To be eligible for the MPOWER Financing student loan you should be from the U.S. or Canada while you attend school also, you should be within two years of graduating from your program, which must be degree-seeking.
MPOWER Financing
International NBFC
7 days Loan Processing Time
Margin
NA
Processing Fees
5%
Collateral
NA
Non Collateral
Upto 80 lakhs*
Repayment Tenure
Upto 10 Years
Cosiger Needed
No
Collateral Loans
NA
Non Collateral Loans
Up to 80 lakhs
Features of MPower Financing
Education Loan Abroad
MPOWER Financing is dedicated to providing education loans for international students. Their focus is on supporting individuals with high potential, irrespective of their financial situation, family background or gender.
MPOWER offers student loans for international students, U.S. citizens, and DACA students. You'll only have to pay interest during your time in school and for the first 6 months after graduation. After that, you can repay both principal and interest in a 10-year term.
Loan Margin: NA
Processing Fees: 5.0% onwards
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹80 lakhs (Non Collateral) |
| Margin money | NA |
| Interest rate | 12.74% |
| Processing fee | 5% |
| Processing time | 12 Working Days |
| Loan tenure | Upto 10 Years |
| Prepayment charges | No Charges* |
| Countries covered | MPower offers abroad education loans to study in USA, Canada, the UK, |
| Moratorium | Course Duration + 6 months |
Benefits of MPower Financing Education Loan
No Penalty for Prepayment
You won't face any penalty fees if you prepay your loan. You can prepay your loan from any location and from any currency.
No Need for a Cosigner, Collateral, or Credit History
Open to students of all majors and degrees.
Flexible Loan Amounts
Mpower Financing provides loans starting from $2,001 to $100,000. This loan covers tuition fees, school supplies, and living expenses for upcoming semesters or settle past due balances.
Earn Up to 1.50% Interest Rate Reduction
You can earn a discount of up to 1.50% on your interest rate. This loan also helps you in building your U.S. credit history for future financial opportunities.
6-Month Grace Period After Graduation
You will only have to make interest payments while in school and for six months after graduation.
How To Apply For MPOWER Financing
Education Loan For Abroad Studies?
You can get in touch with our team of experts by filling out the form on our website. Lorien will schedule a callback with you and guide you through the process.
From helping you upload documents online to presenting it to the banks, Lorien will help you throughout the application process.
Once all your documents are uploaded & KYC is done, you can expect your loan to get sanctioned within a few working days.
Why Choose Lorien To Get Education Loan From MPOWER Financing?
Higher Chances of Approval: Generally, banks dismiss education loan applications if they find any missing documents, property issues, or other issues. But with Lorien, you have access to experts who can reach out to the bank and help you resolve your queries on time.
Ease of Use: Students can easily contact us by filling out a form on the website and our most trusted experts will reach out to them to help them with any query. The process is simple and efficient to make your study abroad dreams a reality.
100% Free Assistance: Our services are free of cost and we do not charge our students for helping them apply for their education loans.
Quicker Loans: Our experts make sure that your education loan is sanctioned as early as possible. We also keep track of the application and make sure that all the requirements from your end are fulfilled.
Build your dream career with us.
Fill this form and our experts will contact you
Eligibility Criteria For MPOWER Financing Education Loan Abroad
Eligibility Criteria for Borrower:
- Should be from the U.S. or Canada while you attend school.
- Should be within two years of graduating from your program.
- You can apply up to a year before your program begins.
- Ensure your program is degree-seeking.
Eligible Countries:
- USA
- Canada
Eligible Courses
- MBA
- General & PhD
- Dental
- Medical
- Law
International Student:
- Your resume or CV
- Proof of your current address
- Your passport
- If you already have your I-20 (letter of acceptance for Canadian schools), provide the first two pages
- If you already have a US/Canadian visa, provide a copy of the visa on your passport page
- If you are already in the US/Canada, provide proof of your address
- Scores from standardized tests like GRE, GMAT, LSAT, MCAT, or NBDE
- Scores from an English proficiency exam like TOEFL or IELTS, or a waiver from the university
- An admission letter from the university
- Transcripts or diplomas from your previous universities
- A financial summary of the program's cost or an estimate of attendance costs
- A secondary photo ID from your home country (in addition to your passport)
- Supporting evidence for the funds you listed in your application
- Completion of the MPOWER student loans video and quiz
- References
- Provide a school invoice dated within the last 30 days and current transcripts (unofficial transcripts are acceptable)
- If you have any existing debt, provide a copy of the debt
- If someone else is providing financial support, have them complete our letter of financial support and include evidence
- Optional: Provide a paystub or previous salary evidence
DACA Student
- Your resume or CV
- Present proof of your DACA status.
