• Mirae Asset Financial Services partners with GrayQuest to offer zero-cost EMI education fee solutions
• Parents can now split annual or term fees into up to 12 monthly installments across 6,500+ institutions
• Partnership helps Mirae diversify into education financing, boosting accessibility and affordability for Indian families

Mirae Asset Financial Services, the NBFC arm of Mirae Asset Financial Group, has collaborated with GrayQuest, a fintech company offering digital payment of fee solutions for India's education sector.

The company stated the strategic tie-up is designed to enable parents to pay annual education fees in monthly installments, rather than quarterly or annually.

The partnership will enable GrayQuest to offer more parents through schools and universities. Parents are now able to convert their child's term or yearly fees into as much as 12 free EMIs. Indian parents spend an estimated up to 25% of their annual income on education fees for their children. The company is confident that this payment option will enable families to break down big, lumpy education costs into easy, affordable monthly installments.

GrayQuest said that its online fee payment platform now supports fee payments for more than 6,500 of India's top schools, colleges, and universities. Parents who are interested in availing of the monthly payment facility can check with their respective institutions regarding availability, it added.

Pointedly, the alliance will enable Mirae Asset Financial Services to diversify its product offerings while creating a new channel to increase its loan book and topline. The company has been providing secured loans like Loan Against Securities and, in recent times, ventured into the unsecured segment with personal loans. Adding school fee financing to its loan product offerings through this partnership, Mirae Asset Financial Services complements its existing products.

"Education is one of the largest and most critical costs for any parent of our times. We are pleased to collaborate with GrayQuest to ease this cost of need with convenience and flexibility, and at no additional cost through this product", stated Krishna Kanhaiya, Chief Executive Officer (CEO) of Mirae Asset Financial Services.

"Our mission is to be an innovation-driven, technology & transparency-fundamental NBFC with diversified offerings, and I am pleased that we are further walking this path by introducing school fee financing into our bouquet of products through this alliance", Kanhaiya stated.

Rishab Mehta, founder & CEO, GrayQuest further added, "It is great to partner with Mirae Asset Group, which is a reputable & trusted financial services franchise for millions of Indian families. This partnership will propel our mission for greater accessibility, affordability and convenience for education fee payments for millions of parents around the country who dream of the best quality of education for their children".