GoStudy has partnered with Mpower that helps students add value to their career by providing them with financial aid in studying abroad. The founders of the Mpower Education loan for abroad studies started this company in 2014 with a mission to help students reach their true potential & GoStudy is here to harness it further. MPower education loans through GoStudy can fund up to 100% of the academic and living expenses abroad. Visit GoStudy offices in Mumbai, Hyderabad, Chennai, Cochin, Bangalore etc to learn more.
You can take discounts of up to 1.50% on interest rates which will help you to build your credit score, and take loans from $2,001 to $1,00,000.
You can get a Mpower education loan for foreign studies through GoStudy at a fast pace and there is no prepayment penalty.
You get constant hand-holding support when you take a Mpower International education loan through GoStudy.
When you take a Mpower Overseas Education Loan through GoStudy, you also get a grace period of 6 months.
When you apply for a Mpower education loan for abroad studies through GoStudy, you get faster approvals of loans.
You can apply for a Mpower overseas education loan through GoStudy completely online and hassle-free.
At GoStudy, students can apply for diverse MPower education loans for abroad studies that meet precise requirements.
With thousands of loans to the kitty, enjoy the fastest processing times exclusively with GoStudy
Specially customized keeping in mind the demands of students and profiles, GoStudy boasts of the lowest interest rates in the market!
Millions of students move abroad to fulfill their need for higher education to create a sustainable future. We want to create a career that can provide lifelong support for ourselves and our family, and the Mpower education loan for study abroad through GoStudy is here to help you build a life that you can be proud of when you look back at yourselves. When you plan to move ahead in life and build a career by studying abroad, it's extremely crucial to plan your expenses, and the Mpower education loan for international studies through GoStudy is here to assist you with your financial planning.
Mpower Education Loan for study abroad through GoStudy helps you to fulfill your dream by assisting you through the entire process of learning abroad. The founders have a mission of creating a positive impact in the world by adding value to people's lives and providing them with financial and strategic assistance. The team of Mpower through GoStudy is completely data-driven, which helps them to analyze results and bring forward better results that bring excellence.
When GoStudy talks about building results and excellence, they execute this by covering all your expenses that are required when you move from one country to the other that includes your tuition fees, accommodation cost, cost of food, travel expenses, academic expenses, shopping, lifestyle expenses and cost of gadgets, etc., the list is endless. GoStudy supports you in every step of your journey, from the application process for an education loan in mpower to the visa application. With the constant support of the GoStudyteam and virtual & in person consultations with the GoStudy representatives, your route to admission to a great college abroad becomes easy.
Interest rates are an important consideration before applying for a loan. Therefore we have provided the entire information on interest rates in this article. The Interest rates for a Mpower education loan without collateral through GoStudy start @ 7.99% and go up to 11.99% depending on your academic qualifications. Many discounts are offered on the basic Mpower interest rates abroad education through GoStudy, like automatic payment sign-up discount, six on-time payments discount with automatic payments, and discount for reporting proof of graduation and employment which reduces the rate of interest by approximately 1%. As Mpower demands no collateral for education loans, therefore, the interest rate for Mpower education loan without collateral remains the same.
There are different factors on which the rate of interest depends such as
Type of Education Loan
MPower Education Loan Rate of Interest As Per Market
MPower Education Loan Rate of Interest Through GoStudy
|Secured Education Loan (USA)||9.5%||9.25%|
|Unsecured Education Loan (USA)||10.25%||10.00%|
|Secured Education Loan (Others)||9.5%||9.5%|
|Unsecured Education Loan (Others)||11.75%||11.50%|
You can easily calculate your EMI and interest rate for Mpower foreign education loan through GoStudy for loan application and plan your expenses accordingly by applying the mathematical formula. To calculate Mpower Interest Rate For Abroad Education through GoStudy, you can apply the formula given below:
EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]
GoStudy is committed to bringing results and providing financial aid with unwavering integrity, therefore, it covers all the expenses from tuition fees, academic fees, lifestyle expenses, travel expenses, accommodation costs, and hostel fees. All your expenses are taken care of under one roof of the Mpower overseas education loan through GoStudy. Below is the list of countries where services of Mpower education loans with collateral security through GoStudy and without collateral are provided.
