nope, that's not the way to go about. only black oil paint does nothing in my view.
four steps:
1) check how deep the rust spots are behind the tyre. If they are very light (not penetrated in the body), then see if you can use a sand paper to scrub them off.
2) if they are a bit deeper, then apply light sand paper and apply rust converter. (available from kktraders office near jheel park, tariq road). The bottle is i guess for Rs.1200-1400. You can ask the service guy to apply it with a paint brush (make sure to dilute it as per the instructions on the bottle).
3) once done, apply some primer on those spots.
4) now comes the undercoat part. There are two options. i) 3M rubberised undercoating. PSO (adjacent to navy housing scheme gate on dalmia road) , quoted me i guess 15-17k 5 months ago. this includes service and the material everything. , ii) alternatively, you can buy 2 tins of berger autoshield from paint market at PKR1100 each i guess. buy 2 small quarters of black oil paint and 2 litres petrol. Go to any service station and ask them to undercoat. Service charges vary