Apni car scheme government of pakistan 2024
The Roshan Apni Car program, introduced by Bank AL Habib Limited, offers a specialized auto finance facility for holders of Roshan Digital Accounts (RDA). This initiative is designed to help individuals purchase vehicles for their family members residing in Pakistan, such as spouses, parents, children, or siblings. The program covers both new and used vehicles and caters to various customer needs with flexible financing options.
Product Overview
Roshan Apni Car provides a range of financing options for buying vehicles, including new, used, and imported cars. This facility is exclusively available to those who hold a Roshan Digital Account with Bank AL Habib Limited and are seeking to finance a vehicle for their resident family members in Pakistan.
Eligibility Criteria
To qualify for the Roshan Apni Car financing, applicants must meet the following criteria:
- Account Requirements:
- Must hold a Roshan Digital Account with Bank AL Habib Limited.
- The vehicle must be registered in the name of the borrower or their resident family members (spouse, parent, child, or sibling).
- Employment and Income:
- Salaried Individuals: Must have a minimum of 2 years of experience with the current employer.
- Contractual Salaried Individuals: Must have at least 3 years of experience.
- Self-Employed Professionals (SEP) and Business Individuals: Minimum 3 years of experience in the same profession or business.
- Income Requirements:
- For Gulf Countries: Minimum net monthly income of equivalent to DHS 10,000.
- For Non-Gulf Countries: Minimum net monthly income of equivalent to USD 3,000.
- Down Payment:
- A down payment ranges from 15% to 45% of the vehicle’s cost, depending on the variant.
- Residency Status:
- Permanent Resident Card/Nationality for Non-Gulf countries or Residency/Resident Card for Gulf countries.
- Credit History:
- Must have a clear credit history.
- Age Limits:
- Minimum age at application: 25 years.
- Maximum age at maturity: 60 years for salaried individuals, and 65 years for SEPs.
- Lien-Based Facility:
Eligibility Summary Table
| Criteria | Details |
| Account Type | Roshan Digital Account with Bank AL Habib Limited |
| Vehicle Types | New, used, and imported vehicles |
| Minimum Experience | 2 years (salaried), 3 years (contractual, SEP, business) |
| Minimum Income | DHS 10,000 (Gulf), USD 3,000 (Non-Gulf) |
| Down Payment | 15-45% of vehicle cost |
| Residency Status | Permanent/Resident Card as applicable |
| Credit History | Must be clear |
| Age Requirements | 25 years (minimum at application), 60/65 years (maximum) |
| Lien-Based Facility | 100% (PKR), 120% (foreign currency) |
Application and Processing
How to Apply
- Documentation:
- Application Submission:
- Apply to Bank AL Habib Limited’s specified channels, ensuring all details are accurate and complete.
- Processing Fee and Charges:
- Processing fees and documentation charges are as per the Bank’s Schedule of Charges.
- Approval and Disbursement:
- Upon approval, the financing amount will be disbursed, and monthly installments will be paid from the Roshan Digital PKR Account.
Interest Rates and Pricing
The Roshan Apni Car program offers both lien-based and non-lien-based financing options with varying interest rates:
Variable and Fixed Rates
| Rate Type | Lien Based | Non-Lien Based |
| Variable Rate | SBP Floor + 1.0% | 1 Year KIBOR + 1.0% |
| Fixed Rate | Certificate of Deposit Rate (COD*) + 1% | Respective PKRV** + 1.5% |
Notes:
- SBP Floor Rate: The current SBP Floor is 20% per annum. Link to SBP data
- KIBOR: Published daily. Link to KIBOR data
- COD Rate: Prevailing Certificate of Deposit Rate for the respective tenure at Bank AL Habib.
- PKRV Rate: Respective PKRV of the last day of the previous month.
Conclusion
The Roshan Apni Car program by Bank AL Habib Limited is an excellent opportunity for Roshan Digital Account holders to finance vehicle purchases for their family members in Pakistan. With a variety of options tailored to different needs and financial backgrounds, the program facilitates easy access to vehicle ownership with flexible terms and competitive rates. By meeting the eligibility criteria and following the application process, eligible individuals can benefit from this unique auto finance facility and enjoy the convenience of vehicle ownership.
Quick Details
| Aspect | Details |
| Program Name | Roshan Apni Car |
| Account Type | Roshan Digital Account at Bank AL Habib |
| Vehicle Types | New, used, and imported vehicles |
| Down Payment | 15-45% of the vehicle cost |
| Minimum Income | DHS 10,000 (Gulf), USD 3,000 (Non-Gulf) |
| Interest Rates | Variable: SBP Floor + 1.0%, Fixed: COD + 1% or PKRV + 1.5% |
| Minimum Age | 25 years at application |
| Maximum Age | 60 years (salaried), 65 years (SEP) |
| Lien Requirements | 100% on PKR, 120% on foreign currency deposits |
This program marks a significant step towards supporting expatriates in fulfilling their family needs back home, reinforcing Bank AL Habib’s commitment to providing valuable financial solutions.