To understand the terms of loan repayment, you can connect with the representatives of GoStudy to get complete guidance. The range of education loan amounts is between $2001 - $50,000. However, there is no upper limit on the loan amount. You can take a loan as per your expenses. Your EMI will be decided according to the tenure of repayment.
Following are the lists of the Costs Covered by MPower Education Loan through GoStudy:
Things covered under MPower Education Loan through GoStudy
Costs Covered by MPower Education Loan through GoStudy
|Tuition Fees||0 - 65 Lakhs (Approx)|
|Living Cost||6 Lakhs - 15 Lakhs (Approx)|
|Travel Expenses||20,000 - 40,000 Rupees (Approx)|
|Others (Books/Uniforms/Computers)||80,000 - 1,50,000 Rupees (Approx)|
The use of Mpower education loan through GoStudy is its ability to provide loans without any collateral. Most banks provide both types of education loans with or without collateral. The loan amount of banks without collateral goes up to Rs. 7.5 Lakhs but with a Mpower education loan without collateral security through GoStudy, you can easily take a loan above Rs. 7.5 Lakhs. Collateral for an education loan in Mpower through GoStudy is not a necessity. You can easily opt for a Mpower education loan without collateral through GoStudy or even a co-applicant.
GoStudy understands that the financial situation of every individual is not the same; therefore, Mpower education loan with collateral security through GoStudy isn't a compulsion. You can take a loan without any collateral at Mpower through GoStudy because they believe in the future potential of every individual and prioritizes dreams over security. Hence, it becomes easy to apply for a loan from GoStudy as compared to any other organization, as a secured education loan in Mpower through GoStudy is not required.
To process an education loan with Mpower without collateral through GoStudy, below is the list of documents that are required:
In the case of students willing to study for a masters in the USA or New York, they avail themselves of a Pre Approved Loan from Mpower even before they apply for a course of their choice.
Collateral is proof of security that is required by the banks against any loan taken. Various corporations and financial and private banking institutions offer loans with collaterals to ensure the safety of their lent money. If the amount is more than Rs. 7.5 lakhs, then collateral acts as a safety net for the non-performing assets in case the borrower is unable to repay or defaults on loan payments.
As we have discussed above, Mpower provides loans through GoStudy without any collateral and security; however, the commonly accepted types of collateral for education loans in Mpower are as follows:
In the case of other banks, collateral becomes beneficial because it fastens the process of loan application and avoids scams.
Mpower through GoStudy is probably one of the rare education loan providers that provide loans without collateral. Being one of the most famous and popular education loan providers, Mpower enables the top 400+ colleges, like Adelphi University, Albany College of Pharmacy and health sciences, Allen College, American University, etc., by providing financial aid without collateral.
Below is the List of top 50 abroad Universities accepted by Mpower Education Loan through GoStudy:
List of Universities accepted by Mpower Education Loan Through GoStudy
Pre Approved Education Loan amount by Mpower Through GoStudy
|Syracuse University||75 Lakhs|
|George Washington University||75 Lakhs|
|New Jersey Institute of Technology||75 Lakhs|
|University of Florida||75 Lakhs|
The expenses for education abroad are huge, and not every student comes from a filthy rich background. Therefore, a co-applicant from an economically stable background is required who can support the applicant in the application process for a loan. There is a background verification of the co-applicant, and all the income proofs of the co-applicant have to be submitted before the application process starts.
In Mpower there is no requirement for a co-signer or a co-applicant; therefore, there is no minimum CIBIL score for education loan in Mpower through GoStudy. Below is the list of general co-applicants that are accepted in the application for an education loan through GoStudy:
The entire process of loan application is quite easy and hassle-free as you are assisted by a GoStudy representative from the step of loan application to sanction. As there is no involvement of collateral for education loans, therefore, not much documentation is required, which makes the tasks easy. There are certain Mpower education loan requirements through GoStudy that are to be fulfilled when you apply for a loan. You have to submit a confirmation letter from the University with the guarantee of admission. Similarly, there are many other criteria that are required in the loan application process, which are given below:
Various documents are required when you apply for a loan in any bank. However, as Mpower through GoStudy doesn’t require any collateral for a loan application, therefore, the documentation is not a lengthy task. Below are some documents required for an education loan in Mpower through GoStudy
The above-mentioned documents are some general requirements of a Mpower loan application through GoStudy. However, some other documents might be required according to the loan application of the student.
