Education fintech enterprise GrayQuest has collaborated with SBM Bank India to facilitate access of reasonably priced funds to its customers. Established in 2017, GrayQuest is working towards growing comfort of educational charge payments in the nation. It has partnered with more than 2000 schools, colleges and universities across the nation. GrayQuest makes it possible for parents to spend their children’s education costs in straightforward month-to-month payments.
Parents can sign up for the month-to-month payment solution inside 5 minutes on the GrayQuest platform via a secured, easy and paperless method, converting their annual or bulk semester college/college costs into reasonably priced month-to-month payments at no additional price, the enterprise mentioned in a statement today.
GrayQuest parents also obtain rewards such as complimentary insurance coverage cover and access to 50+ exclusive rewards for their youngsters, it added.
Commenting on the partnership with SBM Bank India, Rishab Mehta, Founder and CEO, GrayQuest, mentioned, “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 mentioned that SBM Bank India will facilitate access to reasonably priced funds to GrayQuest’s customers. It will also empower them to address their holistic banking needs.
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Speaking on the partnership and Bank’s foray into education lending space, Neeraj Sinha, Head -Retail and Consumer Banking, SBM Bank India Limited, mentioned, “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 mere expense for each and every parent.”