Mirae Asset Financial Services partners with GrayQuest to simplify education fee payments for parents

Mirae Asset Financial Services, the NBFC subsidiary of Mirae Asset Financial Group, has partnered with GrayQuest, a fintech firm providing digital fee payment solutions for India’s education ecosystem.

The company said the strategic partnership aims to empower parents to pay annual education fees in monthly installments, instead of quarterly or annual payments.

The alliance will allow GrayQuest to expand its offerings to more parents through schools and universities. Parents can now convert their child’s annual or term fees into up to 12 no-cost EMIs. Indian parents are estimated to spend up to 25% of their annual income on their children's education fees. The company believes this payment option will help families convert large, lump-sum education expenses into convenient, manageable monthly payments.

Expanding product portfolio

GrayQuest claims that its digital fee payment platform currently powers fee payments for over 6,500 of India’s leading schools, colleges, and universities. Parents interested in opting for the monthly fee payment plan can check with their respective educational institutions for availability, it said. 

Notably, the partnership will allow Mirae Asset Financial Services to expand its product portfolio while opening up a new avenue to grow its loan book and revenue. The firm has been offering secured loans such as Loan Against Securities and recently entered the unsecured segment with personal loans. With this collaboration, Mirae Asset Financial Services adds school fee financing to its suite of loan offerings.

Leadership comments

"Education is one of the biggest and most important expenses for any parent today. We are happy to partner with GrayQuest to simplify this financial need with convenience and flexibility, and at no extra cost via this product," said Krishna Kanhaiya, Chief Executive Officer (CEO) of Mirae Asset Financial Services.

"Our vision is to become a diversified NBFC powered by innovation, technology & transparency, and I am glad we are continuing in this direction by adding school fee financing to our product mix via this partnership," Kanhaiya added. 

Rishab Mehta, founder & CEO, GrayQuest added, “We are excited to partner with Mirae Asset Group, a highly respected & trusted financial services franchise for millions of Indian families. This partnership will accelerate our mission to enhance accessibility, affordability and convenience in education fee payments for millions of parents across the country who aspire for the best quality of education for their children.“