PLEASE READ THESE TERMS AND CONDITIONS (“Terms”) CAREFULLY. THESE TERMS FORM A LEGAL AGREEMENT BETWEEN EDUFI AND YOU.

BY CLICKING ON “I ACCEPT” OR “I AGREE” OR OTHERWISE USING THE APPLICATION, YOU ACCEPT AND AGREE TO THE TERMS CONTAINED HEREIN. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT CLICK “I ACCEPT” OR “I AGREE” OR USE THE APPLICATION.

ALL INFORMATION, LOGOS, DATA, IMAGES, AUDIO VIDEO, PRESENTATIONS, SOFTWARE, DESIGNS, AND OTHER MATERIAL AND CONTENT INCLUDED IN, ON, OR PRODUCED BY THE SITES, INCLUDING ANY INTELLECTUAL PROPERTY RIGHTS ASSOCIATED WITH ANY SUCH CONTENT AND MATERIAL, (COLLECTIVELY “CONTENT”) ARE OWNED BY AND THE PROPERTY OF THE EDUFI PRIVATE LIMITED.

YOU ARE PERMITTED TO USE THE SITES AND THE CONTENT SOLELY FOR YOUR PERSONAL AND NON-COMMERCIAL PURPOSES PROVIDED YOU COMPLY WITH THESE TERMS & CONDITIONS AT ALL TIMES. EDUFI FINANCIAL SERVICES PRIVATE LIMITED MAY REVOKE YOUR PERMISSION TO USE THE APPLICATION OR CONTENT AT ANY TIME.

Services

Through the Services, you may apply for the EduFi’s Study Now, Pay Later (SNPL) program, subject to the fulfillment of the eligibility criteria laid down in the Mobile web app. You hereby authorize EduFi to collect, authenticate, verify, and confirm the User Data, documents, and details provided by you and as may be required by EduFi to sanction this service.

During the Application process, you must share and upload the User Data on the Web and Mobile Application Form. User Data shall include personal information including your name, e-mail address, gender, date of birth, mobile number, passwords, photograph, mobile phone information including financial information, and other relevant details (“Personal Information”). You agree that the Personal Information shall always be accurate, correct, and complete. As part of the Services, you authorize us to import your details and Personal Information dispersed over Third-Party Platforms. You understand and acknowledge that we may periodically request for updates on such Personal Information and we may receive such updated information from Third Party Platforms.

You also authorize EduFi to get your credit information report from either SBP or other authorized credit information bureau. EduFi shall disburse the financing amount subject to the terms and conditions of the Study Now, Pay Later Agreement.

• All Financing by EduFi is completely Shariah-compliant and Riba-Free under the concept of IJARAH.
• You shall be allowed to apply for the financing up to the limit specified by the Platform. For the avoidance of doubt, the requested amount shall not exceed the fees payable by the Customer to the Education Institution. Upon receipt of the Study Now, Pay Later request, EduFi shall require documentary proof of the fees payable by the Customer to the Education Institution.
• APR: All Financing by EduFi is completely Shariah-compliant and Riba-Free under the concept of IJARAH. For Study Now, Pay Later (SNPL) facility EduFi charges an Islamic Ijarah Service charge which has a fixed percentage of 30% which means an annualized rate of 17% per year. We are the cheapest consumer facility in Pakistan currently for Study Now, Pay Later.
• The Study Now, Pay Later facility allowed through the EduFi’s Platform will be adjusted from the maintained account for this purpose.
• Any fees, charges, etc. payable concerning the credit intermediation process shall be paid directly by EduFi and not by the customer.
• No upfront deductions (first installment, charges, fee, etc.) shall be made from the disbursed amount, and the amount disbursed shall be equal to the financing amount approved.
• EduFi shall allow the Cooling Off period on every approved application and clearly communicate and explain it to the customers. EduFi shall, however, be eligible to collect National Database and Registration Authority Verisys cost, fund transfer cost (if incurred), and CIB costs from such customers who avail of the cooling-off facility.
• In case EduFi elects to proceed against you before a court of law to recover the financed amount you will be liable to pay complete legal charges including a professional fee of an external lawyer in addition to any other out-of-pocket expenses incurred due to pursue recovery proceedings against you.
• You cannot hold the Educational Institution or EduFi Private Limited responsible for any issues regarding repayment of monthly installment plan, or Study Now, Pay Later (SNPL) facility in the court of law.
• The sanctioned amount shall be disbursed to the Educational Institution directly as per the mode provided in the Web and Mobile Application.

