With Education becoming unaffordable, study abroad aspirants have turned to banks and finance organizations to help them finance their education. A number of organizations have come to the forefront offering loans and financing options to the deserving candidates to fulfil their academic goals. Careers360 spoke to Rohan Tibrawalla of MPower Financing about the loans and financing options available to the study abroad aspirants.
Careers360. What types of loans and financing options does MPower financing offer?
Rohan Tibrawalla. MPOWER Financing, a US based fintech company, provides education loans to students from 190+ countries to study at more than 200 colleges and universities across the US and Canada.
We provide funding up to $50,000 (approx. Rs 35 lakhs). These loans are unsecured and do not require any collateral, co-signer, co-borrower or co-applicant.
We also issue support letters for I-20 and visa without any commitment or charges and currently offer 4 $5000 scholarships for 2019.
Careers360. What are the various elements of an education loan?
Rohan Tibrawalla. Education loans should also cover all student related expenses including off-campus housing. Also, the processing time for an education loan should be faster.
Careers360. Who are the ideal eligible candidates for a loan? What type of courses and universities can a student pursue with the help of MPower financing? Are these loans available only for new aspirants?
Rohan Tibrawalla. We offer education loans to students demonstrating high career and academic potential and who have 2 years or less of college/university studies remaining before graduation. Also, we lend to both new and current undergraduate, graduate and post graduate students including but not limited to MS, MBA, LLM, PhD, LLB, BA, BS and other programs and courses.
Careers360. What are the documents required for the application process?
Rohan Tibrawalla. MPOWER Financing is a completely digital platform with an online and paperless application process. We require far fewer documents than traditional lenders and in most cases less than 10 which can be simply uploaded online.
For an initial review and conditional offer, we only require:
Completed online application
Government issued ID (Aadhar, passport, driver’s license)
Post this decision, aspirants can simply upload a combination of easily available documents:
Past university (undergraduate/bachelors) marksheet
Standardized entrance exam scores or a waiver note
Cost of attendance
Second government issued ID
Supporting financial documentation (as indicated in the application)
Careers360. What are the process for applying and the selection process for the loan applications?
Rohan Tibrawalla. Candidates are required to apply for the education loans online. Based on the application data, MPOWER Financing might make a conditional offer within 2-3 business days. If they receive a conditional offer, they will be prompted to upload supporting documentation and to complete a short video activity. Then, our credit team will be in touch within 3-5 business days with a final credit decision. Click here to apply.
Careers360. Banks require a guarantor and/or a cosigner or a collateral before they approve a loan application. Who can be a guarantor and/or a cosigner or a collateral for a loan from MPower Financing?
Rohan Tibrawalla. MPOWER Financing does not require any collateral, co-signer, co-borrower or co-applicant.
Careers360. What is the maximum amount that one can borrow from MPower? When does the repayment start? What are the interest rates for the loan? What is the maximum duration of paying back the loan?
Rohan Tibrawalla. Currently, the maximum an individual can borrow from MPOWER Financing is $50,000.00 (approx. Rs 35 lakhs). This is limited to $25,000.00 for each academic period. Borrowers will make small, interest-only payments in school and after graduation during the 6 month grace period. Education loan repayment term is 10 years and starts after the grace period ends.
For graduate international students, the fixed, discounted interest rate is 10.49%** including 3 easy discounts of up to 1.5%.
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