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All you need to know about MPOWER Financing bank education loan for studying abroad
Study Abroad Expert
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 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.
Feature | Detail |
---|---|
Loan Amount |
Upto 100,000 USD |
12.99% - 15.99% |
|
APR* |
13.72% - 17.08% |
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 |
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.
Check the list of approved Schools for MPOWER education loan - Click here!
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 currently vary from 12.99% to 15.99%. A 5% processing fee is charged by MPOWER; this fee is added to the loan amount and is not due at the time of application. The APR on your loan can be between 13.72% - 17.08% once all expenses are deducted.
You may be able to save up to 0.25% on interest by signing up for autopay. If you seek a forbearance, cancel your Autopay, 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:
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, 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 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!
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.⁴ If you pay off the loan early, there is no penalty for early repayment.
After knowing how does MPOWER loan works it is essential to understand the difference between USD and INR loans. 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%.
There are several ways in which you can contact MPOWER financing, some of them are -
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 GyanDhan, their Loan Counsellor 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 GyanDhan 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.
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