Terms of IJARAH:

• The Financer shall provide financing to the Customer who shall request to avail the facility through the Edufi Platform. Further, agrees to provide the financing for the explicit purpose of covering the educational fee.
• The Customer undertakes to submit its request to the Financer along with the requisite documents necessary or requested to be furnished time and again, through the Edufi Platform, which will consequently be forwarded to the Financer.
• The Financer shall ensure through the Edufi that seats are reserved at the affiliated institute that require financing under the concept of Ijarah.
• The Financer shall undertake due diligence of the Customer to ascertain its eligibility for the finance facility and reserves the right to reject or accept the request for the facility, without furnishing any reasons for rejection.
• The Financer covenants and agrees to finance the requested amount payable directly to the educational institution of the applicant upon issuance of the fee voucher under the Ijarah Agreement to be executed between the educational institution and Edufi.
• Edufi and the educational institution will have the discretion to cancel the seat reservation with mutual consent if any of the reserved seats are not utilized.
• The Customer unequivocally and irrevocably consents that the Customer shall refrain from raising any objection to the withholding of the academic degrees by EduFi owing to any default or failure in settling any outstanding payments to the Financer and further to pay back the financed amount in the mode and manner as mutually consented to in the app.

EduFi reserves the right to accept or reject your registration for the Services without obligation or explanation.

You understand and acknowledge that you are solely responsible for the capability of the electronic devices and the internet connection, you chose to run the Platform. The Platform’s operation or the Services on your electronic device is subject to the availability of hardware, software specifications, internet connection, and other features and specifications, required from time to time.

Notwithstanding anything contained in paragraph ‘’SERVICES’’, at item three hereunder, Default shall deem to have been committed, if the repayment amount of the Customer is not remitted in the EduFi account for a period of thirty days from the due date. In the event of a Default, the Customer agrees and acknowledges that EduFi shall be entitled to seek all available legal recourse against the Customer. In addition to the foregoing, the EduFi shall be entitled to (i) permanently black-list the Customer from availing Study Now, Pay Later (SNPL) facilities from the EduFi at any future point in time (ii) report the Customer to the eCIB and/or (iii) seek all remedies available to the EduFi against the Customer under the applicable law.

License

License to use the App: License to use the App: In order to use the Services, you are required to download and install the App or access our web based application form. For this purpose, you represent and warrant that you are of the age of maturity as per the applicable laws to which you are subject and are competent to understand, enter into, and comply with these Terms.

Scope of License: You may install, download, access, or use the App through EduFi’s official website, Online Stores on/from mobile phones, tablets, or any other electronic devices.

Maintenance & Support: You acknowledge that EduFi Private Limited or EduFi shall have sole discretion to suspend the service for maintenance purposes as & when required.

Updates/Upgrades: : We may launch new updates/upgrades for the App. You may subscribe to the same through the Online Stores. In the event, you choose not to update/upgrade the App, certain features or functionality shall not be accessible to you.

Termination

EduFi reserves its rights to terminate these Terms in the event that you breach any provision of these Terms.

Disclaimer Of Warranties

You expressly understand and agree that: Your use of the Services and the Platform is at your sole risk. The Services and the Platform are provided on an “as is” and “as available” basis.

Choice Of Law And Jurisdiction

This Agreement shall be construed and governed by the laws of Pakistan without regard to principles of conflict of laws. Parties further agree that the courts at Lahore shall have exclusive jurisdiction over such disputes.