The overall application process for education loans in Mpower through GoStudy includes the following process:
The process starts with your inquiry with a GoStudy representative. You can inquire online, and you will be connected to a GoStudy representative virtually who will guide you in step by step process. Do check your eligibility for a Mpower education loan with your GoStudy representative before applying. You can read the basic eligibility criteria in this article to get an appropriate idea.
The application process for an education loan in Mpower through GoStudy is smooth and simple as the team of GoStudy provides you with a customized list of documents that will be required after you share the college to which you want admission. The Mpower education loan processing time through GoStudy akes 30 minutes. With the assistance of GoStudy, all your documentation will be submitted to the lender, and your background will be verified. The processing fee for Mpower education loan through GoStudy is 5% onwards. This amount is charged only after the disbursement of the education loan is granted.
Your profile is sent for review after you apply for an education loan. After your application is completely reviewed and verified, you will receive a conditional offer and an email notification with the details of the next steps of the process. The initial review will take ten business days.
After the review, you will have to watch a short introductory video and upload the requested documents on the dashboard of the Mpower website. Along with that, you have to submit a short assessment. The entire process takes 30 minutes if all the documents are readily available.
There is an entire process that is followed in Mpower, from the application of a loan to sanction and disbursement. The applicant applies for the loan with the help of a Mpower representative. These representatives guide the applicant on every step of the application. After submission, verification of the documents, and successful application of the loan, you are provided with visa support documents in an estimated duration of 10 business days.
The next step starts when the loan has been sanctioned from the lender to the borrower. A school certification process is conducted if the loan is approved after verification from your school or college, and then finally, a sanction letter for a Mpower education loan through GoStudy indicates that the loan has been passed and has been officially granted to the borrower. This letter indicates the name of the applicant, the amount of loan granted, the rate of interest at which the loan is given, the amount of EMI charged per month, and the tenure of the loan.
After the sanction letter is handed over to the borrower, the loan is passed to be disbursed as per the requirements. The total amount of the loan includes the tuition fee, academic fees, and living expenses, as mentioned in the agreement between the borrower and Mpower. To make sure that the academic fee amount sanctioned by Mpower is utilized correctly, the money is transferred directly into the account of the University. Other expenses like lifestyle expenses, travel expenses, food expenses, and shopping expenses are transferred to the account of an applicant or co-applicant. According to the request of the borrower, the loan is provided in part or at once, and finally, you are provided with a disbursement letter for a Mpower education loan through GoStudy.
As you have taken financial assistance from Mpower therefore, they empathize with the trust that you have invested in their organization. Hence, they provide you with a moratorium period on repayment during your study period and six months after completion of your course, where you can pay a minimal amount or no amount whatsoever, depending on your priorities. You can choose to pay only interest during the moratorium period.
As per the Mpower education loan repayment terms through GoStudy, the repayment period of the Mpower education loan through GoStudy is up to 10 years. You can opt to pay the loan before the duration of 10 years if it feels convenient for you, as there is no prepayment penalty. The timeline of 10 years is decided so that it does not create a burden or stress on the students because the education loan for studies abroad creates huge expenses.
The different types of repayment options for Mpower Education Loan Through GoStudy are:
According to Section 80E of the IT Act, you can claim a deduction on interest that has to be paid for the amount of loan taken. The spouse, children, guardian, and the applicant himself can take advantage of Section 80E of the IT act for the redemption of interest on EMI. Mpower provides financial assistance for various courses like MBA, BBA, and BA.LLB, MBBS, and many others, and section 80E is applicable for all the courses. These deductions are made only on the interest and not on the principal amount.
The deduction of EMI starts from the date of repayment. You can claim your deductions on interest up to 8 years from the date of repayment, after which you are not allowed to avail of any deductions. In case your tenure for repayment goes beyond eight years, then you are not applicable for any deductions. So make sure that you claim section 80 E of the IT act eight years from the date of repayment.
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