The State Bank of Pakistan (SBP) imposed new conditions on loans from banks in various forms to stabilize the rupee and reduce imports.
The State Bank of Pakistan announced measures to reduce imports, stabilize the value of the rupee and impose strict conditions on consumer loans.
A statement issued by the State Bank of Pakistan said no loan would be given for the purchase of an imported vehicle, while the loan term for locally manufactured vehicles would be five years instead of seven years. .
According to the announcement, the term of a personal loan has been reduced from five years to four years, similarly, the capacity of consumer loans has been reduced by 50 to 40%.
The State Bank of Pakistan set a maximum loan limit of Rs 3 million for auto financing, while a 30 percent down payment requirement was imposed for the loan, which was previously 15 percent. .
According to at SBP, these conditions will not apply to 1000cc vehicles, locally manufactured electric vehicles, or funding under the Roshan digital account.
Additionally, the new regulations will not apply to Roshan’s Car Program for Overseas Pakistanis. According to the SBP, these measures will improve the banality of payments by reducing imports.
The Deposit Protection Corporation has decided to increase the amount of the guarantee for all eligible depositors of banks from Rs. 250,000 to Rs. 500,000. This decision was taken by the members of the Board of Directors of the Company during their meeting held earlier.