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Interest Rate
Starting from 12.99%Processing Fees
5%Margin Money
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All you need to know about MPower education loan for studying abroad
Getting an education loan can be an arduous and frustrating process, especially if you don't have any collateral or co-applicant to support your loan application. You don't need to worry anymore as GyanDhan has partnered with MPOWER Financing to help you get a study abroad loan without collateral and a co-signer.
Founded in 2014, MPOWER Financing is working on a mission to reduce the financial barriers to international education. The company is based in Washington DC and offers education loans for higher studies to study in the USA and Canada. They have been dedicated to the study abroad industry for nearly ten years. The loan process is completely online which makes it more convenient for users to take the loan. There are more than 400 educational institutions for which MPOWER can aid you financially. This is the only lender in our partnership that keeps the interest rate fixed no matter what thus providing an additional benefit to you.
MPOWER Financing offers study abroad loans without any collateral or co-applicant, at reasonable interest rates to international students. The lender provides education loans only for educational institutes that are located in either the USA or Canada. The loan amount is provided in CAD or USD based on your university. Some more features that will benefit you in relation to MPOWER education loan are shown in the table below.
Feature | Detail |
---|---|
Loan Amount | Upto 100,000 USD |
Interest Rate | 12.99% - 15.99% |
APR* | For Graduate Programs - 13.98% For Undergraduate Programs - 15.01% |
Interest Rate Discount | 0.25% (if you sign-up for autopay) |
Interest Rate Type | Fixed Interest Rate |
Minimum Income | N/A |
Repayment | Simple Interest during the course and also during 6 Month grace period |
Processing Fees | 5% (adjusted in the loan amount, No upfront payment) |
Other Charges | N/A |
Margin Money | 0 |
Loan Tenure | Upto 10 years |
Processing Time | Upto 7 days (after document submission) |
Prepayment Penalty | No penalty |
Below are some criteria that you need to ensure so that you can be eligible for taking a loan from MPOWER Financing.
MPOWER education loan considers your academic goals as unique. That’s why they support a full range of degree types:
MPOWER, unlike banks, does not have very exhaustive requirements for documents but there are a few which are compulsorily required. The documents that you will be needing are -
If you are looking to secure an abroad education loan from MPOWER Financing, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through GyanDhan.
GyanDhan is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!
There are several ways in which you can contact MPOWER financing, some of them are -
Multiple lenders to choose from