The Punjab government is planning to launch a special scheme to facilitate government employees. According to the reports, under the special scheme, the Punjab government would assist the government employees in buying a car for themselves through installments.
A media report suggests that as a part of this new scheme, the government shall assist the employees by making the initial down payment for the car. Thereon after, the government will deduct the periodic installments for the car from the employee’s salary. Once the installments are complete, the employee shall gain complete ownership of the vehicle.
The scheme is likely to be significantly beneficial since last year, the State Bank of Pakistan has lowered the interest rates by 625 basis points to 7 percent. Furthermore, a reduction in the rates of the soft interests now means lesser installments for car financing programs.
Currently, there are no details regarding the particulars of the scheme. However, with the launch of the policy, the number of vehicles on the roads of Punjab will surely increase.