Here is all you need to know about Punjab government’s ‘own-a-car’ scheme

According to details, the government would assist the employees by making the car's initial down payment.

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car

The Punjab government has been planning to launch a special scheme to facilitate government employees with an opportunity to own a car by using installments.

Sources have revealed that the government would help its employees buy a car for themselves through installments under the special policy.

According to details, the government would assist the employees by making the car’s initial down payment.

Afterwards, the government will deduct the periodic installments for the car from the employee’s salary. Once the installments are complete, the employee will gain full ownership of the vehicle.

The scheme is likely to be significantly beneficial as the State Bank of Pakistan has lowered the interest rates by 625 basis points to 7% since last year. A reduction in the soft interest rates now means lesser installments for car financing programs.

Currently, there are no details regarding the particulars of the scheme. However, with the policy launch, the number of vehicles on the roads of Punjab will surely increase.

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