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