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.
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
- 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
- Minimum 1 year in current business.
- Employment (Permanent/Contractual)
- Business (Partnership/Proprietorship)
- Rental Income
- Agricultural Income
- Remittances from Abroad
- Co-Borrower’s Income (Co-Borrower Case)
- 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