How it Works?
Study Now, Pay Later
A shariah aligned, riba-free payment service that allows you to pay your college fee in monthly installments.
Easy monthly payments make education affordable for the first time in Pakistan!
How does it work?
- Submit the application through our form. The app will be live by end of January 2024 which is our official launch date.
- Once verified, EduFi will pay your full year fees on your behalf to the University.
- You will make Riba-Free payments to EduFi on a monthly basis.
- The Islamic Ijaraha service charge is 1.4% per month. (we are the most affordable in the market)
Super Easy!
Key Features:
Shariah Aligned, Riba Free
Direct Disbursement to Educational Institute
No Collateral Required
Easy and Convenient Monthly Installments
Quick Processing Time
Multiple Payment Methods
Find out how much of your fee bill EduFi can fund by using our easy calculator.
Results
You are eligible for Fee Bill coverage of:
Your plan duration will be:
Your Monthly Installments for 12 months will be:
You can apply for EduFi's study now, pay later service if you’re a parent/guardian/student of an active student in any of EduFi's partner educational institute.
Documents required are:
- Scanned copy of active CNIC (front & back)
- Recent Photograph
- Bank Statements
- Should be of your primary Bank account.
- Should be of at least last 6 months.
- You can either provide Digital or Stamped Paper Based Bank Statement
A: EduFi's Study Now , Pay Later (SNPL) service is 100% Shariah Aligned and Riba-Free.
A: No, you can apply only if you are a student enrolled in one of our registered institutes.
A: Following education institutes are onboarded with EduFi's Study Now, Pay Later (SNPL) program:
- Avicenna Medical & Dental College
- Central Park Medical College
- Dream3: College Counselling
- Greenwich University
- Lahore Leads University
- National College of Business Administration & Economics (NCBAE)
- Rashid Latif Medical College
- Shalamar Medical College
- Sir Syed University of Engineering and Technology - (SSUET)
- Superior University
- University of Management and Technology
- University of Lahore
A: The tenor is 12 Months.
A: EduFi's Study Now , Pay Later (SNPL) service is 100% Shariah aligned and Riba-Free. It is based on the islamic principles of Ijarah where a customer pays a fixed percentage fee as a service charge , added to the total outstanding amount. The Islamic Ijarah service charges are 1.3% per month which are the most affordable rates in the market.
A: You need to have a good DBR (debt burden ratio) and a clear credit history.
A: We are inviting applications from all the categories, i.e., Salaried Individuals, Self Employed Businessmen (SEB) and Self Employed Professionals (SEP).
A: Following documents are required for the application:
- Scanned copy of active CNIC (front & back)
- Recent Photograph
- Bank Statements
- Should be of your primary Bank account.
- Should be of at least last 6 months.
- You can either provide Digital or Stamped Paper Based Bank Statement
A: We calculate your DBR (Debt Burden Ratio) score.
A: Each installment is to be paid after a month.
A: Study Now, Pay Later (SNPL) approval process takes 5 hours at its earliest and 3 working days at its latest.
A: The fee bill is the maximum financing amount that you can apply for.
A: Yes.
A: Edufi will notify concerned educational institute once your fee funds are disbursed.
A: Yes.
A: Contact us through Email: support@edufi.tech or call us at : 03268018573
Timings: We are offering 24/7 support services to our customers.
A: Yes, you can.
A: You can apply for the SNPL program at least a year in advance of your child's fee due date.
A: 3 days prior to the fee due date, as it takes 3 days for us to process your application.
A: There are no processing charges for EduFi's Study Now, Pay Later (SNPL) application.
A: Customers can check the application status by calling customer support. The EduFi app will be live by end of January 2024 which is our official launch date. Afterwards, customers will be able to see the application status themselves.
A: No, it will not increase.
A: No, the Islamic Ijarah service charges are fixed. They are the lowest across Pakistan for any education financing currently.
A: EduFi offers flexible payment methods to pay off the installments. Customers can use either of the following as per their convenience,
- Debit Card
- Credit Card
- Internet Banking
- Easypaisa
- Jazzcash
A: The due date of the monthly installment shall be the 1st day of every month.
A: You can lower the amount of financing you are taking out so that the monthly installments are smaller.
A: Overseas Pakistanis are not eligible to apply for the Study Now, Pay Later (SNPL) program.
A: We recommend Parents to pay as per the installment plan. However, in exceptional scenario, excess payments can be made after seeking approval on case-to-case basis.