A Shariah Compliant Auto Financing solution for Non-Resident Pakistanis maintaining Roshan digital account with Standard
personal accidental coverage
Financing solution to help you buy your new car.
Both fixed and floating options available
Financing available with range of repayment options from 1-7 years
Finance up to PKR 7.5 million
Free Accidental coverage of up-to PKR 2.5Mn
A State Bank mandated program for Non Resident Pakistanis maintaining Roshan digital account to apply for a Shariah compliant auto financing facility for their loved ones in Pakistan.
Similar to the existing Saadiq Auto Finance facility based on Islamic structure of Diminishing Musharaka Roshan Apni Car programme is also under the same Islamic mode of financing.
There are two types of financing in Roshan Apni Car as mentioned below:
Minimum 1 year & Maximum 7 years.
Yes, Standard Chartered Bank currently offers Roshan Apni Car Auto Finance Facility only in UAE, Bahrain, Singapore and Malaysia
Similar to the existing Saadiq Auto Finance facility Roshan Apni Car is also available for the co-applicants of Karachi, Lahore & Islamabad / Rawalpindi.
Co-Applicant in Pakistan will be the owner of the car. The vehicle will be registered in the name of Co-Applicant with HPA in favour of SCBPL.
RDA clients in the designated jurisdictions can apply through their digital banking platform. A form is already provided for their convenience in their I-Banking.
No, main-applicant doesn’t need to be here in Pakistan as there is no requirement for the Main-applicant to sign any document for Roshan Apni Car program.
Minimum PKR 1 Mn – Maximum PKR 7.5 Mn
Standard Chartered Bank is offering lowest Takaful rates of 1.85% of the vehicle value from the top of the line takaful providers i.e. Jubilee and TPL.
Yes, Bureau will be required for both Main and Co-Applicant in order to check the credit history of clients.
Customer has undertaken in the facility agreements to pay an amount as charity which will be paid for charitable purposes on customer’s behalf by the Bank as approved by the authorities and Shariah Board of the Bank.
Yes, you have the option to purchase the bank’s share and pay the amounts as per the prevailing SOC’s after six months of availing the finance facility. However, early purchase price of 5.5% on the outstanding principal amount will be included in the purchase price amount.
Roshan Apni Car scheme under Saadiq Auto finance facility is based on the Islamic structure of “Diminishing Musharakah”. Diminishing Musharakah is a form of co-ownership in which the Bank and customer share the joint ownership of a tangible asset (e.g. car) in an agreed proportion. It is agreed that one of the co-owners (customer) will purchase, in periodic instalments, the share of the other co-owner (Bank) until the ownership of that tangible asset is completely transferred to the purchasing co-owner (customer). Furthermore, along with the purchase of share, the (purchasing) co-owner will also make agreed periodic payments (rent) for the usage of other co-owner’s share in the asset, till ownership of the asset is completely transferred to the customer.
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