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MPOWER Financing - Education Loan

INTERNATIONAL LENDERS

No collateral needed

Loan Margin : NIL

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5 days avg loan processing time

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Margin

NIL

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Collateral

No

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Loan Tenure

Upto 10 Years

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Processing fee

5.0% onwards

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Early Repayment

No (without any charges)

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Living Cost

No

Secured Loan

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Amount

Up To 0

Un-Secured Loan

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Amount

Up To 0

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UniCreds Guarantee

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Quick Loan Sanctions

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100% Transparency

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No Hidden Fees

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24x7 Support

Features of MPower Education Loan

MPOWER student loans believe socioeconomic mobility should be borderless. Higher education is key to this mobility but, unfortunately, millions of students struggle to get into or through school due to financial constraints.

MPOWER provides No Co-signer loans that are purely based on student’s future earning potential and does not require students to risk their Collateral or Guarantor profile for the loan. MPOWER offers fixed interest rates that does not change with any changes in the market. MPOWER borrowers can also avail special benefits with the loan i.e. Building credit history in the US which enables student to use cheaper credit products in the US (Personal Loans, Education Refinancing, Unsecured Credit Cards etc) and Job support program including Mentorships, Employer networking events, Career and immigration services to get ready for the US job market.

They are rated 4.7/5 on TrustPilot (3rd party review website) for their services and have supported more than 10,000 students with loan options for US and Canada.

They are expanding the U.S. and Canadian higher education market to serve more of the planet’s highest-potential individuals, regardless of income, family background, or gender. In the process, they’re enabling tomorrow’s doctors, lawyers, scientists, engineers, and business and government leaders to realize their full potential and make powerful contributions to the U.S. and Canadian economies–as well as emerging markets around the world.

MPOWER have student loans for international students, U.S. citizens, and Deferred Action for Childhood Arrivals (DACA) students. They require simple interest-only payments while you’re in school and for 6 months after graduation, after which you’ll have a 10-year loan term with full interest plus principal payments. Interest rates vary by loan type. For Canada, Non - SDS Visa funding can be provided by Mpower.

FeaturesEducation Loan Details
Loan amountMinimum Loan Amount - $2,001 Maximum Loan Amount - $100,000 Minimum Loan Amount - $2,001 Maximum Loan Amount - $100,000 (lifetime limit and $50K per academic term)
Margin moneyNil
Interest rateFixed Interest rate starting at 12.99%
Processing fee5.0% onwards 5.0% Flat. It's a loan origination fee that is charged on the disbursed amount and gets added to the disbursement. No other hidden charges or fees are required.
Processing time5 Days 3 to 5 Business Days Depends on student profile.
Loan tenure10 Years
Prepayment chargesNone
Countries coveredUSA, Canada

Looking forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.

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Eligibility

TypeRequirement
Eligibility1. You must currently be admitted to or enrolled in a school in the U.S. or Canada that MPOWER student loans support. 2. You must be within two years of graduating from your program. For example: if your anticipated graduation date is May 2022, then your program must have started in May 2020 or later. 3. You can apply as far as 12 months prior to your program’s start date. 4. You must reside in the country of your program (the U.S. or Canada) while you’re in school. 5. Your program must be degree-seeking.
Eligible Countries For Mpower Education LoanThe eligible countries for Mpower Financing student loan are listed below. These are the prime destinations where students choose to study abroad. Check them out! 1. USA 2. Canada

Benefits of MPower Student Loan

Fixed interest rates with flexible loan amounts
($2,001 to $100,000 USD total) that can cover tuition, school supplies, health insurance and living expenses for future semesters or past due balances.
No requirement for a cosigner, collateral, or credit history
Supports all majors and degrees.
6-month post-graduation grace period
Enjoy interest-only payments while in school and during the 6-month post-graduation grace period.
Earn 0.25% discount on your interest rate
Earn 0.25% off your interest rate and build your U.S. credit history to bridge your way to future financing when attaching your US bank account on auto debit for loan repayment.
No prepayment penalties
Repay your loan online in any currency or location around the world, plus no prepayment penalties if you want to pay your loan off early.
Build Credit History and get job support in the US
1. MPOWER starts building Credit score for students in the US when students start paying the in-school payments. Credit history is very useful in the US and can help student secure cheaper financing options in the US including personal loans, unsecured credit cards, education loan refinancing via US lender as well as getting cars, or apartments on rent. 2. MPOWER also provides job support through their career and immigration services, get student connected to industry mentors as well as important networking events.

