Islamabad: The State Bank of Pakistan (SBP), in its recent notification, has announced a new policy for consumers and banks regarding car financing matters.
According to the details, the SBP has taken important decisions regarding the bank loan policy for consumers regarding car finance. In the notification, the maximum period of personal loan repayment has been reduced from five years to four years while the term of car finance has been reduced from seven years to five years.
Moreover, the minimum down payment for auto finance has been increased from 15% to 30% while the limit for auto finance for an individual has been fixed at Rs 3 million (PKR).
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According to the SBP, these regulations will not apply to locally manufactured 1000cc vehicles, as well as the locally manufactured/assembled electric vehicles.
In addition, new regulations will not apply to Roshan Apni Car Product of Banks for overseas Pakistanis. According to the SBP, the new regulations are aimed at improving the balance of payments by reducing imports.
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