Education fintech company GrayQuest has teamed with SBM Bank India to promote access to affordable funds for its clients. Established in 2017, GrayQuest is functioning towards boosting the amenity of educational fee payments in the country. It has partnered with more than 2000 schools, colleges, and universities across the country. GrayQuest enables parents to pay their children’s education fees in manageable monthly payments.
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Parents can enroll for the monthly payment option within five minutes on the GrayQuest forum through a protected, convenient and paperless procedure, transforming their annual or bulk semester school/college fees into affordable monthly payments at no extra cost, asserted in a statement today. GrayQuest parents also get privileges such as complimentary insurance cover and access to 50+ exclusive rewards for their children, it added.
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Commenting on the partnership with SBM Bank India, Rishab Mehta, Founder and CEO, GrayQuest, said, “According to our data, the average Indian household spends 13 per cent of their annual income on the education fees per child. With rising fees and the growing aspirations of parents in their choice of education for their children, paying education fees is now a significant expenditure for most households. Covid-19 has further increased the financial burden on parents. We, at GrayQuest, feel that the current structure of bulk education fee payments can be made significantly more convenient and affordable for parents.”
“Our partnership with SBM Bank is a major step in that regard which will significantly lower the cost and boost our ability to facilitate such financing for the end consumer,” Mehta added.
The statement indicated that SBM Bank India would stimulate admission to affordable funds to GrayQuest’s clients. It will moreover empower them to deal with their holistic banking mandates.
Speaking on the partnership and Bank’s foray into education lending space, Neeraj Sinha, Head -Retail and Consumer Banking, SBM Bank India Limited, said, “Education, the world over has been considered to be the passport to a better life. In a country, where the core belief stems from Padhoge Likhoge Banoge Nawaab, education is the most important investment and not a mere expense for each and every parent.”