Roshan Apni Car Financing

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The State Bank of Pakistan started the Roshan Apni Car scheme with the collaboration of different Commercial Banks. The overseas Pakistani who want to deposit the amount in Roshan digital account car scheme can choose the foreign currency account or local currency account.

Financial Institutions offering Roshan apni car scheme:

Applicants for this scheme can apply through Roshan Apni Aar UBL, Roshan Apni Car HBL, Roshan Apni Car Faysal Bank, Roshan Apni Car Meezan Bank, Roshan Apni Car MCB Bank, Roshan Apni car BOP, Roshan Apni Car Bank AL Habib, Roshan Apni Car NBP Bank, Roshan Apni Car Alfalah Bank.
More local Banks are in process of internal policy which will be highlighted in the coming days / weeks. The above active Banks can be approached through their websites or email address available on social media.

• An initiative by State Bank of Pakistan to facilitate overseas Pakistanis having active Roshan Digital Accounts.
• Roshan Apni Car can be applied by Salaried Individuals, Business Men & Can also be offered to individuals wanting to Lien their amounts against car loan.
• The loan period / tenure is between One to Seven Years.
• Special K+ rates & Terms options are being offered by Different local Islamic & Conventional Financial Institutions with reference to SBP schedule rates.

Roshan Apni Car facility is available on Locally Manufactured Brand-New Vehicles only

Terms reference on Roshan Apni Car Conventional Bank (1).
Loan Size:

• Minimum PKR 200,000/- and Maximum PKR 7,500,000/-
Down Payment / Equity Requirement:
• Min 15% of Vehicle’s Value Up to Rs.6.0M Financing & Min 20% of Vehicle’s Value for Financing above Rs. 6.0M
• 0% Equity against Lien Based Financing
Financing Tenor:
• 2 – 7 Years for all vehicles
Eligibility criteria for Roshan Apni Car
• Must be Bank Roshan Digital Account Holder.
• Local Nominee in Pakistan is mandatory.

Lien Based Financing:
• 100% lien shall be marked equivalent to finance amount on Roshan Digital Account or Naya Pakistan Certificate till the maturity of loan.
• Minimum balance in Roshan Digital Account or investment in Naya Pakistan Certificate should be equivalent to finance amount.

Salaried:
• Minimum Age 21 Years to 65 Years at time of loan maturity
• U$D 3,000/- per month or equivalent
• Currently employed, with a total employment experience of 06 months

Self Employed Businessmen / Professional:
• Minimum Age 21 to 70 years at time of loan maturity
• U$D 4,000/- per month or equivalent
• Minimum 1 Years in current Business

  • Documentation as per Segment

Lien Based Segment
• Only Basic Documentation
• Salaried Individuals
• Salary Slip / Salary Certificate
• Bureau Report of Country of Residence

Self Employed Individuals / Professionals:
• Tax Returns
• Commercial Registration Certificate (where applicable)
• 06 months Bank Statement or Income Verification Report
• Account Maintenance Certificate
• Bureau Report of Country of Residence

Remittance Based:
• Remitter Job / Income Proof
• Remitter Passport Copy
• 6 months remittance slips / 6 months Bank Statement of Remittee.

Terms reference on Roshan Apni Car Conventional Bank (2).

Roshan Apni Car (RAC) Facility for Roshan Digital Account (RDA) holders.
This facility would be offered to individuals having Roshan Digital Account (RDA) at Bank to purchase vehicle for himself / herself, or for his / her spouse, parents, or children living in Pakistan. The vehicle shall be registered in the name of applicant or co-applicant with HPA in favor of BANK, whether the facility is lien based or non-lien based.

Application stage procedure:
Customer will fill online application form and attach required documents on online portal. Customer’s information with attached documents shall be digitally transmitted to authorized person at CBD. The proposal shall be processed based on digitally transmitted data and documents. In case of any shortcoming / discrepancy, shall be resolved in coordination with the customer via email / phone call.
After approval of the facility, legal documents shall be dispatched first to
co-applicant, and then to applicant (overseas) for his / her signature. In case the customer is visiting Pakistan, documents shall be executed here as per existing practice, otherwise his / her signature shall be verified from BANK account instead of embassy endorsement. Product

Eligibility Criteria:
Non-Resident RDA holder with Resident (Spouse, Parent, or Children) co-applicant. Where the applicant is Resident, co-applicant is not necessary.
• Regular Salaried individuals with minimum 2 years experience of current employer
• Contractual Salaried individuals with minimum 3 years experience
• Self-Employed Professionals (SEP) and Business Individuals with minimum 3 years experience of similar business / profession.
• Holder of Permanent Resident Card / Nationality for Non-Gulf Countries, and Residency / Resident Card for Gulf Countries
• Having clear credit history in eCIB, Data Check, and credit report of country of stay (wherever possible)
• Minimum age at the time of application: 25 year
• Maximum age at maturity of financing: 60 years for salaried, 65 years for SEP and Business Individuals. For lien based facility, minimum experience shall not be applicable, whereas DBR may be up to regulatory requirement.

