SBP Launches “Roshan Apni Car” Scheme for Overseas Pakistanis

Islamabad: The State Bank of Pakistan (SBP) has officially launched the “Roshan Apni Car” scheme, aimed at enabling overseas Pakistanis to easily purchase vehicles for their family members residing in the country.
According to the central bank, the initiative is being introduced in collaboration with commercial banks and allows Roshan Digital Account holders to apply online for car financing. Under the scheme, vehicles can be delivered up to 50 percent faster compared to the standard process.
The entire application process has been made fully digital, eliminating the need for complex paperwork. Loan approvals are expected within four days of application submission.
Key features of the scheme include exclusive access for Roshan Digital Account holders, a simple online application process, low markup financing, faster vehicle delivery, and a completely paperless system.
The scheme offers both floating and fixed rate financing options. In the floating rate category, the markup may vary over time. Under the lien-based option, customers can use their Roshan account or Naya Pakistan Certificates as collateral, with rates set at SBP floor rate plus 1 percent. For the non-lien option, the rate is based on six-month KIBOR plus 1 percent.
In the fixed rate option, the markup remains constant throughout the financing period. Banks will determine the rates based on their cost structures or Pakistan Investment Bond (PKRV) benchmarks, and once set, the rate will remain unchanged for the entire tenure.
The scheme is being described as a convenient, fast, and customer-friendly financing initiative for overseas Pakistanis.