Apni Car Scheme by Govt of Pakistan
The Allied Roshan Apni Car scheme is a car financing facility offered by Allied Bank, specifically designed for Roshan Digital Account (RDA) holders. This initiative aims to make car ownership more accessible for Non-Resident Pakistanis (NRPs) by offering competitive rates and flexible terms. Below is a detailed overview of the scheme, including its features, eligibility criteria, and benefits, along with a quick details table for easy reference.
What is the Allied Roshan Apni Car Scheme?
The Allied Roshan Apni Car scheme allows Non-Resident Pakistanis (NRPs) who have a Roshan Digital Account with Allied Bank to finance a car for their loved ones in Pakistan. This scheme is part of the broader Roshan Digital Account initiative launched by the State Bank of Pakistan (SBP) in collaboration with various banks, including Allied Bank, to provide a range of financial services to NRPs. The Roshan Apni Car scheme stands out due to its attractive financing rates, flexible payment plans, and the convenience of applying digitally.
Key Features of the Allied Roshan Apni Car Scheme
The Allied Roshan Apni Car scheme offers two categories of financing: Lien-Based and Remittance-Based. Each category has its own set of features and requirements, catering to different needs of the customers.
1. Lien-Based Financing:
- Financing Amount: The minimum financing amount is PKR 200,000, with the maximum amount determined by the lien on the customer’s account.
- Type of Vehicles: Financing is available for non-commercial vehicles, including brand-new and used vehicles, both locally manufactured and Completely Built Units (CBU).
- Down Payment/Equity: No down payment is required under this category.
- Financing Tenor: The financing term for a brand-new vehicle ranges from 1 to 7 years, while for used vehicles, the term ranges from 1 to 5 years.
- Pricing: The interest rate is based on the SBP Floor Rate plus 1%.
2. Remittance-Based Financing:
- Financing Amount: Customers can avail financing between PKR 200,000 and PKR 10,000,000.
- Type of Vehicles: Similar to the lien-based category, financing is available for both brand-new and used non-commercial vehicles, whether locally manufactured or CBU.
- Down Payment/Equity:
- For brand-new vehicles, a minimum of 15% of the vehicle’s value is required as a down payment.
- For used vehicles, the down payment is:
- Minimum 30% for financing up to PKR 3.5 million.
- Minimum 40% for financing above PKR 3.5 million.
- Financing Tenor: The financing term is the same as the lien-based category, with 1 to 7 years for brand-new vehicles and 1 to 5 years for used vehicles.
- Pricing: The interest rate is based on the 1-year KIBOR plus 1%.
Eligibility Criteria for Allied Roshan Apni Car Scheme
To qualify for the Allied Roshan Apni Car scheme, applicants must meet the following criteria:
- Roshan Digital Account: The applicant must have an active Roshan Digital Account with Allied Bank.
- Non-Resident Pakistani: The scheme is exclusively available to Non-Resident Pakistanis.
- Income Verification: The applicant must provide proof of income and remittances to support the financing application.
- Age Requirement: Applicants must be within the age bracket defined by the bank, typically between 21 and 65 years.
Required Documents for Application
When applying for the Allied Roshan Apni Car scheme, the following documents are required:
- CNIC/NICOP: A valid CNIC or NICOP is mandatory.
- Proof of Income: Documents verifying the applicant’s income, such as salary slips or bank statements.
- Proof of Employment: A letter of employment or contract from the employer.
- Proof of Remittance: Evidence of remittances made to Pakistan, which can include bank statements or remittance receipts.
How to Apply for the Allied Roshan Apni Car Scheme
The application process for the Allied Roshan Apni Car scheme is streamlined and can be completed digitally:
- Access the Online Portal: Visit the Allied Bank website and navigate to the Roshan Digital Account section.
- Complete the Application Form: Fill out the required information in the online application form, including personal details, vehicle preferences, and financing category.
- Submit Required Documents: Upload the necessary documents, such as CNIC/NICOP, proof of income, and proof of employment.
- Review and Submit: Review the application to ensure all details are correct, then submit it for processing.
- Processing and Approval: The bank will process the application, verify the provided information, and if approved, the applicant will receive confirmation and further instructions.
Quick Details Table
| Feature | Lien-Based | Remittance-Based |
| Minimum Financing Amount | PKR 200,000 | PKR 200,000 |
| Maximum Financing Amount | Determined by lien amount | PKR 10,000,000 |
| Eligible Vehicles | Brand new and used non-commercial vehicles | Brand new and used non-commercial vehicles |
| Down Payment/Equity | 0% | 15% for new vehicles; 30-40% for used vehicles |
| Financing Tenor (New Vehicles) | 1-7 years | 1-7 years |
| Financing Tenor (Used Vehicles) | 1-5 years | 1-5 years |
| Interest Rate | SBP Floor Rate + 1% | 1 Year KIBOR + 1% |
| Eligibility | Non-Resident Pakistani with Roshan Digital Account | Non-Resident Pakistani with Roshan Digital Account |
Benefits of the Allied Roshan Apni Car Scheme
The Allied Roshan Apni Car scheme offers several benefits to Non-Resident Pakistanis:
- Attractive Financing Rates: The scheme provides competitive interest rates, making car financing more affordable for NRPs.
- Flexibility in Vehicle Choice: Customers can choose from a wide range of vehicles, including both brand-new and used options, catering to different budgets and preferences.
- Convenient Application Process: The entire application process can be completed online, saving time and effort for NRPs.
- Quick Processing and Delivery: The scheme promises faster processing and delivery times, with cars being delivered within 50% less time compared to conventional financing options.
- No Hidden Charges: Allied Bank ensures transparency by offering clear and straightforward terms with no hidden fees or charges.
Conclusion
The Allied Roshan Apni Car scheme is an excellent opportunity for Non-Resident Pakistanis looking to finance a car for their loved ones in Pakistan. With flexible financing options, competitive rates, and a convenient online application process, the scheme is designed to meet the diverse needs of NRPs. By understanding the features, eligibility criteria, and application process outlined in this guide, potential applicants can make informed decisions and take advantage of this beneficial scheme.