Study Now, Pay Later (SNPL) Facility Details

Type of Facility:	1 year SNPL (study now, pay later) product
Purpose:	Educational Fee
Islamic Ijarah Service Charges:	~1.4%/Month (Annualized Rate: 17% per year which is equivalent to 30% APR)
Penalty Fees:	0 Rupees
Late Fees:	0 Rupees
Transaction Fees:	0 Rupees
Hidden Charges:	0 Rupees
Tenure of Facility:	12 Months

Please note that this is the cheapest rate for such a consumer facility in Pakistan currently.

Definitions

“FINANCER” shall mean the lending partner which would sanction, process, and grant the Study Now, Pay Later (SNPL) to the Customer(s), through the Platform.

“Customer(s)” or “you” or “End-Users” shall mean any person who accesses, downloads, uses, and views the Platform and the Services.

“Financing” shall mean the application against the fee bill that you may apply for through the Platform and which is sanctioned and granted by Financer, subject to the applicable terms & conditions of the SNPL Agreement.

“SNPL Agreement” shall mean the Study Now, Pay Later (SNPL) agreement to be executed between FINANCER and the Customer(s) for granting the facility whether in physical or electronic form as may be applicable from time to time.

“Outstanding Amount(s)” shall mean the remaining not paid yet amount and Transaction Fee due and payable by you to EduFi.

“Platform” shall mean the App, web app, and Website collectively.

“Services” shall mean the services of granting, sanctioning, and imparting of short-term Study Now, Pay Later (SNPL) facility, through the Platform by EduFi.

“User Data” shall mean any data, information, documents, or materials submitted with the EduFi during use of the Services.

“Website” shall mean www.edufi.tech, managed and operated by EduFi respectively for the provision of Services.

Other Terms & Conditions

The customer agrees, acknowledges, and understands that he/she will comply with the following terms & conditions.

1. No prepayment penalties
2. No penalty on Balloon/Partial Payment
3. No Late Payment Charges
4. 4. The Customer shall pay the amount availed under the finance facility as consideration for the use of the educational resources and materials. The lease rental in the form of installments shall be paid on a monthly basis and continuing until maturity. Repayment through monthly installments will be as per the repayment schedule. The due date of the monthly installment shall be the 1st day of every month.
   1. If the disbursement date is before the 15th of the month, then payment of the monthly installment will be due on the 1st of next month.
   2. If the disbursement date is on or after the 15th of the month then repayment of the monthly installment will fall due on the 1st of next to the succeeding month.
5. Disbursement of the facility shall be subject to prior completion of all required documents by the customer.
6. Default shall be deemed to have been committed if payment of installment as per amortization schedule is delayed or is not received on a due date after EduFi shall be at liberty either to suspend or to terminate the facility after serving a Notice required under the law and will resort to legal recourse. The customer shall indemnify EduFi against all legal costs and expenses (including without limitation all attorneys’ fees) incurred by EduFi through the initiation of proceedings against the customer for recovery of the outstanding amount before a competent court of law.
7. The Customer will provide all the information required by EduFi from time to time relating to the facility.
8. EduFi reserves the right to call back the facility without assigning any reason and customers shall be required to pay all outstanding dues after such recall.
9. In the case where the student decides to transfer, withdraw, or his admission is terminated at the institute for any reason whatsoever, then the refund of the fee is dependent on the institute’s existing internal policy. If the existing policy does not provide any sort of refund for the prepaid school fee, then the parent/guardian of the student (i.e., the customer) is responsible for continuing to pay EduFi the amount as per the installment plan.
10. The EduFi reserves the right to modify, amend, alter, add, withdraw, or cancel any of the terms and conditions of this offer in case of variation in KIBOR, SBP, and SECP circular, regulation, and amendments in law(s).
11. The Study Now, Pay Later (SNPL) program will be spread over 12-month periods with monthly installments.
12. In the case of default, the customer agrees and understands that they will be provided a written notice and a reminder to pay the outstanding amounts payable to EduFi. If even after the payment notice period, the outstanding amounts are not paid by the customer within (15) days of the payment notice, EduFi shall bar the customer from appearing in any examination and or attending lectures, or withhold registration with the university or receiving any certification, diploma or degree until clearance of full payment.