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FLEXIBLE PAYMENT OPTIONS: Frequently Asked Questions

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What is the flexible payment or equated monthly installment (EMI) option initiated by CFA Institute in India?  
Eligible CFA® Program candidates in India will have the option to pay their CFA® exam fees in monthly installments at low interest rates through digital and collateral-free financing solutions provided by Eduvanz Finance.  
Who is the flexible payment partner, Eduvanz?  
Founded in 2016, Eduvanz Finance is a learner-focused financing institution. By enabling fast and convenient access to financial solutions, Eduvanz has empowered more than 125,000 students to unlock their career and professional learning goals. To initiate an application, please visit: www.Eduvanz.com/CFA 
Can I obtain a loan from institutions or bank other than Eduvanz?  
Yes, students may select any loan provider. As the CFA Institute payment partner, Eduvanz will provide CFA Program candidates with quick approvals, direct payments to CFA Institute, and hassle-free processing to students. 


Who is eligible for the flexible payment option?  
In addition to being a CFA Program candidate registering using the “Pay by Invoice” option, borrowers must be: 
An Indian citizen currently residing in India  
Between 21 and 65 years old 
A salaried employee of a private limited company or a public sector undertaking or self-employed with minimum turnover 

In addition, non-wage-earning students must ask an earning family member to apply as their financial co-applicant. 

Flexible Payment Details

What are the tenures available for the flexible payment option?  
The EMI tenures vary from 6 to 24 months.
Is the payment disbursed in favour of the borrower or paid to CFA Institute directly?  
Once approved, the full amount will be paid by Eduvanz to CFA Institute to complete a candidate’s CFA Program registration.
Can a family member be a co-borrower?  
The option for a family member to be a co-borrower is available to earning working professionals.  For students studying in colleges and not yet earning, an earning family member will need to apply as the financial co-applicant.
Can I also take advantage of this flexible payment support for local CFA Program trainings?  
This initiative covers only CFA Program registration fees. For local training programs, please reach out to the training provider directly to determine whether a separate initiative is available to provide payment support.

Programs/Fees Covered

Which courses and fees can and cannot be covered by the EMI option?   
The EMI option can be used to cover all three levels of the CFA Program. The following courses and fees, however, are not covered as part of this initiative: 
Other credentials and certificate program from CFA Institute  
Course fees for scholarship candidates  
Deferral and rescheduling fees  
Can I avail the EMI option to pay the Standard Registration Fee as well?
Having an active invoice as proof of your CFA Program exam registration is key document to initiate an EMI application.  
The option to download an invoice is available through the Early Registration window and for a limited period during the Standard Registration window.  
Payment via invoice: Available up to 40 days before the closing date of registration. Please refer to the exam calendar for more details on the deadline. 

Documents Required

Does the EMI application require security or collateral?  
No security or collateral is required for this loan.
Can a family member furnish the necessary proof of income to initiate the EMI application for the candidate?  
Yes, if the candidate is not earning any income, then a family member can act as a co-applicant and furnish all of the necessary proof of income. The family member also must meet the Know-Your-Customer requirements to initiate an application on behalf of the candidate.  

Application Process

What is the process for a candidate to initiate an EMI application?
Following is the process to initiate an EMI application: 

Register for the CFA Program on CFA Institute website.  
On the payment page, select “Pay By Invoice” and download the invoice.  
Visit the dedicated page for CFA Institute on the Eduvanz website (www.Eduvanz.com/CFA).  
Select the option to initiate an application and complete the necessary requirements.  
Submit the invoice downloaded from the CFA Institute registration process.   
Where can I submit the EMI request? Can I submit the request from the CFA Institute website?  

The EMI application can be submitted only from the Eduvanz website (www.Eduvanz.com/CFA). Applicants may not submit these requests from the CFA Institute website. 

If I have any questions, can I call or email Eduvanz? 
Applicants can contact Eduvanz through their website www.Eduvanz.com/CFA.

Impact of CFA Exam

Will my CFA exam registration and results be cancelled if I fail to make the necessary EMI payments?  
No, CFA exam registration and results will not be cancelled if the EMI payments are not made. The EMI payments are not linked to CFA exam registration or results.  
If I discontinue my study or do not appear for the exam, what will happen to my EMI repayment?   
The EMI repayment is not linked to your CFA exams. The loan repayment will continue to be deducted from your bank account as per the agreement signed between Eduvanz and the applicant. 
CFA Institute has deferred my exam to the next window. What will happen to my EMI repayment schedule? Does this payment also get deferred?  
The EMI repayment is not linked to your CFA exam. Therefore, the repayment schedule will remain the same, regardless of any exam deferrals.  
I have just cleared my CFA® Level I exam and have a few months left on my loan repayment. If I am ready to register for my next exam level, may I apply for the next loan while I have an active loan with the institution?  
Yes, applicants can apply for another loan for the next exam level. Please note that the new EMI will run parallel to the existing EMI. 
What will happen if Eduvanz fails to make the payment to CFA Institute in time to meet the invoice deadline? 
A candidate’s registration is accepted once the fee amount is received by CFA Institute. To ensure that the registration is successful, we encourage candidates to initiate their EMI application well in advance of their invoice due date.  
Please contact the Eduvanz team directly to clarify the requirements and processing timelines for money to be transferred to CFA Institute. 
What is the refund process if a candidate cancels their exam registration and has availed the EMI option to register? 
Refunds from CFA Institute are applicable only under certain circumstances. Please read the CFA Institute Refund Policy for more details.    
If you have availed of a loan and have paid one or more instalments of your EMI, Eduvanz will initiate a refund of the EMI amount after the refund request has been accepted by CFA Institute as per CFA Institute policy and your registration amount has been refunded by CFA Institute to Eduvanz.
For details on the exact refund amount and any applicable deductions, please refer to the signed agreement between Eduvanz and the applicant.   

Disclaimer: The flexible payment option does not constitute any financial or investment advice by CFA Institute, or any provision of any financial or brokerage services by CFA Institute. Eduvanz is an independent third-party education loan provider that is neither related to nor an agent of CFA Institute, and CFA Institute shall not be liable for any acts or omissions of Eduvanz. Once the applicants successfully avail of the flexible payment option, all related payments (and any refund of fees) will be solely as per terms of documentation between the applicants and Eduvanz, and CFA Institute shall neither be a party to such documentation nor be liable for or in respect of any such payments, refunds, or defaults in any manner whatsoever.
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