MPower Finance education loans to study abroad are a great choice for study abroad aspirants. It is a US-based financial institution providing non-collateral loans from USD 2,001 to USD 100,000 (INR 1.60 lakhs to 8.3 crores) at competitive interest rates. It aims to bridge the financial gap and help eligible students cover their tuition fees, living expenses, and other related expenses in the US and Canada. Students who wish to pursue undergraduate, postgraduate, and PhD programs can apply for MPower financing.
In this blog, we will cover all about MPower Finance education loans to study abroad, its salient features, eligibility criteria and much more.
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Also Read: We have compiled a list of top private student loans for students going to study abroad. Check our blog to learn the details of different lenders helping to fund study-abroad education.
MPower Finance Education Loans to Study Abroad
MPower Finance was established in 2014 to support international students and fund their education easily and affordably. They provide high education loan amounts at lower interest rates with up to 0.25% discounts on the ongoing interest rates. Students can avail loans to study abroad from MPower Finance from USD 2,001 to USD 100,000 (INR 1.60 lakhs to 8.3 crores) based on their requirements.
The best part about MPower loans is that they don’t look at the credit score of the applicant but at their future earning potential. International students attending an eligible US or Canadian college or university could greatly benefit from MPower financing no-cosigner education loans to study abroad.
| Basis | Details of MPower Finance Education Loan to Study Abroad |
| Quantum of Finance | USD 2,001 to USD 100,000 |
| Interest Rates | Fixed interest rates with 0.25% discount Starting from 12.99% p.a. (13.98% APR) |
| Collateral Requirement | Not required |
| Countries Eligible | USA and Canada |
| Courses Eligible | Undergraduate, Post-graduate, and PhD courses |
Features of MPower Education Loans to Study Abroad
As per the Ministry of External Affairs, Government of India, 1.5 million Indian students are studying abroad as of 2023 in some of the top destinations like the US, and Canada. If you are one of them aspiring to pursue higher education in these countries, check out why you should consider MPower financing. Let’s discuss some of the features of MPower Education Loans to Study Abroad-
- MPower Finance provides education loans to aspiring students pursuing higher education in the US and Canada and supports more than 400 colleges and universities in these countries.
- Students can avail education loans without a cosigner or collateral as MPower financing assesses an individual future earning potential to evaluate the application.
- MPower Finance can help students build their US credit history by making timely payments during the loan repayment tenure.
- The application process is super quick with a smoother loan disbursement.
- MPower Finance education loan interest rates start from 12.99% p.a. (13.98% APR) and the interest rates remain fixed during the entire loan repayment period. Students who enrol in automatic payments can avail of 0.25% discounts.
- 100% education funding is provided including living expenses for schools in the US.
- There are no prepayment penalties.
- In addition to education loans to study abroad, MPower offers scholarship opportunities, visa support, and career guidance. Here’s how you can prepare for international scholarships.
Eligibility Criteria
All lending institutions like banks and NBFCs have their own set of eligibility criteria for education loans relating to nativity, eligible courses/ countries, credit score and other parameters. Let’s explore what makes a student eligible to avail MPower FInance education loans to study abroad.
- The student must be enrolled in one of the 400+ colleges and universities supported by MPower Finance in the US and Canada.
- The applicant must be an undergraduate or graduate student within 2 years of graduating or is about to begin a 1-year or 2-year study program.
- An international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker can also avail of MPower financing.
Also Read: Know all about LLB education loans to study abroad and the best public banks, private banks, and NBFCs providing education loans for LLB students.
How To Apply for MPower Finance Education Loan
To apply for zero-collateral loans with MPower Finance to study abroad, applicants need to visit their online website as the entire application process is online. The process is simple and easy and can be completed within 20 minutes if you have all the necessary information ready with you. Follow these steps to apply for MPower financing-
Step #1: Visit the official website of MPower Finance.
Step #2: Fill in the required details and submit the documents as asked.
Step #3: You will receive a conditional loan offer letter immediately after completing the application.
Step #4: After the verification of documents, MPower will sanction your loan.
Step #5: Upon receiving the offer letter from the university, the loan will be disbursed directly to the university.
FAQs on MPower Finance Education Loan to Study Abroad
MPower Finance is a US-based financial institution established in the year 2014. It provides support to international students and funds their education easily and affordably. The loans are provided to students who wish to study in the US and Canada.
Students can avail international loans from MPower Finance from USD 2,001 to USD 100,000 based on their requirements.
MPower Finance education loan interest rates start from 12.99% p.a. (13.98% APR) and the interest rates remain fixed during the entire loan repayment period. Students who enrol in automatic payments can avail of 0.25% discounts.
The student must be enrolled in one of the 400+ colleges and universities supported by MPower Finance in the US and Canada and be an undergraduate or graduate student within 2 years of graduating or is about to begin a 1-year or 2-year study program. An international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker can also avail of MPower financing.
Students can avail education loans without a cosigner or collateral as MPower financing assesses an individual future earning potential to evaluate the application.
This was all about MPower Finance education loans to study abroad. To know about education loans, the loan application process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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