Details about Roshan Apni car scheme, banks, loan, and how to apply for car will be discussed here.
Roshan Apni Car
Roshan Apni Car scheme is introduced by the Govt of Pakistan for the overseas Pakistanis. With the help of this scheme now people living abroad can apply and get a car and also it made the process very simple and easy for non residential Pakistanis.We will discuss all the details about Roshan Apni Car here. Also we will tell you how to apply for Roshan Apni Car online and complete method from ordering to receiving the car.
Roshan Digital Account
Before going into details of Roshan Apni Car let me tell you a little bit about Roshan Digital Account RDA. This information is necessary for you because the car scheme and RDA are linked to each other. As we know the Roshan Digital Account program was introduced by the overseas Pakistanis by Prime Minister Imran Khan along with the Ehsaas Program. This program makes people open account in any Pakistani bank online from any country in the world. Within one year of the launch more than 2 lac people opened their accounts and made transactions. So after seeing the success of it and the support from overseas Pakistanis the Govt of Pakistan introduced the Roshan Apni Car Scheme for the account holders of RDA.
Yes you read it correctly. The Roshan Apni Car scheme is only for the people who have opened their Roshan Account with any bank of Pakistan.
How to get Roshan Apni Car
Here we are going to share the complete details about how you can get car under this scheme.
There are many requirements for this and we will talk about these later but first we will tell you the two main requirements for RAC (Roshan Apni Car).
I. You should be an overseas Pakistani with a valid Passport.
II. You Should have opened your Roshan Digital Account.
If you live in Pakistan then you can use the details of any of your relative who live abroad, and you can receive a car in Pakistan on his behalf.
Here are some requirements to fulfill
- Roshan Digital Account.
- The account must be opened for more than 6 months.
- Transactions of Rs. 50,000 every month for 6 months.
- Your Job or Business details
- Some banks also have a requirement of minimum income per month. This can vary bank to bank. Don’t worry you will get this info on the online apply page of the bank.
- The age limit is from 24 years to 65 years. (Banks also have the option to provide relief on age limit.)
- If you have Roshan Digital account with another bank but want to get car from some other bank then you must provide your RDA statement of 1 year to the bank from which you are going to get the car.
Types of loan for Roshan Apni Car
There are two types of loan available for car under this scheme. These are Lien based loan and Non Lien based loan.
If you want to get car under a lien based loan then you must have the Balance in your Roshan digital Account equivalent to the amount of the car.
Also if you have invested the equivalent or more amount than the price of car in Naya Pakistan Certificate, you can get a lien based loan. All you have to do is to provide the details of your investment.
The benefit of lien based loan is that you don’t have give the down payment.
Non lien based
In non lien based you don’t need to have any investment or the balance equivalent to the price of car but you have to give the down payment. Also you have to provide the job duration or business agreement of your company. It is necessary because if you want to lease the car for a duration of 5 years then you must have your job contract of 5 years with your company.
You can apply for Roshan car scheme online with any bank of Pakistan. All you have to visit the online application filling page on the bank website and fill the information accordingly. After verifying the given information the bank will contact with you for further process.
Here are the links of every bank´s online application.
|Bank Al Habib||Apply with Bank Al Habib|
|Bank Alfalah||Apply with Bank Alfalah|
|HBL||Apply with HBL|
|Bank of Punjab||Apply with Bank of Punjab|
|Dubai Islamic Bank||Apply with DIB|
|Meezan Bank||Apply with Meezan|
|United Bank Limited||Apply with UBL|
|Samba Bank||Apply With Samba|
|Faysal Islami Bank||Apply with Faysal Islami|
|MCB||Apply with MCB|
|Standard Chartered||Apply with SC|
Who can receive your car
This question is also being asked frequently that if the person who applied for car is abroad then who can receive the car. Any one from your family can receive the car like your Father, Brother, Mother, Sister, Son, Daughter, Wife or Husband etc.
This will be in your hand that whom you want to receive the car. You have to choose this while filling the online application. You can also receive it by yourself.
Loan amount for roshan apni car
Under the roshan apni car scheme you can get the loan amount to Rs. 7500000 and in some case upto 1 crore.
There is no limit to the minimum amount. You can get loan according to your requirements.
Also this is not necessary that you only have to get a new car. You also can book an old or used car.
Also you can get the car of any company even if these are locally manufactured or the imported one.
For example toyota, honda, suzuki, kia, BMW etc
Related: Kamyab Karobar Program
Benefits of prime minister apni car scheme
You are also wondering about the benefits of this scheme. Like if some ordinary Pakistani lease a car from a bank and you on the other hand get a car under prime minister apni car scheme, what benefits will you have over the others.
Before I tell you anything I just want to make it clear that every bank has its different conditions and benefits. So here what I will tell you is going to be the general information.
The main benefit you will get is that you have to pay 50% less markup if you order car via Roshan Apni car scheme. The normal markup rate which normally banks are charging in Pakistan these days is 15% and you only have to pay the 7% markup.
* Markup is the profit of bank which the bank charges when you lease anything from bank.
In normal loan scheme you have to pay the 20% down payment to get the vehicle but under this scheme you can get car by paying the 15% down payment.
Also you will get fast delivery of car. We know normally it will take upto 3 to 4 months for delivery but under RAC you will get your car in 2 months on average.
Roshan Apni Car Calculator
Each bank have different calculator for Roshan Apni Car according to their terms and conditions. But here, we will show you the calculator of bank al-falah.
Remember this is only for the Sample purpose.
|Down Payment Margin (PKR)||1,953,000|
|Bank Alfalah Participation (PKR)||5,859,000|
|Processing Charges (PKR)||8,000|
|16% FED on Processing Charges (PKR)||1,280|
|First Year Insurance Premium (PKR)||109368|
|*Tentative Down Payment (PKR)||2,071,648|
|Year||*Monthly Installment||*Monthly Insurance Installment||*Total Monthly Installment|
This is only for example. All these values change according to the amount of car, company, bank, time period of loan.
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