing cars. This makes it almost double the rates offered under PM’s new scheme.
Fast Vehicle Delivery
Additionally, the Roshan Car Scheme will also ensure the early delivery of vehicles to the NRPs. In the current practices, the delivery schedule of vehicles takes a lot of time with the possibility of unprecedented delays. While this may be true, the scheme will also affect the delivery schedule of cars for overseas Pakistanis.
How Roshan Apni Scheme Will Benefit Pakistan?
By employing this scheme, the Roshan Digital Accounts (RDA) of overseas Pakistanis will bring revenue to the local banks. As per the estimates, Pakistan’s automobile sector may attract about $200-$300 million during the next two years.
According to SBP, about 9 million Pakistanis are residing abroad. Out of these, around 0.12 million have opened Roshan Digital Accounts in the period of last eight months. The Roshan Car Scheme will encourage NRPs to purchase cars at lower interest rates to invest more in the local markets.
For more details and insights about the scheme, stay tuned!
