New Car Loan Scheme 2023 In Pakistan

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/-

    Age:

    • 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)

  Age:

  • 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