Pay Later Plans: External Guide

Pay Later Plans: External Guide

Introduction

Paying the full fee at once can be challenging for many students and parents. To make education more accessible and reduce the burden of a lump-sum payment, Collexo offers Pay Later Plans .These plans allow applicants to split their fees into smaller, more manageable monthly installments.The institute still receives the entire amount upfront, while the applicant repays over time through our trusted loan partners.

This makes fee payments more flexible and affordable, while ensuring institutes receive the fees upfront through our partnered loan vendors. This article will guide you through the steps to set up Pay Later Plans in Collexo.

You can access Payment Plans by following:

  1. Go to Settings 
  2. Click Pay Later Plans
     Pay Later plan setup in Collexo, screen 1 of 2

Available Loan Vendors

Each vendor offers different EMI tenures, interest structures, and eligibility thresholds.

The exact plans available may vary depending on vendor agreements and the applicant’s eligibility.We currently support the following loan vendors:
  1. Propelld
  2. GrayQuest
Pay Later plan setup in Collexo, screen 2 of 2

Following are the details shown for each plan of the vendor/partner:

  1. Tenure - It is the duration of EMI repayment (e.g., 12 months)
  2. Tranche - It describes how the lender disburses the loan principal to the institute. It indicates whether the loan is disbursed to the institute in one payment or split into two or more scheduled disbursements. 
    1. Example: If a student takes a ₹1,00,000 education loan and Tranche = 2, the institute receives the amount in two installments, such as ₹60,000 in the first tranche and ₹40,000 in the second tranche, or ₹50,000 initially and ₹50,000 later based on their preference. 
  3. Threshold – It  is the minimum fee amount eligible for the plan.(Example: If the threshold is ₹20,000, only fees above ₹20,000 can be paid using this EMI plan)
  4. Interest – The rate charged on the loan, applied over the tenure of the EMI.(e.g.,An interest rate of 12% p.a. means the applicant pays 12% annual interest on the borrowed amount.
  5. Processing Fees - A one-time charge applied by the lender for activating or setting up the EMI plan.

Note: 

  • For any concerns related to plans, kindly contact Collexo Support.

  • EMI plans will be visible to applicants only if:

    • The plan is active in settings


    • The payment amount meets the threshold criteria


    • The plan has been enabled for the respective fee in Fee Studio

Conclusion

Pay Later Plans in Collexo make fee payments simple, affordable, and stress-free for students while ensuring institutes face no delays in receiving their funds. By partnering with trusted vendors like Propelld and GrayQuest, institutes can provide applicants with convenient EMI options, greater financial flexibility, and a seamless digital payment experience.