MPOWER Education Loan

Mpower is an international NBFC (Non-Banking Financial Company) that provides education loans to international students without any collateral, co-applicant / co-signer. But its student loan funding services are only for students studying in the United States of America and Canada.

The company offers the following loan products:

• Undergraduate Loans
• Graduate Loans
• Professional development/Training programs

Undergraduate Loans:

One of MPower Finance's key loan products is the Undergraduate Student Loan, which is designed for students who are pursuing a bachelor's degree. This loan can be used to cover the cost of tuition, books, and other education-related expenses. The loan has a fixed interest rate, and repayment typically begins six months after the course duration.

Graduate Loans:

Another product offered by MPower Finance is the Graduate Student Loan, which is designed for students who are pursuing a graduate degree. This loan can also be used to cover the cost of tuition, books, and other education-related expenses. The loan has a fixed interest rate, and repayment typically begins six months after the course duration.

Professional Development / Training Programs:

MPower Finance also offers a Professional Development/Training program Loan for students who are enrolled in vocational or professional development programs. This loan can be used to cover the cost of tuition, books, and other education-related expenses. The loan has a fixed interest rate, and repayment typically begins six months after the course duration.

For the USA

For Canada

*USD vs INR interest rate comparison is shared below in the article.    

This is a very concise comparison between MPower Education Loan and Indian Unsecured Education Loan Lenders, The point here to be noted is that, since MPower is a USD lender therefore, the interest rate charged by it will also be calculated in Dollars, most of the students overlook this fact and fall prey to the currency conversion rates.

WeMakeScholars is an initiative funded and supported by the Government of India, under the Digital India Campaign by the Ministry of Electronics and Information Technology. Our aim is to provide funding solutions to students who lack proper funds for their higher education in India or abroad.

At WeMakeScholars a professional financial officer will be assigned to your profile who will help you to find an education loan product that is suitable for your profile free of cost to start your education loan process request a call back in WeMakeScholars.

Benefits of WeMakeScholars

Expert Guidance: WeMakeScholars offers a dedicated relationship manager to assist you with a reliable and efficient education loan process. They will be your point of contact for any queries and ensure a smooth application process.

Rate of Interest Negotiation: WeMakeScholars can help students negotiate a lower interest rate for unsecured loans, potentially reducing it by 2% from the lender's initial quote. This can help students save money on the loan.

Experience in Complex Cases: WeMakeScholars has a wealth of experience in handling complex cases involving multiple parties, which can sometimes make the loan application process more challenging.By using WeMakeScholars, students can be assured that their loan application will be handled by experts who have the knowledge and experience to navigate any obstacles and secure a loan for them.

No Service Charge: WeMakeScholars offers its services at no cost to the students, and the support will be continued until the loan is fully repaid. 

Transparency: WeMakeScholars will keep you updated on the status of your loan application and ensure you understand the process without any confusion. They are always happy to answer any questions you may have. They want to make the loan application process as simple and easy as possible for you.

Cashback Provided: WeMakeScholars provides an incentive for students who apply for a study abroad loan through their platform. This includes a cashback reward that is added to the initial disbursement of the loan. The maximum cashback amount that can be received is INR 3000.

Process of Educational Loan through WeMakeScholars

Step 1: Contact WeMakeScholars, by either requesting a callback or filling out a common application form.

Step 2: In order to secure an education loan, you should provide all the necessary details to the assigned financial officer. This can be done by calling the office and discussing your loan requirements. Once the financial officer has analyzed your loan details, they will suggest and connect you with appropriate lenders that meet your financial needs.

Step 3: Once your financial officer has connected you with several suitable lenders, you can review and compare their offers. After considering the various options, you can pick the lender that you find most suitable and inform your financial officer of your choice.

Step 4: After you have selected a lender, your financial officer will provide you with a list of documents that are specific to your profile. It is important that you gather and submit all of the required documents to the bank or lender as soon as possible. This will help ensure that the loan application process goes smoothly and quickly.

Step 5: With the necessary documents submitted and the loan application process in motion, it's now time for you to relax and let your financial officer take care of the rest. You may receive follow-up calls from the lender or your financial officer during the loan process, but you can handle them at your convenience. You can rest assured that your financial officer will manage the loan process efficiently and keep you updated on the progress.

Step 6: It typically takes around 7 working days for the lender to approve and sanction the loan. Once your loan is approved, you will receive a loan sanction letter which will include all the details of the loan such as the loan amount, interest rate, repayment period, and other terms and conditions.