State Bank of Pakistan (SBP) has imposed new conditions on loans
The State Bank of Pakistan (SBP) has imposed new conditions on loans taken from banks in various forms to stabilize the rupee and reduce imports.
The State Bank of Pakistan announced measures to reduce imports and stabilize the value of the rupee and impose strict conditions on consumer loans.
A statement issued by the State Bank of Pakistan said that no loan would be given for the purchase of any imported vehicle, while the term of the loan 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 from 50 to 40 percent.
The State Bank of Pakistan has set a maximum loan limit of Rs 3 million for car financing, while a 30 percent down payment condition has been imposed for the loan, which was earlier 15 percent.
According to the SBP, these terms will not apply to 1000cc vehicles, locally manufactured electric vehicles, nor will they apply to financing under Roshan Digital Account.
In addition, new regulations will not apply to Roshan’s own car scheme for overseas Pakistanis. According to the SBP, these measures will improve the banal of payments by reducing imports.
The Deposit Protection Corporation has decided to increase the amount of guarantee for all eligible depositors of banks from Rs. 250,000 to Rs. 500,000. This decision was taken by the Board members of the Corporation in their meeting that was held earlier.
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