Bank of Punjab Car Loan Scheme
Table of Contents
The Bank of Punjab (BOP) offers a variety of car financing options tailored to meet the diverse needs of its customers.(Bank of Punjab Car Loan Scheme) Whether you’re a salaried individual, a self-employed professional, or an overseas Pakistani, BOP has a car loan scheme designed for you. This article addresses frequently asked questions about BOP’s car loan offerings, providing detailed insights into each scheme.
1. What Car Loan Schemes Does the Bank of Punjab Offer?
BOP provides several car financing options:(Bank of Punjab Car Loan Scheme)
BOP Car Gar Scheme: Designed for salaried individuals, self-employed professionals, and businessmen looking to lease new, unregistered vehicles.
Roshan Apni Car (Conventional and Islamic): Tailored for Non-Resident Pakistanis (NRPs) holding Roshan Digital Accounts, offering financing for new locally assembled or completely built-up (CBU) vehicles.
Used Car Auto Financing: Caters to individuals interested in purchasing used vehicles up to 4 years old.
2. Who Is Eligible for BOP Car Financing?
Eligibility criteria vary by scheme:
BOP Car Gar Scheme:(Bank of Punjab Car Loan Scheme)
Salaried Individuals: Aged 21-60 years, with a minimum monthly salary of PKR 30,000 for permanent employees and PKR 40,000 for contractual employees. Permanent employees require at least 1 year of job experience; contractual employees need 2 years.
Self-Employed Professionals/Businessmen: Aged 21-65 years, with a minimum monthly income of PKR 50,000 and at least 1 year in the current business or profession.
Roshan Apni Car:
Non-Resident Pakistanis: Must hold a Roshan Digital Account with BOP. A local nominee in Pakistan is mandatory.
Used Car Auto Financing:
Individuals: Aged 21-60 years, meeting specific income and employment criteria.
3. What Types of Vehicles Can Be Financed?
BOP Car Gar Scheme: Financing is available for all unregistered local or foreign manufactured/assembled vehicles.
Roshan Apni Car: Offers financing for new locally assembled and completely built-up (CBU) vehicles.
Used Car Auto Financing: Applicable for used cars up to 4 years old.
4. What Is the Financing Tenure?
BOP Car Gar Scheme: Lease tenure ranges from 1 to 5 years, depending on customer preference.
Roshan Apni Car: Financing is available for up to 7 years.
Used Car Auto Financing: Tenure extends up to 5 years; for vehicles below 1000cc, the maximum tenure is 3 years.
5. What Are the Down Payment Requirements?
BOP Car Gar Scheme:(Bank of Punjab Car Loan Scheme)
Local Vehicles: Minimum Lease Key Money (LKM) of 20% of the vehicle’s value.
Imported/Used Vehicles: Minimum LKM of 30%.
Roshan Apni Car:
Lien-Based Financing: 0% equity required, with 100% lien over the Roshan Digital Account balance or Naya Pakistan Certificate maintained with BOP in PKR, and 120% lien over foreign currency deposits.
Non-Lien Based Financing: Minimum 15% of the vehicle’s value as a down payment.
Used Car Auto Financing:
 Up to 1000cc: 20% of the market value.
 Above 1000cc: 30% of the market value.
6. What Documentation Is Required?
BOP Car Gar Scheme:
Completed application form.
- Copy of valid CNIC/NICOP.
- Latest salary slip or employer certificate (for salaried individuals).
- Bank statement for the last 6 months.
- One recent photograph.
- Copies of valid CNICs of two references.
- Business proof and professional degree (for self-employed professionals/businessmen).
Roshan Apni Car:(Bank of Punjab Car Loan Scheme)
Completed application form by the RDA holder.
- Â Copy of CNIC/NICOP/POC of the RDA holder and nominee/co-applicant.
- Â Proof of non-resident status and relationship with the nominee/co-applicant.
- Â Proof of business or profession for the last 6 months.
- Â Proof of income/funds (e.g., employment letter, salary slip, bank statements).
- Â Professional degree copy (for professionals).
- Â Consent for granting auto loan against RDA and debit authority for monthly installments.
- Â Undertaking to continue remitting adequate funds to service the loan.
Used Car Auto Financing:
- Â Copy of valid CNIC/SNIC/NICOP.
- Â Latest salary slip or employer certificate (for salaried individuals).
- Â Bank statement for the last 6 months.
- Â One recent photograph.
- Â Copies of valid CNICs of two references.
- Â Business proof and professional degree (for self-employed professionals/businessmen).
7. What Are the Mark-Up/Profit Rates?
BOP Car Gar Scheme: Variable pricing based on the 1-year KIBOR plus a 4% spread.
Roshan Ap.
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