The State Bank of Pakistan (SBP), in collaboration with private banks, has introduced a financing initiative that allows overseas Pakistanis to send Gift Cars to their families in Pakistan. The scheme is designed to make vehicle ownership easier and faster.
Under this program, many overseas Pakistanis can now purchase Gift Cars for their loved ones at attractive financing rates. The initiative aims to simplify the process and reduce delivery time compared to the traditional car buying system.
The scheme offers several key benefits. Financing is available at lower-than-market markup rates. Insurance costs are also reduced, starting from around 1.4 percent. These features make Gift Cars more affordable for families in Pakistan.
Another important feature is Shariah compliance. Customers can choose between conventional and Islamic banking options. This makes the program accessible to a wider group of users who want to send Gift Cars home.
The financing period is flexible. Buyers can choose repayment plans ranging from two to seven years. Additionally, customers can finance up to three vehicles under the same scheme. This adds flexibility for families planning multiple purchases.
One of the major advantages is faster delivery. Vehicles under the Gift Cars program are delivered 50 percent faster than normal market timelines. This helps reduce waiting times significantly.
The application process is fully digital. Overseas Pakistanis can apply through their bank’s online portal. The process does not require complex paperwork, making it simple and user-friendly.
Loan approvals are also quick. In most cases, financing is approved within four days after application submission. This speed makes the Gift Cars program highly efficient for overseas buyers.
The scheme offers two main financing options. The first is floating rate financing, which is linked to SBP rates or KIBOR. The second is fixed rate financing, where the rate remains unchanged throughout the loan period.
Officials say the Gift Cars initiative strengthens financial connections between overseas Pakistanis and their families. It also supports the auto industry by increasing vehicle demand.
Overall, the Gift Cars scheme provides a fast, affordable, and structured way for overseas Pakistanis to gift vehicles back home.
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