Edufi launches digital study now, pay later scheme in Pakistan

Edufi Financial Services (Pvt) Ltd

ISLAMABAD, MAY 20: Edufi Financial Services (Pvt) Ltd has recently introduced the Study Now, Pay Letter (SNPL) initiative, marking a significant milestone in Pakistan’s financial landscape.

The Securities and Exchange Commission of Pakistan (SECP) has granted Edufi Financial Services (Pvt) Ltd a Non-Banking Financial Company (NBFC) license, paving the way for this innovative endeavor.

This initiative aims to revolutionize education financing by providing a digital platform for students to access financial assistance conveniently.

Recognizing the need for easier access to loans, especially for educational purposes, the SECP has embraced various digital loan business models.

Circular 12 of 2023 was issued to promote licensing activities in investment finance services, further facilitating this initiative.

Also read: Apple is soon going to let users of iPhone and iPad operate their gadgets with their eyes

The SNPL scheme, introduced under the digital loan license, seeks to alleviate funding constraints for low-income students and reduce reliance on costly commercial student loans.

Edufi Financial Services emerges as a trailblazer in this field, poised to redefine education loan management in Pakistan.

The company’s vision includes developing a user-friendly digital interface, simplifying the application process, and offering flexible payment plans tailored to individual students’ financial situations.

Through this digital platform, students can easily apply for and manage their loans, allowing them to concentrate on their studies without financial worries.