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 Students Channel 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 500 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 USP: They offer no collateral and no cosigner loans, and make loan decisions based on your future potential, rather than your family background, income, or assets.
MPOWER Financing offers study abroad loans without any collateral or co-applicant, at reasonable interest rates to international students, showcasing how MPOWER loan works to provide financial assistance. 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, illustrating how MPOWER loan works in terms of currency flexibility. Some more features that will benefit you in relation to MPOWER education loan are shown in the table below.
| Features | Detail |
|---|---|
| Loan amount | Upto 100,000 USD |
| Interest rate | Starting @ 9.99% |
| APR* | 10.89% to 17.08%, depending on the interest rate. |
| 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% origination fee on the loan amount when the loan is disbursed. This fee is added to the loan balance. |
| Other Charges | N/A |
| Margin Money | 0 |
| Loan Tenure | Up to 10 years |
| Processing Time | Upto 7 days (after document submission) |
| Prepayment Penalty | No penalty |
*APR (Annual Percentage Rate) can be referred to as the yearly interest rate paid on investments, but it does not take into account the effect of compounding interest within that year.
Below are some criteria that you need to ensure so that you can be eligible for taking a loan from MPOWER Financing.
• You should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program.
• You should be an Indian Student aspiring to study abroad.
• Admitted to or attending one of their 500+ approved schools in the U.S. or Canada.
With an MPOWER Education Loan, you can be sure that the interest rate you pay will remain constant for the duration of the loan. That is it is fixed in nature.
MPOWER interest rates start from 9.99%. A 5% origination fee on the loan amount when the loan is disbursed. This fee is added to the loan balance. The APR for MPOWER Financing loans ranges from 10.89% to 17.08%, depending on the interest rate You may be able to save up to 0.25% on interest by signing up for auto pay. If you seek a forbearance, cancel your auto pay, make an erroneous payment, or start a modified payment plan, you can forfeit this discount.
MPOWER education loan considers your academic goals as unique. That’s why they support a full range of degree types:
Master’s
MBA
Ph.D.
Bachelor’s
J.D.
LL.M.
M.D.
D.D.S.
Diploma and Associates (Canada only)
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 -
• Resume/CV - It should include the education and employment history of the applicant.
• Proof of home country address - any utility bill, banking statement, or signed lease can be submitted.
• Secondary photo ID - It includes any ID issued by the government.
• Standardized test scores - GRE/GMAT for graduate studies. International students are required to submit their language proficiency test scores as well - TOEFL/IELTS.
• A valid passport and photo identification from the country of origin along with a valid US visa.
• Current university transcripts or admission letters from the university you will be attending.
• Past academic transcripts.
• Target university financial summary - a list of the fee summary from the university (estimated cost).
If you are looking to secure an abroad education loan from MPOWER Financing, demonstrating how MPOWER loan works, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through Students Channel.
Students Channel 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!
MPOWER offers a grace period known as a moratorium, which extends the loan payback time beyond the course of study by an extra six months after graduation. While enrolled in classes, students can take advantage of discounts and repay the interest that has been applied to their loan account. You have up to 10 years to pay off the debt after the moratorium ends, after which you must begin making monthly repayments to MPOWER. If you pay off the loan early, there is no penalty for early repayment.
• Guaranteed best loan - At Students Channel, we are committed to providing you with the most competitive education loan available. We strive to offer you the best possible deal, and if you happen to come across a better offer elsewhere, we will cover the difference in interest rates for the entire duration of your education loan.
• Completely online process - The entire process of MPOWER Financing Education Loan is online so the students don't have to visit the company even once. Students Channel will assist you in the entire process.
• Low turnaround time - With the help of Students Channel’s education counselor, in case of urgency the loan can be sanctioned in less than 3 - 7 days after the document submission.
• Conditional loan offer - with the help of Students Channel you will be able to get a conditional loan offer from MPOWER very fast so that you can also start your visa process as soon as possible.
• Loan Top-up - in case the approved loan amount (from Incred and Avanse only) is less than what was required then MPOWER can provide a top-up on the same to meet the requirements.
After knowing how does MPOWER loan works it is essential to understand the difference between USD and INR loans. A number of students might receive higher APRs due to factors such as low credit scores, program choices, or university selection, etc. This contributes to the development of a perception that INR loans are more favorable. However, to accurately compare INR loans with USD loans from MPOWER, one must consider the following factors:
• The initial rates for unsecured loans with cosigners, offered by competitors and appearing to be low at greater than 9.99% may have experienced an increase during the graduation period over the last few years.
• An additional 2% to 6% is added for forex charges, covering expenses incurred during fund transfers to the university and at the time of repayment.
• A range of 1% to 8% is factored in for various insurance charges.
• An accounting of 0.5% to 2% is made for processing fees.
• Considering all these things you will get that the APR of unsecured loans in INR with co-signer could exceed 16%.
There are several ways in which you can contact MPOWER financing, some of them are –
Office visit
• Address: The Cube at Karle Town Center, 9th Floor, 100 Ft, Nada Prabhu Kempe Gowda Main Road, Next to Nagavara, Bengaluru, Karnataka, 560045
• You can go and visit the required personnel on the above-given MPOWER Financing India office address. Make sure you have an appointment before you reach there.
Emailing MPOWER Financing
• Email ID: info@mpowerfinancing.com If you have any query or need any kind of assistance from MPOWER Financing, you can always reach out to them via the email address mentioned above.
Filling out the online contact form
This is an online contact form that you can find on their official website that can be filled with some basic details. Once you fill in all these details they are passed on to the customer service team of MPOWER Financing which will contact you.
When applying for an MPOWER education loan, you don't need to personally contact them. The entire loan application process is conducted online, which adds convenience and flexibility to your experience. Moreover, if you choose to work with Students Channel, their Loan Counselor will act as your guide and handle all interactions with MPOWER Financing on your behalf. This means that you can secure an education loan for studying abroad without encountering unnecessary difficulties, as Students Channel will take care of the entire process on your behalf. This streamlined approach ensures that you can access the funds you need with ease and at your convenience.
We want to create a platform where every student can find information about Abroad Education easily and thereby steer clear of any career fraud or fake promises by temporary education agencies that look to make profit in short time.
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