MPower Financing Education Loan Rate of Interest

Get Easy Education Loan for Abroad Education without any Credit

  • Earn up to 1.50 percent off your interest rate while building your credit history in the United States to pave the way for future financing.
  • MPower Financing does not require credit checks, so you can obtain a loan even if you have no credit.
  • The loan amount covers tuition, school supplies, and living expenses for future semesters or past due balances.
  • MPower Financing offers fixed interest rates with loan amounts ranging from $2,001 to $50,000 USD

The interest rate is charged on base rate fixed by MPower Financing

  • Fixed rates for Undergraduate program for US citizens Loan is 9.99%
  • Fixed rates for Graduate program for US citizens is 7.99%
  • Fixed rates for International Undergraduate Loan is 13.99%
  • Fixed rates for International Graduate Loan is 11.99%
  • Loan Amounts to INR 1.4 Lac - 38 Lac

CALCULATE YOUR EDUCATION LOAN EMI

Fill the Loan Amount
10,00010L20L30L40L50L60L70L80L90L1Cr
Fill the Interest Rate
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Fill the Loan Tenure
56789101112131415
EMI Payable

1,000 per month

Total Interest

1,000

Payable Amount

1,000

Total Interest
Principal Loan Amount

Looking for admission for India and Abroad?

Know Fees

MPower Financing Education Loan Eligibility

loan eligibility image
  • MPower Financing-supported school The applicant must be enrolled in an MPower Financing-supported school in the United States or Canada.
  • Not a citizen of a restricted country The applicant should not be a citizen of a restricted country, nor be subject to personal sanctions.
  • Program Completion The applicant should be less than two years away from completing your programme
  • Live in the United States or Canada The applicant must live in the United States or Canada while attending school.

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Bank / FinancerChange bankChange bankChange bankChange bankChange bank
Applicable Rate of InterestDomestic Undergraduate Loan is 9.99%
Domestic Graduate Loan is 7.99%
International Undergraduate Loan is 13.99%
International Graduate Loan is 11.99%
Ranges between 12.70%-14.50%Up to INR 10 Lacs: 12.75%-14.00%
Above INR 10 Lacs: 11.75%-13.75%
12.99% onwards
Max Loan with CollateralINR 38 LacNo LimitFor India: No limit
For Abroad: 1 crore
INR 25 Lacs
Max loan without collateralINR 38 LacNo LimitFor India: INR 10 Lacs
For Abroad: INR 20 Lacs
INR 25 Lacs
Processing FeeNil2%1%2.25%-3%
Repayment PeriodRepayment of interest and principal over a ten-year period begins six months after graduation.5-7 years10-15 years5 years
Loan for top institutionsNilNoNoNo
MarginNilNilNilNil
Age LimitNil18 years or aboveno age limitMinimum of 23 years old and a maximum of 58 years.
Loan SecurityNilReal estate properties
LIC, fixed deposits, NSC, KVP, NSS, etc.
NilNo Collateral Security
Eligibility concession for SC/STNilNoNoNo
Processing Time24 hoursN.A.24 hours
Prepayment chargesNilAs per RBI guidelinesNil2%+Taxes
Penal chargesNo penalty18% per annumNil2.38%+Taxes
Mandatory insurance coverNilYesNoNo
Travel expenesesNoYesNoN.A.
Bank transfter allowanceNoNoNoNot available
Top up loan availabilityNoRefinance Loan availableNono
Interest Subsidy SchemesNoNoneNoneNone
Tax benifitNoNoNoNo
Concession/benefitsFixed Interest Rates
Flexible Loan Amount
No Co-signer required
Repay your loan in any currency
100% finance
Pre-admission loan
Special loans for defence personnel
Pre-Visa Loan Disbursement
No margin charged
No security asked
No moratorium period
No margin charged.
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How to apply for MPower Financing Education Loan ?

MPower Financing Education loan application form can be available online or offline at Bank branches.

Visit the official website of MPower Financing

Click on Get a MPower Financing Education Loan and Apply Now

Fill up the form with required details

Upload the pictures and documents required

Submit the form

Wait for Final Approval

There is no offline facility for MPower Financing Education loan

MPower Financing Education Loan Details

Loan Limit
Minimum Loan - INR 1,00,000
Maximum Loan per semester - INR18,50,000
Lifetime Limit - INR 3,667,860
Margin
Nil
Processing Fee
Nil
Loan Security
Does not insist on Loan security
Loan Repayment
Interest-only payments during school and for six months following graduation
Repayment of interest and principal over a ten-year period begins six months after graduation.

Expenses covered under MPower Financing Student Loan Scheme

  • Examination Fee
  • College Fee
  • Hostel Fee
  • Books
  • Equipments
  • Uniform
  • Computer

Education Loan Documents Required ?

The applicant's education and employment history along with application form

Upload Scanned copies of age proof, residence proof and birth date

Self-attested passport size photograph and any government-issued ID

GRE/GMAT test scores and TOEFL/IELTS language proficiency test results.

Income proof and/or copy of income tax return file

Details of financial proofalong with government approved valuation certificate (if any)

Bank account statement of the applicant.

A valid passport and photo ID from the country of origin, as well as a valid US visa

Frequently Asked Questions

01

Is Mpower Financing legit?

+ -
MPOWER Financing is one of the few companies that does not require a cosigner or a long credit history. MPOWER Financing can be a good option for international students who don't have a supportive network. However, its loans have high interest rates and fees, and repayment options are limited.
02

How do I apply for a Mpower Financing loan?

+ -
Here is how you can apply for Mpower loan:”, “Check Eligibility”, “Apply online”, “Upload documents”, “Submit the form”, “Wait for Approval and Get enrolment confirmation
03

How does Mpower Financing Education Loan work?

+ -
If a loan is approved, students can expect fixed interest rates ranging from 11.99 percent to 13.99 percent. Pay off the loan with an automatic withdrawal. Make six consecutive on-time payments via automatic withdrawal. Provide evidence of graduation and employment.
04

How do I apply for a US student loan with MPower Financing?

+ -
To apply for a federal student loan, you must first fill out and submit the Free Application for Federal Student Aid (FAFSA®). Your college or career school will send you a financial aid offer based on the results of your FAFSA form, which may include federal student loans.
05

What is the maximum student loan?

+ -
The maximum Maintenance Loan is £12,382 and is awarded to students who will be living away from home in London and have an annual household income of less than £25,000. Check out this guide for more information on Student Loans in England
06

How much do you earn before you pay back your student loan?

+ -
You repay 9% of your earnings above the Plan 1 threshold (£382 per week or £1,657 per month). If your income is less than the Plan 2 threshold (£524 per week or £2,274 per month), your repayments will only be applied to your Plan 1 loan. If your income exceeds the Plan 2 threshold, your repayments are applied to both loans.
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