Democratizing access to higher education financing with secure, one-click solutions
FinTech BizNews Service
Mumbai, June 14, 2024: GradRight, the World’s first AI-driven Edfintech platform connecting students, universities, and lenders, has partnered with PhonePe, a trusted leader in digital finance, to extend its education loans services for Indian students.
GradRight primarily serves students from over 2000 tier 2 and 3 towns and cities in India. These students typically have limited access to quality social networks, counseling, and financing services. With this partnership, GradRight intends to deepen its reach and power a seamless financing services experience for PhonePe’s unmatched network of 530+ million registered users across the country. Through this integration, students and parents can now conveniently access the GradRight platform within the PhonePe app and get education loans of up to 2 crore with competitive interest rates starting from 9.25%.
Speaking on the partnership, Aman Singh, Co-Founder, GradRight said, “This collaboration is a testament to the power of technology in making education more accessible and affordable for students from lower and middle income students, in every corner of India. The partnership changes the game by changing our service opportunity from a few thousands to millions of students. Our technology-first approach offers us a unique advantage to match the speed and reliability of PhonePe and serve its students and parents who wish to avail education loans”
Speaking on the launch, Hemant Gala, CEO, PhonePe Lending said, “India’s digital lending scene is undergoing a visible shift. Robust digital public infrastructure such as Digital KYC, Account Aggregator, digital mandates and more is helping revolutionize the lending value chain and is disrupting the way people gain access to loans. At PhonePe, we are excited to leverage our vast user base and our best in class tech to provide seamless and differentiated experiences for our users. We are very excited to partner with top financial institutions in each category to bring these offerings to life. Further we have an exciting roadmap to responsibly leverage our deep understanding of Indian consumers and provide them with a set of suitable credit products– all within the comfort of the PhonePe app. We are excited to announce the launch of a Secured lending platform across all major categories with top financial institutions. This platform will open up our vast user base to Banks and NBFCs to be able to offer loan products across multiple product categories. It also expands our lending.”
GradRight offers a variety of services beyond financing to empower all stakeholders in the international higher education ecosystem. It also helps students find the best-fit colleges and programs, universities to find and market themselves to the best-matched students, counselors to help finance their students and insurers to offer customized health insurance plans, unique to each college and student requirements.
