Introduction
We are excited to announce that you can now provide your students/applicants with the option to pay their fees in monthly installments through our collaboration with GrayQuest, a leading Fintech company in India that specializes in student lending. With this feature, once GrayQuest approves the loan application, the full fee amount will be transferred directly into your bank account, while the student will make monthly payments to GrayQuest.
Here’s how you can enable this payment option for your students/applicants:
Enable GrayQuest Payment Plans
- Go to Global Settings, and select the Pay Later Plan section.
- Contact ticket@collexo.com to set up the payment plans for your organization.
- After activation, ensure that the Pay Later Plan page displays “Activated” next to the payment plans you’ve opted for.
Enable Monthly EMI for Fees
Once the payment plans are enabled, you can add them to the Monthly EMI payment method in the fees section.
- Navigate to the Menu, go to Fee Setup, and select Fee Connect.
- To activate GrayQuest’s payment plans, enable the “Pay Later” payment mode for both existing and new fee connects. Then, choose the plans you want your students/applicants to have access to.
Explore Applicant's View
On the fee selection page, students/applicants will see which fees are eligible for the pay later option.
By clicking the “4 Easy EMIs” button, they can view the available payment plans for the fees.
Once they click the Proceed button on the popup, or the “Pay Now” button for a fee with the “Pay Later” payment method enabled, they will be redirected to the checkout page. Here, they can find the payment plans under the Monthly EMI section in the Payment Options.
After selecting a payment plan and clicking Continue, they will be directed to GrayQuest to complete their loan application.
Transactions involving applicants choosing Monthly EMI as the payment mode will appear on the Track Payments page with the “Mode” marked as EMI. Their status will be “Pending” until the loan is disbursed, at which point the status will change to “Approved.”
Explore the Loan Applications page
- Go to the Menu and select Transactions.
- Click on Loan Applications.
On this page, you can track all students/applicants who have chosen the pay later option. You’ll be able to see the status of their loan application, their requested and approved loan amounts, as well as disbursal details such as UTR and the Disbursed On Date.