MPower Finance Overseas Education Loan

The cost of education is constantly on the rise and aspirants who wish to pursue their education overseas often opt for education loans to fund their international degree. In such times, the financial institutions like MPower Finance plays a major part. 

MPower Finance, established in the year 2014, a US-based financing platform is one of the leading international lenders providing overseas education loan to the Indian students for pursuing their higher education. As per a research conducted by the company, students from over 190 countries have opted for an education loan from MPower Finance. An education loan from MPower Finance has multiple benefits because of which majority of the students choose this financial institution. 

3 Reasons to apply for an education loan at MPower Finance:

Unlike Nationalized and Private banks, the financial institution MPower Finance is quite flexible with its provisions to offer an education loan. They are as follows: 

• A CIBIL Score of a co-borrower is not considered in an overseas education loan application at MPower Finance. 
• For agricultural crop loan, car loan issue, credit card settlement, loan settlement and write off in the credit history, it is difficult to avail an education loan from the nationalized banks, private banks and NBFC but in such situation MPower Finance avails an education loan. 
• MPower Finance assess the student’s profile and avails an education loan on his/her job prospects after the successful completion of a program.   
• MPower Finance avails an overseas education loan to study only in the countries like USA and Canada. 

Eligibility criteria to avail an education loan from MPower Finance:

The eligibility criteria to avail an overseas education loan from MPower Finance is quite flexible as compared to that of other financial lender institutions. 

• An MPower Partner School list includes around 350 universities. To avail an education loan from the MPower Finance, an applicant should have secured an admission in any one of the universities listed with MPower Partner School. If the university that the student has finalized is in the list, then the student is eligible to get the loan.
• MPOWER Finance avails an education loan solely based on the future earning potential of the student. 
• MPower Partner School funds the programs at Undergraduate level (Only for Last 2 Years i.e. 3rd and 4th years), masters level and PHD courses. 
• Students are eligible to get the disbursement of an education loan only after securing the visa and reaching at the preferred study overseas destination. 
• In terms of living expenses, Mpower Finance sanctions funds for on-campus accommodation only. For off-campus accommodation, Mpower Finance deposits the living expenses in university account and then the amount is further re-deposited to the student’s US account. 
• MPOWER gives 100 % funding up to a maximum of $50,000 (USD) for 2 years and if the expenses of student’s chosen program exceed $50k, they would ask for an explanation and proof of how the student plans to fund the remaining amount. The financial institution disburses the amount of $25,000 in the first year and disburses the remaining amount of $25,000 in second year. If in case the budget of tuition fees and living expenses is more than the mentioned amount for per year, then in such case it is mandatory to provide the documents for shortage of funds in the form of liquid assets. 
• At MPower Finance, to fund the second year of studies, students are required to apply again for an overseas education loan when they are in the second year of studies.
• It is mandatory for students to pay the simple interest every month to build on the student credit history in the USA and Canada. 

Benefits of availing an education loan from MPower Finance:

• Study overseas aspirants can avail an unsecured education loan of up to $50,000
• In an overall education loan process, no collateral and co-signer is required
• Students have the flexibility of the loan amount
• MPower Finance has easy repayment policies 
• MPower Finance helps students in building up a US Credit history and score that eventually helps students while applying for apartment rentals, credit cards etc in the USA. 
• Students are not required to pay any upfront free after the sanctioning of an overseas education loan 
• The loan letter can be used for securing the I20 and for cracking the visa interview

Check Loan Eligibility Criteria of MPower Finance:

To apply for an overseas education loan, students are required to follow the mentioned steps.

Step 1: Go at www.mpowerfinancing.com and click on ‘Get Started’ tab.

Step 2: From ‘How did you first hear about us’ dropdown list, select the option of ‘MPOWER’s Partner Network.

Step 3: Now, select ‘KC Overseas’ from the dropdown list in Organization or website name.

Step 4: Check your university name in the drop-down list, put your course details, intake, and check whether it is approved or not. If it is approved, then start filling up the main application form.  

MPower Finance – Steps to initiate the online education loan process:

• Updated CV of the prospective student  
• Conditional or unconditional offer letter for establishing the proof of program of study
• Poof of country of study address
• Proof of home country address
• Diploma or past transcripts from previous universities
• National ID or other
• Estimated cost of attendance
• Proof of friends and family savings, parents

MPower Finance – Key salient features:

No requirement of co-signer or collateral: MPower Finance avails an education loan solely based on student’s future potential and does not require any co-borrower, collateral, or credit history for the education loan. 

Pan India Reach: The financial institution is a US-based company providing education loan for the global universities located in Canada and USA. The complete education loan process is online and hence the coordination between the company officials and the students happens quite swiftly. 

Rate of Interest: The Rate of Interest (ROI) of MPower Finance is 10.49%. The company also offers 3 concessions of 0.50% each. First concession is given to the students on doing the repayment of the education loan via using the Auto Debit from their bank account. Second concession is given if the student pays regularly for 6 months without any missed payments while third concession is five once the student provides the proof of graduation and the proof of employment.  

Availability of Top Up Loans: MPower Finance is a boon when it comes to availing a top up education loan. For an instance, a student has availed an education loan elsewhere, but he/she is still falling short of the actual requirement as per the course expenses. In such case, students can apply for a top up loan at MPower Finance. 

Repayment Period: The repayment term for an education loan is up to 10 years and it begins 6 months after graduation. 

Moratorium Period: It is compulsory for students to pay the simple interest on the education loan during the moratorium period as it helps students to build on their credit history and avoid the loan amount from growing during the moratorium period. 

Processing Time: The education loan of MPower Finance is much faster comparative to other financial institutions. A conditional approval for an education loan can be obtained in 3 business days whereas after submission of all the documents, the average turnaround time is of nearly one week. 

Support Letter: MPower Finance offers a visa support letter that can be used by students to obtain their I-20 for securing a US student visa. 

Sanction Letter: The Financial institution issues a sanction letter once the university is finalized and it can be used for visa purpose. Validity of the sanction letter is up to 6 months.

How will E’LAN Loans help in availing an education loan from MPower Finance?

ELAN Loans is an exclusive overseas education loan platform helping study overseas aspirants in their entire application process. The education loan process is quite tiring and time-consuming hence it is advisable to avail free assistance from the education loan experts at ELAN.