Auto loans rise despite sales slump

KARACHI: Despite a sales slowdown, outstanding car loans rose for the 22nd consecutive month to Rs407 billion in September from Rs393.3bn in August, data released by the State Bank of Pakistan (SBP) showed. Assemblers saw a 12 per cent year-on-year and 3pc month-on-month drop in sales of cars, SUVs, pickups and vans to 15,104 units in September, owing to uncertainties over the delay in the new auto policy, followed by confusion over the general sales tax (GST) on hybrid vehicles, which was later settled at 18pc for vehicles up to 2,000cc, down from 25pc. However, cumulative auto sales rose by…