AFFIN Education Financing-i (Ijarah & Tawarruq)
Who Can Apply
Malaysians aged 18-45 (students), 21-65 (co-applicants)
Eligible Programs
Foundation, Diploma, Degree, Postgraduate, Professional, PhD
Accreditation
MOHE/MQA/MQR (Malaysia) or recognized bodies abroad
Disbursement
Direct to institution, staggered or one-off
Takaful
GCFT recommended for risk protection
Eligibility & Application Criteria
- Student: Malaysian citizen, aged 18-45, new or current student, full-time or part-time. Part-time students who are employed may apply without a co-applicant.
- Co-applicant: Malaysian, aged 21-65. At least one co-applicant (immediate or non-immediate family) with minimum monthly gross income of RM5,000, or up to two co-applicants with at least RM3,000 each.
- Programs: Foundation, Certificate, Pre-U (A-Level), Diploma, Degree, Master's, PhD, Professional Courses.
- Institution: Must be accredited by MOHE/MQA/MQR (Malaysia) or relevant bodies (e.g., UCAS, CRICOS) overseas.
- Disbursement: Paid directly to the institution, either in stages or lump sum, based on the institution's billing.
- Takaful: Group Credit Family Takaful (GCFT) is highly recommended for both applicant and co-applicant to protect against unforeseen events.
Frequently Asked Questions (FAQ)
How is Islamic financing different from conventional loans?
Islamic financing follows Shariah principles and has a profit rate ceiling (max 15%) even if the OPR rises.
Islamic financing follows Shariah principles and has a profit rate ceiling (max 15%) even if the OPR rises.
What happens if the student defaults before or after graduation?
The university or college is not responsible; the financing agreement is strictly between the student and the bank.
The university or college is not responsible; the financing agreement is strictly between the student and the bank.
What if the student defaults during their studies?
If the account is in default, the bank will not release funds for the next semester, as disbursement is based on the institution's invoice.
If the account is in default, the bank will not release funds for the next semester, as disbursement is based on the institution's invoice.
What if a student drops out or wants to self-fund the remaining semesters?
The student must repay the amount already disbursed according to the financing agreement.
The student must repay the amount already disbursed according to the financing agreement.
Are there late payment charges?
Yes, a late payment charge of 1% per annum is applied to overdue monthly installments until full payment is made.
Yes, a late payment charge of 1% per annum is applied to overdue monthly installments until full payment is made.
Ready to Apply?
Contact AFFIN Bank or visit their official website for more details and application procedures.
Learn More & Apply
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