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Looking for an education loan from MPower Financing? Know all the relevant details and the process of applying for an MPower loan through GyanDhan.
The soaring cost of education has every student on the edge. Especially when it comes to applying for higher education abroad, it is indeed an uphill task for students to finance the skyrocketing tuition fees and living expenses. This is where institutes like MPower Finance come into play.
Established in the year 2014, the US-based financing platform has become the savior for international students who wish to pursue their higher education from the US and Canada. Students from more than 190 countries have availed MPower Student Loans. There are many benefits of MPower loans for foreign education. Read further to know more about the application process and the added benefits of the MPower education loan.
The eligibility criteria for an MPower Finance education loan -
Check Your Education Loan Eligibility
The steps to apply for an MPower education loan could not be more easy and simple. Here is a quick breakdown of the application process:
Read more on education loans from SBI, Bank of Baroda, ICICI Bank, Axis Bank, HDFC Credila, Prodigy Finance, InCred, Avanse.
However, for an Indian student, the process may be a bit confusing, primarily because the US student documents and the Indian student certification systems are different from each other. On top of it, the figures for the loan would be in USD. Therefore, calculating the numbers in INR and planning the finances accordingly will also be a cumbersome task.
Therefore, to ease the process, you can apply for a loan via GyanDhan. With GyanDhan’s assistance, you can check your loan eligibility, apply for a loan, submit the relevant documents, get your loan sanctioned in no time, and also ensure timely disbursements - all this without shelling out a single penny. The entire process can be completed with a few clicks of the mouse from the comfort of your home.
A student is required to submit all the required documents to complete the education loan application process. This step becomes hands-down easy if the loan is applied via GyanDhan as we provide a customized document checklist. However, some of the documents required at a higher level are -
This is a generalized document checklist for students admitted to graduate programs. Students admitted to undergraduate programs may have to submit a few additional documents.
With MPower Financing, you can avail a lot of benefits which makes the education loan application as well as repayment process a cakewalk. Some of these benefits are:
Since for MPower financing, ensuring loan benefits for its students is its primary objective, it offers many flexible loan amount options. The volume of the funds can range anywhere from US$ 2,001 to US$ 50,000. This is especially beneficial if the student requires a low loan amount.
Read More About: Education Loan Without Collateral for Abroad Studies
The rate of interest charged by the company is fixed, that is, the rate of interest will not change during the loan, thus minimizing the financial burden on the student. International students can borrow at a fixed rate of interest which ranges between 12.99% (13.98% APR) to 15.99% (17.08% APR) as of January 2024. Additionally, the students will be eligible for an interest rate concession of 0.25% if they sign for autopay. If the students qualify for these interest discounts, the rate of interest will start from 12.74% (13.72% APR).
MPower Financing does not charge any margin money and covers 100 percent of the expenses incurred. The loan amount can be used to finance tuition fees, school supplies, and living expenses.
The repayment period of a Mpower Financing loan is 10 years. The time period is ideal as it will not burden the student with high-value EMIs. Students can repay the amount early too as there are no prepayment penalty charges. There are interest-only payments during the study period and 6 months after graduation. The EMIs will be charged after the moratorium period ends (study period plus 6 months after graduation).
MPower also has a Loan Payment Estimator which allows the students to calculate their estimated monthly payments along with the amount they will have to pay during their study period as simple interest. Furthermore, applicants can use GyanDhan’s EMI calculator for customized and specific results as the tool also takes into account the grace period, processing fees, disbursals, and different EMI options.
Here are some additional benefits you enjoy if you apply for an education loan from MPower:
Many students may perceive the risk-based pricing of MPOWER, at 13.72% APR, as high. 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:
Considering all these things you will get that the APR of unsecured loans in INR with co-signer could exceed 16%.
With such numerous and lucrative features, MPower Finance is the most preferred lender for international student loans. So, if you are looking for an education loan for study abroad, look no further and contact GyanDhan right now to get an education loan from MPower. Right from helping you to fill the application form and submit the documents to getting your loan sanctioned immediately and ensuring hassle-free disbursement of loans, GyanDhan will assist you in every stage involved in loan application and disbursement. We also coordinate with the lender to initiate pre-visa disbursement of the loan so that students can get their visas easily. And all of these services are provided absolutely for free of cost.
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