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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?

  1. Submit the application through our form. The app will be live by end of January 2024 which is our official launch date.
  2. Once verified, EduFi will pay your full year fees on your behalf to the University.
  3. You will make Riba-Free payments to EduFi on a monthly basis.
  4. 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:
PKR
Your plan duration will be:
12 Months
Your Monthly Installments for 12 months will be:
PKR
The above plan is inclusive of Total Islamic Ijarah Service Charges of PKR (1.3% per month). The Total Repayment Amount will be PKR .

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
Q. Is EduFi's Study Now, Pay Later (SNPL) service Shariah aligned?

A: EduFi's Study Now , Pay Later (SNPL) service is 100% Shariah Aligned and Riba-Free.

Q. Can anyone apply for Study Now, Pay Later service (SNPL)?

A: No, you can apply only if you are a student enrolled in one of our registered institutes.

Q. What is the list of EduFi's partner education 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
Q. What is the tenor of the EduFi's Study Now, Pay Later (SNPL)?

A: The tenor is 12 Months.

Q. How does EduFi price its Study Now, Pay Later (SNPL) service?

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.

Q. What do I need in order to qualify for this service?

A: You need to have a good DBR (debt burden ratio) and a clear credit history.

Q. Out of Salaried individuals, Self Employed Businessmen (SEB) and Self Employed Professionals (SEP) which are supported?

A: We are inviting applications from all the categories, i.e., Salaried Individuals, Self Employed Businessmen (SEB) and Self Employed Professionals (SEP).

Q. What documents do I need to provide?

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
Q. What do you do with these documents?

A: We calculate your DBR (Debt Burden Ratio) score.

Q. What is the time period between each installment?

A: Each installment is to be paid after a month.

Q. How long is it going to take before my application gets approved?

A: Study Now, Pay Later (SNPL) approval process takes 5 hours at its earliest and 3 working days at its latest.

Q. Is there a limit on the maximum financing amount that I can apply for?

A: The fee bill is the maximum financing amount that you can apply for.

Q. If I have an Education financing already, can I apply for EduFi's Study Now, Pay Later (SNPL) service?

A: Yes.

Q. How will institute be notified about the approved financing amount?

A: Edufi will notify concerned educational institute once your fee funds are disbursed.

Q. If I have an ongoing EduFi's Study Now, Pay Later (SNPL) monthly installment plan, can I apply for another SNPL application?

A: Yes.

Q. How do I reach out to EduFi support?

A: Contact us through Email: support@edufi.tech or call us at : 03268018573

Timings: We are offering 24/7 support services to our customers.

Q. I have already paid for my child’s fee, but can I still apply for Study Now, Pay Later (SNPL) for the next fee cycle?

A: Yes, you can.

Q. How far in advance of the fee due date can I apply for this program?

A: You can apply for the SNPL program at least a year in advance of your child's fee due date.

Q. What is the latest I can apply for this program?

A: 3 days prior to the fee due date, as it takes 3 days for us to process your application.

Q. Are there any expenses to process EduFi's application?

A: There are no processing charges for EduFi's Study Now, Pay Later (SNPL) application.

Q. How can I access the 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.

Q. Will the Islamic Ijarah service charges ever increase?

A: No, it will not increase.

Q. Can I lower or negotiate the Islamic Ijarah service charges?

A: No, the Islamic Ijarah service charges are fixed. They are the lowest across Pakistan for any education financing currently.

Q. How do I pay my installments?

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
Q. When do I start making payments?

A: The due date of the monthly installment shall be the 1st day of every month.

Q. What can I do if I won't be able to afford the full monthly payment amount?

A: You can lower the amount of financing you are taking out so that the monthly installments are smaller.

Q. Can an Overseas Pakistani also apply for Study Now, Pay Later (SNPL)?

A: Overseas Pakistanis are not eligible to apply for the Study Now, Pay Later (SNPL) program.

Q. Can I pay more than my minimum amount per month?

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.