Mirae Asset Financial Services (MAFS), the NBFC subsidiary of the Mirae Asset Financial Group, has partnered with GrayQuest, a fintech player, to empower parent’s to pay the annual education fees of their child in monthly instalments, instead of quarterly or annual payments.

“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 per cent of their annual income on their children’s education fees.

“This payment option will help families convert their large, lumpsum education fee payments into convenient, easy monthly payments,” MAFS and GrayQuest said in a joint statement.

This partnership allows the non-banking finance company (NBFC) to add school fee financing to its current product offerings such as loan against securities and personal loans and provides an additional avenue to grow the loan book & revenues, it added.

Krishna Kanhaiya, Chief Executive Officer, MAFS, said, “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.”

Rishab Mehta, founder & CEO, GrayQuest, said: “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.“

Published on May 20, 2025