India based education fintech company GrayQuest has announced its partnership with SBM Bank to facilitate access to affordable funds for clients.
“Through the partnership, SBM Bank India will not only facilitate access to affordable funds to GrayQuest’s clients but also will empower them to address their holistic banking requirements,” the statement said.
Speaking on the partnership, Rishab Mehta, Founder & CEO of GrayQuest, said, “According to our data, the average Indian household spends 13% 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,” Rishab said.
Commenting 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 every parent.”
“We, at SBM Bank India, therefore are excited to partner GrayQuest to invest into this segment,” he added.
