Roshan Apni Car

BOP-TIB Roshan Apni Car

BOP-Taqwa Islamic banking is providing Roshan Apni Car to its Roshan Digital Account holders / Islamic Naya Pakistan Certificate with an opportunity to finance a Car on discounted Profit rates and special takaful package with value added services. Financing facility is available for new locally assembled and completely build up (CBU) vehicles.

FEATURES

DOCUMENTATION

PRICING

FAQs

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Roshan Apni Car Product Features

Particulars

Details

Finance Limit

Maximum PKR 10,000,000/-

Security Deposit

• Min 15% of Vehicle’s Value
• 0% Equity against Lien Based Financing

Financing Tenor

Maximum up to 07 Years

Eligibility criteria for Roshan Apni Car

Must be Bank of Punjab Roshan Digital Account Holder. AND
Local Nominee in Pakistan is mandatory.

Lien Based Financing	100% Lien over local currency Saving deposit and 120% lien over foreign currency Saving deposit to the tune of invoice price of vehicle being leased on Roshan Digital Saving Account balance maintained with BOP / Islamic Naya Pakistan Certificate till the maturity of finance. No age limit for this segment.
Non Lien Based - Salaried	• Minimum Age 21 Years to 65 Years at time of maturity • Currently employed, with a total employment experience of Minimum 06 months for regular Salaried Individual and Minimum 1 Year for contractual salaried individual.
Non Lien Based – Self Employed Businessman / Self Employed Professional	• Minimum Age 21 to 65 years at time of maturity • Minimum 06 months in current Business / Professional.

Special Incentives For
Lien / Non Lien Based

• Extremely low profit rates.
• Special takaful rates with value added services.
• Priority car delivery.
• Tailored car financing solution.
• Quick Processing with visibility at each step.

Additional relaxations for Lien Based

• No Limit on age requirements
• No income proof required
• No Security Deposit required
• No credit history required for abroad
• Waiver of DBR

Roshan Apni Car Documentation Requirements

Duly filled application by applicant (RDA Account Holder).
Copy of CNIC/NICOP/POC of RD Accountholder and Nominee / co-applicant as applicable
Proof of current Non-Resident Status of RD Accountholder and relationship with Nominee / co-applicant through following documents:

Proof of being in business or profession of RD Accountholder for last 6 Months’ at minimum.
Proof of source of income/ funds, through following documents;

For Salaried individual:

For SEB/SEP:

Copy of professional degree of RD Accountholder (for professionals).
Consent of RD Accountholder for grant of car finance by BOP against his RDA and debit Authority towards recovery of monthly rentals
Undertaking by RDA holder to continue sending adequate foreign remittance to his RDA to regularly service the proposed car finance facility.
Documentation requirement as per segment:

Lien Based	Customer Undertaking to mark lien on collateral, Letter of Lien, Letter of set-off, PG (personal guarantee)
Salaried Individual	Salary Slip (if not provided at the time of RDA Opening)
Businessmen	Tax return or any other proof of income (If not provided at the time of RDA Opening) Latest 1 year Bank Statement
Remittance Based	Remittances through RDA or any other account (Proof required)

Pricing

Floating Pricing	Rate
Lien Based	SBP Floor^* + 1% (with floor & cap)
Non-Lien Based	01 Year KIBOR^** + 1% (with floor & cap)

^*SBP Overnight Repo (Floor) Rate which is currently prevailing at 6%.
^**Karachi inter-bank offer rate.

Auto Finance Takaful Rates for RDA Customers

	Adamjee	EFU	Jubilee	UBL Insurers	Askari Ins.	IGI Ins.	United Ins.	Century Ins.	SGI
Exclusive Rates (Standard Product)
– Without Tracker	1.50%	1.40%	1.75%	1.40%	1.75%	1.50%	1.50%	1.75%	2.25%
– With Tracker	1.99%	1.99%	1.99%	1.89%	2.00%	1.75%	1.75%	2.25%	2.50%

Rates with Add-ons (VAS*)

	Adamjee	EFU	Jubilee	UBL Insurers	Askari Ins.	IGI Ins.	United Ins.	Century Ins.	SGI
Value Added Services
– Without Tracker	2.90%	NA	2.25%	2.90%	Additional Premium of Rs. 2,000 Per Finance Per Annum	NA	NA	1.75%	NA
– With Tracker	3.50%	NA	2.50%	3.50%	Additional Premium of Rs. 2,000 Per Finance Per Annum	1.99%	NA	2.25%	2.50%

Rates with Add-ons (VAS*)

Adamjee	Road Accidental Death Cover for applicant of sum covered of vehicle or PKR 2.5 Million whichever is less. Health Takaful plan of 20% of Vehicle’s Sum covered or PKR 500,000 whichever is less. (Applicable for Age limit not more than 60 years) Online unlimited medical consultancy (Sehat Kahani) with Audio and Video call both options for General Physician + Specialist. Facility available for applicant , Spouse and Kids Travel Takaful plan for applicant of USD 50,000 (Only applicable for Vehicle with sum covered above PKR. 2 Million).
EFU	Personal accidental death coverage of PKR 2.5 million of the life of policy holder.
Jubilee	Full outstanding financed amount to be paid by Jubilee General in the event of accidental death of Roshan Digital Account Holder, anywhere in the world. Free medical expense cover up to PKR 1,000,000/- in case of hospitalization of Roshan Digital Account holder during the trip to Pakistan for 30 days. Rates are applicable up to vehicle value of PKR 10 Million.
UBL Insurer	Personal accidental death coverage of PKR 2.5 million of the life of policy holder.
Askari Ins.	Accidental Medical Coverage for applicant up to Rs.500,000 p.a
IGI Ins.	Accidental death coverage up to Rs.2.M Accidental Health Takaful Plan up to 20% of Vehicle Travel Takaful Plan up to USD Rs.50,000 for Single trip on maximum one month visit
United Ins.	NA
Century Ins.	Accidental death coverage up to Rs.2.5 M
SGI	Accidental death coverage up to Rs.250,000

