car loan
The government has announced the introduction of a 'My Car Scheme'
car loan in addition to a new auto policy to provide car service to low-income and middle-class people.
The scheme aims to enable low-income people to buy their own car. In the past also, various auto financing schemes were introduced by the provincial and federal governments.
What is 'My Car Scheme' and for whom?
The government will announce the scheme for those who want to buy a car for the first time.
Talking to Urdu News, Parliamentary Secretary for Industries and Production Alia Hamza Malik said that every citizen who wants to buy his first car will be able to benefit from this scheme.
"Together with the SBP, the government is going to formulate a policy that will reduce down payments and make it easier for citizens to buy a new car in easy installments."
"The government wants to make it easier for people who own a motorbike and need a car for their family so that they can move from motorbike to car," he added.
car loan
Alia Hamza Malik said that under this scheme, the facility of buying a new and old car will be available while the government will also provide facilities to the citizens who want to import a car from abroad so that they can buy their first car voluntarily.
Under this scheme, the facility of purchasing a vehicle up to 1000 cc will be provided.
According to Alia Hamza Malik, the government is consulting with the SBP and other stakeholders to fix the minimum interest rate on auto financing so that the interest rate for auto financing is reduced and the government provides subsidies in this regard. So that the minimum burden is placed on the citizens.
The government had announced the introduction of the 'My Car Scheme' during the budget speech, but no final date has been set for when the scheme will start and when citizens will be able to benefit from it.
"Consultations are underway between the government and stakeholders and we are hopeful that the scheme will be formally announced in October," Parliamentary Secretary for Industry and Production Alia Hamza Malik told Urdu News.
‘My Car Scheme’ Will it be different from the schemes of the past?
Parliamentary Secretary for Industry and Production Alia Hamza Malik claims that "the policy that this government has formulated in the auto industry has never come before." For the first time in car prices. The prices of not only small vehicles but also vehicles up to 2000 cc have come down which has never happened before and these prices have come down due to reduction in taxes by the government.
"We want people to get on motorbikes and young people to own their own cars, while in the past schemes people from political parties took advantage and harmed the country," he added.
HM Shehzad, chairman of the All Pakistan Car Dealers Association, said, referring to the government's 'My Car Scheme', "In past schemes, banks provided car financing, which some people benefited from, but many people took cars and paid." They did not repay the loan and became defaulters due to which the schemes were not successful.
Government Policy
He said that the policy of the government should be the same. "If the government wants the common man to have his own car, then the prices of cars have to be brought under purchasing power," he said. At present, the small car is worth Rs. 16 lakh and even due to the reduction in taxes, it is reduced by Rs. 1 lakh, yet the small car is beyond the purchasing power of the people. So it is not possible to claim that a motorcyclist will buy a car.
He said, "This scheme will be successful only if the bank ensures transparency in it. The person applying for the vehicle is the real owner and the money is returned to the bank. They will do business and become bank defaulters.
According to HM Shehzad, “Unless car parts are manufactured locally in Pakistan like in India, car prices will remain beyond the purchasing power of the common man. A car is available in the Pakistani market for Rs. If it is worth Rs. 1 lakh, then the common man will benefit.
According to HM Shehzad, “the government can reduce the price of vehicles by easing the policy of importing vehicles and this will also improve the quality of locally manufactured vehicles.
Taxi scheme
According to Alia Hamza Malik, whether it was the yellow taxi scheme of the previous governments or the employment scheme of the Punjab Chief Minister, there was no transparency in all these schemes and NAB cases have been created due to corruption in the schemes.