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
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
MPower Financing Education Loan Eligibility
- 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 / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | Domestic 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 Collateral | INR 38 Lac | No Limit | For India: No limit For Abroad: 1 crore | INR 25 Lacs | |
| Max loan without collateral | INR 38 Lac | No Limit | For India: INR 10 Lacs For Abroad: INR 20 Lacs | INR 25 Lacs | |
| Processing Fee | Nil | 2% | 1% | 2.25%-3% | |
| Repayment Period | Repayment of interest and principal over a ten-year period begins six months after graduation. | 5-7 years | 10-15 years | 5 years | |
| Loan for top institutions | Nil | No | No | No | |
| Margin | Nil | Nil | Nil | Nil | |
| Age Limit | Nil | 18 years or above | no age limit | Minimum of 23 years old and a maximum of 58 years. | |
| Loan Security | Nil | Real estate properties LIC, fixed deposits, NSC, KVP, NSS, etc. | Nil | No Collateral Security | |
| Eligibility concession for SC/ST | Nil | No | No | No | |
| Processing Time | 24 hours | N.A. | 24 hours | ||
| Prepayment charges | Nil | As per RBI guidelines | Nil | 2%+Taxes | |
| Penal charges | No penalty | 18% per annum | Nil | 2.38%+Taxes | |
| Mandatory insurance cover | Nil | Yes | No | No | |
| Travel expeneses | No | Yes | No | N.A. | |
| Bank transfter allowance | No | No | No | Not available | |
| Top up loan availability | No | Refinance Loan available | No | no | |
| Interest Subsidy Schemes | No | None | None | None | |
| Tax benifit | No | No | No | No | |
| Concession/benefits | Fixed 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. |
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
MPower Financing Education Loan Details
Maximum Loan per semester - INR18,50,000
Lifetime Limit - INR 3,667,860
Repayment of interest and principal over a ten-year period begins six months after graduation.
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Expenses covered under MPower Financing Student Loan Scheme
- Examination Fee
- College Fee
- Hostel Fee
- Books
- Equipments
- Uniform
- Computer
Courses Covered Under MPower Financing Student Loan Scheme
In Abroad
MPower Financing Education Loan covers more than 190 countries and around 400 colleges all over the world
A. T. Still University of Health Sciences
Adelphi University
American University of Antigua (AUA) College of Medicine
Arizona State University- Downtown Phoenix
Baruch College of the City University of New York
Boston College
California Institute of Technology
Carleton University
Davidson College
Florida State University - FSU
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
Is Mpower Financing legit?
+ -How do I apply for a Mpower Financing loan?
+ -How does Mpower Financing Education Loan work?
+ -How do I apply for a US student loan with MPower Financing?
+ -What is the maximum student loan?
+ -How much do you earn before you pay back your student loan?
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