Tuesday, June 18, 2024

Punjab Govt. Set to Introduce Own-a-Car Scheme for its Employees

In order to encourage government employees, the Punjab government aims to introduce a special scheme. As per reports, the Punjab government will assist the government employees in buying a car for themselves via installments under the special scheme.

A media report indicates that the government will assist the employees by providing the initial down payment for the vehicle as part of this new program. After that, from the wages of the employee, the government will subtract the periodic payments for the vehicle. If the installments are complete, the employee will obtain full ownership of the car.

Since last year, the scheme is likely to be beneficial and the State Bank of Pakistan has reduced interest rates by 625 basis points to 7%. In addition, a decline in soft interest rates now suggests fewer installments for car financing programs.

There is currently no information about the specifics of the scheme. However, with the introduction of the scheme, the number of vehicles on roads of Punjab will certainly increase.

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