Securing an education loan can be a challenging process, particularly without collateral or a co-applicant. Fortunately, GyanDhan has collaborated with MPOWER Financing, offering a solution for those seeking no collateral no cosigner education loan. Let’s learn more about MPOWER Financing.
Overview of MPOWER Financing
Established in 2014, MPOWER Financing is committed to breaking down financial barriers in international education. Headquartered in Washington DC, the company specializes in providing education loans for higher studies in the USA and Canada. With nearly a decade of unwavering dedication to the study abroad industry, MPOWER offers a seamless online loan process, ensuring user convenience, and stands out in our partnership as the sole lender with a fixed interest rate, delivering an extra advantage to borrowers. Notably, MPOWER requires no collateral no cosigner, enhancing accessibility for aspiring students.
Loan details of MPOWER Financing
- Loan amount: Secure an education loan of up to $100,000 USD.
- Interest rate: Benefit from a competitive interest rate:
- 12.99% for graduate programs.
- 13.99% for undergraduate programs.
- APR:
- 13.98% for graduate programs.
- 15.01% for undergraduate programs.
- Interest rate incentive: Unlock a 0.25% interest rate discount by opting for autopay.
- Interest rate nature: Enjoy the stability of a fixed interest rate.
- Minimum income: No minimum income requirement for eligibility.
- Repayment: Experience simplified repayment with interest accrual only during the course and a subsequent 6-month grace period.
- Processing fee: Navigate the loan process with a 5% processing fee, seamlessly adjusted within the loan amount without any upfront payment.
- Additional charges: Encounter a transparent structure with no additional charges.
- Margin money: Eliminate the need for margin money, requiring zero upfront contribution.
- Loan tenure: tailor your repayment plan with a flexible loan tenure of up to 10 years.
- Processing time: Expedite your loan approval process, with a turnaround time of up to 7 days post-document submission.
- Prepayment penalty: Embrace financial flexibility with no prepayment penalties.
Eligibility for MPOWER Financing education loan
Here are some requirements you should meet to get no collateral no cosigner education loan via MPOWER.
- You must be an undergraduate or graduate student, either within two years of graduating or getting ready to start a one- or two-year program.
- You need to be an Indian student with plans to study abroad.
- You should be admitted to or currently attending one of the 400+ schools in the U.S. or Canada approved by MPOWER Financing. To see the list, click here!
Documents required for MPOWER Financing education loan
MPOWER, unlike banks, does not have very exhaustive requirements for documents but there are a few that are compulsorily required in order to get no collateral no cosigner education loan. The documents that you will need are –
- Resume/CV – It should include the education and employment history of the applicant.
- Proof of home country address – any utility bill, banking statement, or signed lease can be submitted.
- Secondary photo ID – It includes any ID issued by the government.
- Standardized test scores – GRE/GMAT for graduate studies. International students are required to submit their language proficiency test scores as well – TOEFL/IELTS.
- A valid passport and photo identification from the country of origin along with a valid US visa.
- Current university transcripts or admission letters from the university you will be attending.
- Past academic transcripts.
- Target university financial summary – a list of the fee summary from the university (estimated cost).
Benefits of MPOWER Financing
Many students with potential face financial barriers when pursuing education abroad. Traditional loans often come with limitations, especially without collateral or a co-applicant, making the process complex. Even with a cosigner, stringent criteria and the need for a close relative can pose challenges. MPOWER Financing, an international lender, eliminates these hurdles and offers additional advantages:
- Quick loan approval within a week, no need for a co-signer or collateral.
- Streamlined online process with minimal paperwork, eliminating the need to visit branches, saving time and energy.
- Requires fewer documents compared to approaching lenders directly.
- Direct credit of the loan amount to the college, reduces the financial burden on students.
- University profile influences interest rates and loan amounts for meritorious students.
- Loans are authorized through established legal channels, ensuring transparency and minimizing the risk of deception.
- Availability of a visa support document for I-20 application if required.
Now that you are aware of the opportunity to secure a no collateral no cosigner education loan through MPOWER Financing, plan your overseas education journey effectively. Ensure a thorough understanding of the loan process and terms and conditions before proceeding. It is recommended to review the list of institutes and courses approved by MPOWER Financing to align your educational goals with their criteria.