Product Pricing Lien Based or Variable Rates:
SBP Floor + 1.0% of Fixed Rates: COD* + 1.0% Non-Lien Based or Variable Rates: 1 Year KIBOR + 1.0% of Fixed Rates: Respective PKRV + 1.5% * Certificate of Deposit rate of Mahana Munafa Account for respective tenure to be applied.
Similar to KIBOR, SBP Floor and Respective PKRV of last working day of previous month shall be considered at the time of approval of the facility.
The facility shall be valid for 60 days from the date of approval. For lien based fixed rates, the tenure of financing shall be up to the maturity of deposit Insurance rates shall be arranged in line with SBP guidelines.
Co-Applicant for Non-Resident RDA holder, Resident Pakistani shall be added as co-applicant for vehicle registration and legal documentation purpose.

Minimum Net Monthly Income:
• Employed / Working in Gulf Countries: Equivalent to DHS 10,000/-
• Employed / Working in UK, USA, Canada, Australia, and countries where

BANK has branches / representative offices:
Equivalent to USD 3,000/- Conversion rate of foreign currency shall be calculated according to privilege exchange rate. Where the co-borrower is added for income clubbing as well, income requirement and verifications of the co-borrower shall be conducted in line with Apni Car product program. Where the co-borrower is added other than income clubbing, his/her income and related documents shall not be required. For lien based facility, minimum income requirement, and restrictions of stated jurisdictions shall not be applicable.

Required Documents:
• Valid copy of CNIC / SNIC / NICOP, Passport, Visa, and residency card / work permit.
• Recent photographs of applicant and co-applicant.
• Online application form
• Credit report from country of stay (wherever possible).

Income related Documents for Salaried:
• Latest 3 months salary slips
• Latest employment certificate with date of joining
• Last six month bank statement; where salary is being credited
• Contact detail of HR representative for verification of applicant’s

Credential (1) For Self Employed Professionals / Business Individuals:
• Valid proof of business setup / license / registration certificate
• Last six month bank statement For lien based facility, credit report from country of stay, and income related documents shall not be mandatory.

Approving Authorities Financing Amount Recommending Authority Approving Authority Up to Rs. 5mn N/A any three members of CBD CC Above Rs. 5mn and up to Rs. 10mn N/A GHB along with any three members of CBD CC Above Rs. 10mn GHB Sub-CC
Verifications: Verifications for lien based facility shall not be required. For non-lien based facility, following shall be observed;

• Verifications of current residence to be waived, however the residence address in Pakistan (where the co-borrower resides) to be verified.  Physical verification of office would not be possible, however confirmation be obtained via email wherever possible.

• Bank Statement Verification to be conducted through email address of respective bank.
• Telephonic Verification of office and from customer to be conducted wherever possible.
• Verification of income related documents; (2) For Salaried: To be verified from employer’s official email address (3) For SEP and Business Individuals: To be verified from registered business association’s email address / licensor (where available) the above mentioned addition shall also be applicable for Islamic Auto Finance under Diminishing Musharaka. All other product parameters of Apni Car Product Program shall remain unchanged.

Who will register & can receive the vehicle?

The applicant will give authorization to his family members: wife, children, mother, father and real siblings to receive the vehicle after dealing with the banks in Pakistan. And the vehicle will be registered in the name of your family member who made deal with the bank. (Terms & Conditions of Banks / Financing Institution may differ in some cases). The ultimate Goal of all Institutions are to accommodate maximum number of customers).

Priority Delivery of Roshin Apni Car.
In order to promote Local Assembled Vehicles Sales in current Covid situation & to promote Government’s / SBP Roshan Apni Car Scheme some local Vehicle Assemblers are taking bold steps by expediting deliveries of booked vehicles. (Vehicle Delivery Period may differ from Assembler to Assembler).

Dear viewers as SBP has initiated said lending on a broader spectrum with the supportof local Banks & local Automobile Assemblers a lot of improvements & ease in processes / terms & conditionwill be observed in the coming days.

The above information has been gathered from different media sources & hence any variation in figures / report is regretted in advance.

Note: Written by Aqeel Bashir for Automark, published in Automark Magazine June-2021 printed edition.

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