The magnetic proximity effect is significant for atomically thin layers of two-dimensional materials. In this paper, we study the mechanisms of photogeneration spin-polarized carriers in graphene on a magnetic insulator. The magnetic proximity effect and lowered symmetry at the interface enhance the spin response of graphene in the alternating electric field of the incident light. The first leads to spin splitting of the linear spectrum of Dirac electrons. The second increases the role of the spin-orbit interaction. The main mechanisms of photogenerated spin polarization have been considered, including spin flip intersubband and interband transitions, and their contribution to the absorption coefficient of graphene. Keywords: Dirac electrons, graphene, electric dipole spin resonance, spin-orbit coupling, spin generation.