{"id":2708,"date":"2022-05-24T13:34:57","date_gmt":"2022-05-24T13:34:57","guid":{"rendered":"https:\/\/www.newsmakers.com.pk\/en\/?p=2708"},"modified":"2022-05-24T13:34:59","modified_gmt":"2022-05-24T13:34:59","slug":"consumer-auto-financing-tenure-for-vehicles-reduced","status":"publish","type":"post","link":"https:\/\/www.newsmakers.com.pk\/en\/business\/consumer-auto-financing-tenure-for-vehicles-reduced\/2708\/","title":{"rendered":"Consumer Auto Financing Tenure For Vehicles Reduced"},"content":{"rendered":"\n<p>Web Desk &#8212; Due to the country&#8217;s bulging import bill, the State Bank of Pakistan (SBP) reduced on Tuesday the consumer financing tenure for vehicles, bringing it down to a maximum of three years for cars with engine displacement of over 1,000cc, and to five years for those under 1,000cc.<\/p>\n\n\n\n<p>\u201cThe maximum tenure of auto finance facility is reduced from five (5) years to three (3) years for vehicles above 1,000 cc engine displacement and from seven (7) years to five (5) years for vehicles up to 1,000 cc engine displacement,\u201d the SBP circular read.<\/p>\n\n\n\n<p>According to the central bank&#8217;s circular the amendments will be applicable to financing for all locally assembled\/manufactured vehicles, including financing for vehicles of up to 1,000 cc engine displacement and locally assembled\/manufactured electric vehicles.<\/p>\n\n\n\n<p>\u201cHowever, the regulatory treatment of Roshan Apni Car product communicated earlier to RDA participant banks will continue to remain effective,\u201d read the circular.<\/p>\n\n\n\n<p>SBP said that the amendments in PRCF will be applicable, with immediate effect, on new financing facilities where the Banks\/DFIs have not granted the approval yet. However, all other instructions on the subject shall remain unchanged.<\/p>\n\n\n\n<p>The central bank&#8217;s latest measure comes a day after the Monetary Policy Committee (MPC) raised the key interest rate by 150 basis points, taking it to 13.75%, the highest interest-rate level since 2011 when it stood at 14%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Web Desk &#8212; Due to the country&#8217;s bulging import bill, the State Bank of Pakistan (SBP) reduced on Tuesday the consumer financing tenure for vehicles, bringing it down to a maximum of three years for cars with engine displacement of over 1,000cc, and to five years for those under 1,000cc. \u201cThe maximum tenure of auto &hellip;<\/p>\n","protected":false},"author":1,"featured_media":2611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2708","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Consumer Auto Financing Tenure For Vehicles Reduced<\/title>\n<meta name=\"description\" content=\"Due to the country&#039;s bulging import bill, the State Bank of Pakistan (SBP) reduced the consumer financing tenure for vehicles\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.newsmakers.com.pk\/en\/business\/consumer-auto-financing-tenure-for-vehicles-reduced\/2708\/\" \/>\n<meta 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