Benefits Of Getting Your Education Loan Through UniCreds

Higher Chance Of Approval
By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to the Education Loan officials and find the best solution.
Online Service
With UniCreds, there’s no need to visit the branch to submit your documents. Simply visit the UniCreds website and upload your documents from the comfort of your home. You can also enjoy step-wise updates via notifications.
No Cost To You
All our education loan services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 7 Business days.

Get Guidance at every step of your loan application

We ensure 100% transparency throughout the education loan process.Our education loan counsellors will stay by your side every step of the way.

Need Guidance Faster? Call us at:

phone

18001217661

Start your journey now

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Need Guidance Faster? Call us at:

phone

18001217661

How to Apply for MPower Loan

1. Eligibility

Check to see if you and your school are eligible

2. Online Application

Complete your online application in 15-20 mins (login).

3. Conditional Offer

Receive a conditional offer decision immediately

4. Update Documents

Upload your documents to the MPOWER financing student loans dashboard and complete your Credit Check.

5. Final Approval

Receive a final approval once we validate your uploaded documents. We will also provide a visa support letter if you need it.

6. Disbursement

Relax while your school certifies your enrolment status. Once done, we disburse your funds directly to the school on their requested date.

Looking forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.

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Documents Required for an Abroad Education Loan By MPower

TypeDocuments Required
International Student:1. Resume or CV 2. Proof of home country address 3. Standardized test scores (GRE, GMAT, LSAT, MCAT, NBDE) 4. English proficiency exam scores (TOEFL / IELTS) or waiver from university 5. Admission letter 6. Past transcripts and/or diplomas from previous universities 7. Estimated cost of attendance or program financial summary 8. Passport
CO-SIGNERCO-SIGNER (Salaried-Job) 1. PAN Card & Aadhar card 2. Latest 3 months salary slips 3. Latest 1 Year Salary Credited Bank Statements 4. Latest 2 Years Form 16 5. Electricity Bill 6. Mobile Number & Email ID IF CO-SIGNER (Self Employed/Business) 1. PAN Card & Aadhar card 2. Latest 2 year ITR with Computation income, Profit & Loss and Balance sheet. 3. Business proof (GST, UDHYAM ADHAR, and GUMASTA) 4. Latest 1 Year Bank Statement (Income Credited) 5. Electricity Bill 6. Mobile Number & Email ID
For Collateral LoanCollateral Documents: 1. Registered Sale Agreement (All chains) 2. Share Certificate 3. All Property Related Documents- e.g- Sanction Plan, Tax paid Receipt 4. NA conversion certificate in case of Plot. 5. OC/CC and Approved Building Plan. 6. 7/12 Extract 7. Society NOC 8. Any other Documents associated with Property

Education Loan Repayment for MPower

  • You will be ready to finance off your home mortgage and discharge your co-signer and collateral when you refinance your MPOWER student loans.
  • Waive off your student debt from a bank in the United States or abroad.
  • Benefit from cheaper, more convenient payments while building your credit history in the United States.
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Years
Months
Months

The displayed EMI amount is approximate & is subject to change based on various factors.

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Monthly EMI
0
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Principal Amount
1,600,000
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Total Interest
0
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Total Amount
0
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What our Students say about us

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Frequently Asked Questions

Upon final credit approval, MPOWER is able to issue sanction letter at no cost to assist our applicants with the visa process.
MPOWER Financing is highly reliable and secure for education loans, with a proven track record of supporting countless students in their study abroad journey.
If you are unsure of the amount of money you’ll need for your loan, you can apply for $100,000, which is the maximum amount you can request per application. These figures are in U.S. dollars for American schools, and in Canadian dollars for Canadian schools. If you would like to decrease the amount later, you can do so during the application process. However, if you apply for a smaller amount initially and want to increase it later in the process, your application may need to be re-reviewed by the credit department, or you may need to submit an additional application.
No, there are no prepayment charges associated with repaying your MPOWER Financing education loan.
The applicant must have been admitted to a school and program supported by MPOWER. Remember, one can apply for a quote before getting an admittance letter. An admission letter is asked for at the time of loan approval. The applicant must be a citizen of one of the countries supported by MPOWER student loans.