Overseas education aspirants willing to fund their international degrees have most of the financial institutions offering foreign education loan. Right from Indian Lenders like private banks, government banks to NBFCs and International lenders there are many options from where an aspirant can avail an overseas education loan. In this article, you are going to know about the process of education loans from the international lender company called Mpower Finance.
Established in the year 2014, a US-based financing platform Mpower Finance provides an overseas education loan to the aspirants for financing their international degree. Before getting straight into the education loan process, let us look at the benefits first:
Benefits of Availing an Overseas Education Loan from MPower Finance:
• Fixed rates avoid interest rate fluctuations and facilitate budgeting
• Interest rate discounts for regular payments and graduation
• 10-year term, $50K maximum loan amount
• Covers tuition, housing, meals, and other school expenses
• Direct disbursement to the school avoids administrative hassles
• Builds credit through small payments while in school
• Free sanction letter to help with immigration
• No prepayment penalty to encourage money-saving early payoff
3-Step Guide to Apply for an Education Loan Process at the MPower Finance:
To apply study loan for abroad studies at the MPower Finance, students are required to visit its official website i.e., mpowerfinancing.com and begin with the application process.
Step 1: Fill in the form by entering a name, e-mail address, educational qualification, details of English Language Proficiency Tests, and other required details.
Step 2: For the verification, applicants are required to update the necessary documents on the MPower portal along with the duly filled application form. The documents are as follows:
• Updated CV
• Conditional or an unconditional offer letter from the university
• Poof of the country of study address
• Proof of home country address
• Past transcripts from previous universities
• National ID or other
• Estimated cost of attendance
• Proof of family savings
Step 3: Once the student has applied to MPower Finance, it takes nearly 5-7 working days to hear back from them.
Important Terms for an Education Loan from the MPower Finance:
While applying for an education loan from the Mpower Finance, students must look at these important terms:
| Education Loan Terms | International Lenders |
| Abroad Education Loan Interest Rate | 9% to 10.5% Per Annum |
| Education Loan Currency | USD |
| Processing Fees | MPower Finance: 5% of loan amount |
| Repayment | Begins immediately after the first disbursement |
| Income Tax Benefits under Section 80 E | No |
| Requirement of Collateral | No |
| Eligible Courses | Programs with a duration of 1 year are applicable. Education loans will be granted for MBA courses in Europe and MS courses in the US and Canada. |
This was a brief about an overseas education loan process of MPower Finance. International lenders are the best option when the applicant does not want to pledge a property.
If you are willing to apply for an education loan in India for study abroad via MPower Finance, feel free to reach out to us. We will help with the overall education loan process. Visit our website at Elan Loans.
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