Karachi September 20 2021: Indus Motor Company is proud to announce that it has recorded 100 orders from across the globe for its automobiles under the Government of Pakistan's Roshan Apni Car initiative.
“We are extremely grateful to the government for introducing this initiative that has immensely supported the local automotive industry.” Says Indus Motor Chief Executive Officer Ali Asghar Abbass Jamali.
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SBP in partnership with participating banks has launched Roshan Apni Car for Non-Resident Pakistanis having Roshan Digital Accounts (RDAs). Non-Resident Pakistanis can now get Car Financing at very attractive rates to provide cars for their family members in Pakistan. They can apply digitally and get delivery of the car within 50% less time than usual.
RDA holders can apply for car financing using the portal of bank in which they have an account. Loan Application process is completely digital with no paper work involved. Loan approval time will be 4 days from the date of submission of application. RDA holders are being offered car financing at rates which are relatively lower than the market rates.
Car financing is available at rates which vary over the period of tenor of financing is obtained. Rate is determined at the time of application on the basis of prevailing benchmark rate and are revised periodically.
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Lien Based Floating Rate:
Lien is marked on the RDA deposits or the Naya Pakistan Certificates and the car financing is available at the benchmark SBP Floor rate plus 1 percent. SBP Floor Rate is also available on the SBP website.
Non-Lien Based Floating Rate:
Car financing is available at KIBOR (Karachi Interbank Offer Rate) of 6 month maturity plus 1 percent. KIBOR is determined on a daily basis and is provided on the website of SBP.
In fixed rate, Car financing rates are fixed throughout the tenor of car financing period. The fixed rate is offered by banks on the basis of their Cost of Deposits or the Pakistan Revaluation (PKRV) rates prevailing at the time of loan is applied. Once the rate is offered, it remains unchanged till the maturity of financing.