Parvez Elahi announced the new car loan scheme in 2023. This new program will bring several benefits to the general population, particularly low-income individuals such as teachers and other professionals whose earnings will enable them to afford a quality vehicle. Under this program, the government has also decreased taxes on automobiles with a displacement of 1,000 cc rather than 800 cc. The government has unveiled a new auto policy that will reduce taxes for buyers of 850cc to 1000cc vehicles. He suggested that the loan rates should be 5% for cars under 1000cc and 6% for larger cars. New Car Loan Scheme 2023.

New Car Loan Scheme 2023

Eligibility Criteria for taking a Car Loan

    • Pakistani National Identity Card Holder
    • Salaried Individuals:
      • Minimum Gross Salary: PKR 30,000/-


      • Minimum 21 Years to 65 Years at time of loan maturity for Private Sector Employees and 60 Years for Government Sector Employees

      Job Status:

      • Permanent: Currently employed, with total employment experience of 6 months.
      • Contractual: Currently employed, with total employment experience of 1 year.


  • Self Employed Businessmen/Professionals/Others:

    • Minimum Gross Income: PKR 50,000/- per month (Assessed on Bank Statement or Documentary Evidence)


    • Minimum 21 to 70 years at time of loan maturity

    Business Status:

    • Minimum 1 year in current business.

Income Sources 

  • Employment (Permanent/Contractual)
  • Business (Partnership/Proprietorship)
  • Rental Income
  • Agricultural Income
  • Remittances from Abroad
  • Co-Borrower’s Income (Co-Borrower Case)

Documents Required

Basic Documentation

  • Complete application form with customers signatures
  • Copy of CNIC
  • SBP undertaking on loans availed and monthly liabilities
  • 2 recent photographs

Documentation as per Profession:

  • Salaried Individual: Salary Slip/Salary Letter, 06 months Bank Statement
  • Self Employed Businessman / Self Employed professional: 06 months Bank Statement*
  • Agriculturist: Fard/Mukhtar e Kar/Ownership Certificate, 06 months Bank Statement*
  • Rental Income: Rental Agreement (should be valid for next 3 months), Title Document, 06 Months Bank Statement
  • Foreign Remittance: Income/Job Proof, Remitter’s Passport (valid visa for at least 03 months), 06 months Remittance Slips or 06 months Bank Statement of Remittee

Banking Provided This Scheme 

  • UBL bank
  • Allied bank
  • MCB bank
  • Habib bank


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