Frequently Asked Questions

1. What is Roshan Digital Account (RDA)?

Roshan Digital Account (RDA) is a major initiative of State Bank of Pakistan, in collaboration with commercial Banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis banks (NRPs) seeking to undertake banking, payment and investment activities in Pakistan

2. What is BOP-TIB Roshan Apni Car?

BOP-TIB Roshan Apni Car is a Car Finance Facility where RDA holders can enjoy Car Finance from BOP-TIB on Privilege terms.

3. Who can apply for BOP-TIB Roshan Apni Car?

Customers maintaining their Roshan Digital Account (RDA) with BOP.

4.Who can benefit from this offer

BOP RDA Holders and their Family Members in Pakistan.

5. What are the benefits of BOP-TIB Roshan Apni Car?

Fast Track Processing Quick and hassle free processing of Car Finance referrals made under RDA Car Finance. This includes:

Privilege Profit Rates

6. Who can be the Local Nominee / Co-Applicant for BOP-TIB Roshan Apni Car?

To avail the Roshan Apni Car facility Local Nominee / Co-Applicant is mandatory. Nominee / Co-Applicant has to be from the following categories:
Parents, Siblings, Spouse and Children

7. What are the mandatory requirements to avail BOP-TIB Roshan Apni Car?

Mandatory Requirements are:

Must be BOP Roshan Digital Account Holder
Local Nominee / Co-Applicant in Pakistan is mandatory.

8. Can I Apply for this facility?

Yes you can if,You are a BOP RDA holder and have a relative in Pakistan who can apply with you as a Nominee / Co-Applicant.

Minimum qualifying criteria;

Salaried Individual:

Minimum Age 21 Years to 65 Years at time of maturity
Currently employed, with a total employment experience of 06 months for permanent and 01 year for contractual

Self Employed Businessmen/Professional:

Minimum Age 21 to 65 years at time of maturity
Income calculation through bank statement or tax returns
Minimum 06 months in current Business / Profession.

Remittance based financing:

Regular remittance credits to your family members (Nominee / Co-Applicant) in Pakistan.
There is a continuity of remittance – at least 6 regular deposits in Nominee / Co-Applicant’s account through Foreign Account or Roshan Digital Account or Remittance Slips.

Lien based financing:

Roshan Digital Account holders can avail auto finance against lien on their Pak Rupee Roshan Digital Account or Pak Rupee Islamic Naya Pakistan Certificate.
100% Lien over Roshan Digital Account balance/ Islamic Naya Pakistan Certificate maintained with BOP in PKR and 120% lien over foreign currency deposit to the tune of invoice price of vehicle being leased.
Financing against Lien on Islamic Naya Pakistan Certificate shall be extended with respect to the term / period of Certificate. Where RDA holder wishes to avail facility for extended period he shall arrange the Certificates as per the financing tenure.

9. How can the customer apply for Roshan Apni Car?

Customer will initiate the auto finance request from RDA webpage on BOP website www.bop.com.pk
Customer is required to fill an online application form on Roshan Apni Car Web Portal.
BOP RDA Customer Nominated Nominee / Co- applicant in Pakistan will be contacted for further documentation and completion of formalities.

10. How much Finance Facility can I avail?

Maximum Finance Amount can be avail up to 10 Million for Locally Manufactured New and Completely Build Up (CBU) vehicles.

11. What Mode of Financing is offered in BOP-TIB Roshan Apni Car?

Financing on Variable Rate

12. What is the period of the finance?

Maximum up to 07 Years

13. How much initial Security Deposit do I have to make?

Min 15% of Vehicle’s Value against Non-Lien based Financing
0% Security Deposit against Lien Based Financing

14. What is the processing fee?

You have to pay a processing fee of PKR 6,000/- (16% Federal Excise Duty will be levied)

15. What other charges do I have to pay?

All other charges will be applicable as per the Schedule of Service Charges.

16.Which vehicle categories are offered for financing through BOP-TIB Roshan Apni Car?

Under Roshan Apni Car Brand New Locally Manufactured and Completely Build Up (CBU) Vehicle financing is offered only.

17. How do I pay the Finance?

Monthly rentals shall be paid through Direct Debit Instructions from PKR Roshan Digital Account.
It is mandatory for Foreign Roshan Digital Account Holder to open Roshan Digital Account in Pak Rupee.

18. Can I pay the finance before the maturity?

Yes, you have the option to pay the Finance as per the prevailing SOC’s.

19. What is the security of the Finance?

The car is the security, which will be registered in favor of the bank

20. Whose name will the car be booked and registered in?

Vehicle will be booked and registered in the name of the Bank

21. What will be the application Processing time?

05 working days after completion of all required documents.
^*TAT may extend in case of any additional scrutiny, delay of documentation or any unforeseen circumstance beyond Bank’s control.

22. What will be the Vehicle delivery time by manufacturer?

Priority delivery up to half of the actual tentative time of delivery as per Provisional Booking Order Form.
^*The above mentioned delivery timeline is tentative and subject to change by the manufacturer.

Roshan Apni Car EMI Calculator

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