- Scores from standardized tests like GRE, GMAT, LSAT, MCAT, or NBDE
- Scores from an English proficiency exam like TOEFL or IELTS, or a waiver from the university
- An admission letter from the university
- Transcripts or diplomas from your previous universities
- A financial summary of the program's cost or an estimate of attendance costs
- A secondary photo ID from your home country (in addition to your passport)
- Supporting evidence for the funds you listed in your application
- Completion of the MPOWER student loans video and quiz
- References
- If you're already attending classes, provide a school invoice dated within the last 30 days and current transcripts (unofficial transcripts are acceptable)
- If you have any existing debt, provide a copy of the debt
- If someone else is providing financial support, have them complete our letter of financial support and include evidence
- Optional: Provide a paystub or previous salary evidence
Domestic Student
- Your resume or CV
- Address proof of US Address
- Scores from standardized tests like GRE, GMAT, LSAT, MCAT, or NBDE
- Scores from an English proficiency exam like TOEFL or IELTS, or a waiver from the university
- An admission letter from the university
- Transcripts or diplomas from your previous universities
- Your Passport or Birth Certificate
- A financial summary of the program's cost or an estimate of attendance costs
- A secondary photo ID from your home country (in addition to your passport)
- Supporting evidence for the funds you listed in your application
- Completion of the MPOWER student loans video and quiz
- References
- If you're already attending classes, provide a school invoice dated within the last 30 days and current transcripts (unofficial transcripts are acceptable)
- If you have any existing debt, provide a copy of the debt
- If someone else is providing financial support, have them complete our letter of financial support and include evidence
- Optional: Provide a paystub or previous salary evidence
Documents Required
Repaying the Loan
When you refinance your MPOWER Financing student loans, you'll be able to pay off your home mortgage and hence free yourself from the need for a cosigner and collateral. A timely repayment of loans will not only help borrowers avoid the burden of interest but also helps them get easier loans in the future.
FAQs
Bringing answers to your questions
What are the eligibility criteria for MPOWER Financing's education loans for studying abroad?
What is the interest rate on education loans for studying abroad, and how is it calculated?
MPOWER Financing offers education loans with very low-interest rates. The exact interest rate may vary, and it is advisable to contact them directly or visit their official website for the most up-to-date information.
What is the process for applying for a MPOWER Financing education loan for studying abroad?
You can apply for a MPOWER Financing education loan for studying abroad by getting in touch with Lorien. Fill out the form on our website, and our experts will schedule a callback with you. They will guide you through the application process, help you upload necessary documents online, and present the application to MPOWER Financing. Once all documents are uploaded and KYC is done, the loan is expected to be sanctioned within a few working days.
Does MPOWER Financing offer any special benefits or interest rate reductions for exceptional academic performance?
MPOWER Financing's education loans are known for their low-interest rates, providing financial support for students aspiring to study abroad. While MPOWER Financing may not explicitly mention special benefits for exceptional academic performance, Lorien, as your trusted education loan partner, works diligently to ensure you access the most favorable terms. By leveraging our expertise and relationships with financial institutions, Lorien assists you in securing the best interest rates available. Our commitment is to make your study abroad journey financially viable, offering personalized support to enhance your overall experience.
Is there a co-applicant or guarantor required for the loan?
Yes, a co-applicant is required for MPOWER Financing's education loan, and it is typically the student's parent(s). In certain cases, a guardian, relative, or siblings can act as the co-applicant.
What collateral or security is required for the loan?
Collateral requirements may vary based on individual circumstances and the loan amount. Lorien, as your dedicated education loan partner, can facilitate this communication, ensuring you receive accurate and personalized information tailored to your specific needs. Contact us to navigate the intricacies of collateral or security for your MPOWER Financing education loan, making your application process smoother and more transparent.
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