Pursuing your higher education abroad is a rewarding yet challenging process with many hurdles along the way. One of the biggest hurdles is having financial constraints standing in your way. It could become a frustrating process, especially if you don't have any co-applicant or collateral to support your loan application.
That’s where Edvoy and MPOWER Financing come together to make things easier. MPOWER Financing, (stylized as MPOWER) specialises in providing student loans without a cosigner or collateral. With that, you can start your study-abroad journey without worrying about your finances.
MPOWER helps you finance your education with more than 400 educational institutions in the USA and Canada and has funded over 15,000 students, helping them achieve their dreams. The loan is available for students from Africa, Bangladesh, Pakistan, and South Asia regions.
Key takeaways
- MPOWER Financing offers student loans without cosigner or collateral, easing the process of studying abroad.
- MPOWER education loans cover tuition fees, living expenses, and related costs up to $100,000.
- You get fixed interest rates with discounts for automatic payments, providing affordability.
- MPOWER also provides additional support for scholarships, visa assistance, and career services.
Meanwhile, we, at Edvoy, help you study abroad by giving end-to-end assistance, from applying to universities, visa application support, funding advice, and more. Together with MPOWER, we offer a complete solution, making it easy for you to choose a university and get the necessary financial aid.
Table of Contents
- How we and MPOWER help with international student loans
- Features of MPOWER education loan
- How to apply for an MPOWER education loan through Edvoy
- MPOWER loan eligibility criteria
- Documents required for loan application
- Frequently asked questions
How we and MPOWER help with international student loans
Fully digital process
We initiate your loan process by connecting you with MPOWER’s education loan services. MPOWER’s fully digital process for international student loans streamlines applications, documentation, and loan approvals. This ensures you don’t need any physical visits, helping you have a faster and hassle-free loan process. MPOWER’s process typically takes about 10-20 working days from application to disbursement.
No cosigner or collateral required
Unlike many loan providers, MPOWER provides student loans without a cosigner or collateral, making it a great option for your financial support.
Note: A cosigner is a person or organisation that signs another person's application. No-cosigner education loans are the ones that can be borrowed without needing a cosigner or collateral.
Fixed interest rates and discounts
MPOWER offers international student loans ranging from $2,001 up to $100,000, with interest rates ranging from 12.99% for master’s degrees and 13.99% for bachelor’s degrees. Depending on your choice of study, we help you evaluate these rates and repayment terms.
Repayment flexibility
MPOWER offers a loan repayment term of 10 years, with the flexibility of paying through simple interest. You’ll start making your payments after 6 months of course completion. You’ll pay only the interest until graduation, plus an additional 6-month grace period.
Learn more about student loans from our app.
Features of MPOWER education loan
Here’s a detailed view of MPOWER’s loan features (as of Dec 2024).
| Feature | Description |
|---|---|
| Loan amount | Up to USD 100,000 |
| Rate of interest | 12.99% (for master’s degrees) 13.99% (for bachelor’s degrees) |
| Co-applicant’s minimum income | Nil |
| Processing fees | 5% of the sanctioned amount (adjusted in the loan amount, no upfront payment) |
| Processing time | 7 working days |
| Margin money* | Nil |
| Moratorium period* | Course duration + 6 months |
| Repayment tenure* | 10 years |
*Margin money is the amount of money that a borrower needs to contribute towards the loan, while the remaining amount is paid by the lender.
*Moratorium period is the time duration during which you’re not required to make payments toward your education loan.
How to apply for an MPOWER education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button. You’ll be taken to a page where you need to fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your PAN details (if you’re an Indian citizen).
- Once you submit your details, they will be shared instantly with the fund providers. You can expect a callback within 24-48 hours regarding further steps and document submission.
- You can check your application status in the Status tab.
- The loan processing time is typically within 7 working days.
Also read: What is Edvoy Funds? What are the types of funds provided?
MPOWER loan eligibility criteria
- The loan borrower must be aged 18+
- The borrower must have a strong academic background and confirmed admission to the university before the loan disbursement
- You should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program.
- The borrower must meet MPOWER's credit and underwriting norms as applicable from time to time
- The eligible courses for the loan include STEM & Management in graduate degrees, post-graduate degrees, diplomas, certificates, and doctorate courses offered by foreign institutes and universities in the USA and Canada.
Note: Conditions apply. All education loans from MPOWER Financing are credited at the sole discretion of MPOWER Financing.
For detailed information on loan options, eligibility, and more, visit MPOWER Financing’s website for further details.
Check out 'Funds' on our app, for a pre-approved student loan in just 3 days!
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Documents required for loan application
As the student/borrower of the loan, here’s the list of documents you must provide for the loan application and processing.
- Resume/CV
- University admission letter and university fee structure
- Photo ID issued by the government
- Passport
- Proof of home country address - any utility bill, banking statement, or signed lease
- Academic mark sheets
- Provisional certificate, consolidated mark sheet/transcripts and degree certificate
- IELTS or TOEFL, and GRE or GMAT scores
Want to study abroad with financial support? Connect with us and begin your journey. Right from your loan application to disbursement, Edvoy and MPOWER help you achieve your study-abroad dreams.
Check out 'Funds' on our app, for a pre-approved student loan in just 3 days!
We offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, funding advice, visa application support, and more. Discover the perfect course and university to boost your education.
Get started with your journey and talk to one of our counsellors today!
Frequently asked questions
What are the benefits of taking an MPOWER education loan through Edvoy?
Applying for an MPOWER education loan using the Edvoy app is a hassle-free and 100% digital application process. The Funds section of the app offers collateral, non-collateral, and no co-signer loans, with approvals in less than 48 hours.
What is the MPOWER education loan interest rate?
The interest rate is 12.99% for master’s degrees and 13.99% for bachelor’s degrees.
Can I take a student loan without a cosigner?
Yes, MPOWER provides student loans without a cosigner, making it a great option for your financial support.
Is MPOWER education loan without collateral?
Yes, MPOWER education loans come without collateral options, with slightly higher interest rates than secured loans.
Can an MPOWER education loan cover all my study expenses abroad?
Yes, MPOWER education loans can cover up to 100% of educational costs, including tuition, living expenses, and travel.
