GradRight, the world’s first AI-driven Edfintech platform connecting students, universities, and lenders, has partnered with PhonePe, India’s leading fintech company, to extend its education loan services to Indian students.
Through this unique collaboration, GradRight is expanding its reach and enhancing the financing services experience for PhonePe’s extensive network of 530+ million registered users across India. This integration allows students and parents to conveniently access the GradRight platform within the PhonePe app, offering education loans of up to 2 crore with competitive interest rates starting from 9.25%.
By leveraging AI, machine learning and community, GradRight empowers students to make informed decisions on high-return programmes, enables universities to admit the most suitable students, and facilitates banks in financing the dreams of high-potential students. It also helps students find the best-fit colleges and programmes, universities to find and market themselves to the best-matched students, counsellors to help finance their students, and insurers to offer customized health insurance plans unique to each college and student’s requirements.
Aman Singh, Co-founder of GradRight, emphasizes the transformative power of technology in this partnership; he stated:
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 thousand to millions of students. Our technology-first approach offers us a unique advantage in matching the speed and reliability of PhonePe and serving its students and parents who wish to avail themselves of education loans.
GradRight is revolutionizing the higher education sector by eliminating intermediaries and promoting transparency and accountability. Over the past three years, the company has processed loan requests of over INR 20,000 crores and assisted over 200,000 students. It has established partnerships with all major education loan providers and over 50 academic institutions in the US, Canada, and Europe, solidifying its position as a trusted player in the industry.
Hemant Gala, CEO of PhonePe Lending, added:
“We are excited to partner with GradRight to offer Education loans through our newly launched Secured lending platform. Education loan is a very large market & within that, the study abroad loan market has been showing an upward growth trend over the last few years. This collaboration leverages PhonePe’s massive 535+ million user base with GradRight’s expertise in providing overseas education financing, and helps us empower students with the convenient access to higher education funding through secured lending solutions directly within the PhonePe app.”
PhonePe Group, which has its headquarters in India, operates a portfolio of companies that support its mission to provide every Indian with an equal chance to advance their life by facilitating the flow of capital and granting access to services. Its flagship product, the PhonePe digital payments app, was launched in August 2016. Within a short period, the company has scaled rapidly to become India’s leading consumer payments app. Due to its leadership in digital payments, PhonePe Group has expanded into financial services—insurance, Lending, and wealth—as well as new consumer tech businesses—Pincode and Indus Appstore.
