• Home
• MPower Education Loan Without Collateral

GoStudyLoans Partnered MPower Education Loan Without Collateral

Succeed in your career with financial aid from MPower education loans for abroad studies through GoStudyLoans. GoStudyLoans is India’s leading education loan provider.

MPower education loan for abroad without security through GoStudyLoans helps you get a study abroad loan without a cosigner and collateral. Founded in 2014, MPower’s main objective is to reduce financial barriers to overseas education. With GoStudyLoans, you get personally curated loan offerings that would ensure the best of benefits for you. To date, students from more than 190 nations have reaped the benefits of MPower education loan with security through GoStudyLoans.

Request Callback Verify OTP

Resend OTP

---

9

Reasons to Choose MPower Education Loan Through GoStudy

1

CIBIL Score of the Co-Borrower Not Important

The CIBIL score of the co-borrowers is not a major consideration in an MPower education loan without collateral through GoStudyLoans.

2

Loans Available Solely on Student’s Future Potential

MPower education loan without collateral through GoStudyLoans is solely based on a student’s future potential.

3

High Limit and Low Rate Education Loans

With MPower loans through GoStudyLoans, you can avail of education loans from $2001 to $100 000 at competitive interest rates

4

Loans that Fit Your Student Life

MPower education loans for overseas studies through GoStudyLoans are quick conditional loan offers without a prepayment penalty.

5

Top-Up Loans Available

MPower Finance also offers top-up overseas education loans through GoStudyLoans.

6

Comprehensive Loan Offers

GoStudyLoans can help students with the most comprehensive and custom-made MPower education loans without collateral plans.

7

Priority Loan Processing

Now ditch the wait and get premium accessibility & faster procession of loan through GoStudyLoans.

8

Exceptional Team

Decades of expertise in the banking & the education loan industry has made GoStudyLoans your trusted confidant for all of your financial needs for your education!

9

Interests Rates Lower Than Everyone

Get access to the most competitive interest rates ever in the market through GoStudy!

---

---

MPower Overseas Education Loan Without Collateral for Abroad Studies through GoStudy

For more than 1 lakh Indian students looking to study abroad in the next academic year, now is the time to race against the clock and meet fee and visa deadlines. The traditional borrowing procedure can become more arduous if students procrastinate or delay the loan sanction procedure, which can put their entire plan to get an overseas education loan. In such circumstances, an MPower unsecured education loan through GoStudyLoans can be one of the best ways to fund your overseas education and fill the financial gap. With GoStudyLoans powered MPower Finance at your disposal, you can forget the innumerable hurdles that come in the way of getting overseas education loans.

An MPower education loan for abroad without collateral through GoStudyLoans is specifically designed for international students. Getting such loans is an easy procedure as students do not need to arrange for a co-signer or collateral. Instead of considering the creditworthiness of a so-signer, MPower Finance through GoStudyLoans considers other factors like:

• University
• Credit report
• Home country
• Academic and career potential

If approved for an MPower non-collateral education loan through GoStudyLoans, overseas students can use the money to meet all university-related expenditures like books, tuition fees, housing, health insurance, and meal plans. Students can apply for a maximum of $50 000 as an education loan amount with $25,000 per academic period. Students need to submit a loan application for each academic period they apply for an overseas education loan at MPower Finance through GoStudyLoans. The administrative fee for an education loan at MPower Finance through GoStudyLoans may be 5% which is added to the total loan amount. If approved for an education loan, students can go for fixed interest rates between 7.99% and 13.99%, which can also go down as low as 6.49% after discounts on interest rates. The borrowers have three different ways to qualify for discounts on the interest rates on their education loans. They are:

• Repaying the loan through automated withdrawal.
• Reporting proof of employment and graduation
• Making six consecutive on-time payments through automated withdrawals.

Before graduation, the overseas students will make small, interest-only payments towards the loan repayment. Once they complete their graduation, students will have a six-month grace period before their 10-year loan repayment term begins.

MPower through GoStudyLoans has partnered with universities throughout Canada and the United States. If you attend a school included in MPower’s list of partner schools, you will be eligible for an MPower education loan for abroad without security through GoStudyLoans.

MPower is a Public Benefit Company that offers education loans to students through GoStudyLoans within two years of graduation. The organization uses a proprietary credit structure where the borrower’s career path and academic success are considered for loan approval. You can get an MPower education loan without security through GoStudyLoans at 350 college and university programs across the US and Canada.

Students need to pay the loan interest while attending a university or college, which reduces a student’s total interest burden as the interest does not capitalize. This further helps the students build credit scores while in school. MPower through GoStudyLoans reports all student loan payments to the US Credit Bureau, which aids overseas students in building a US credit history. Therefore, get in touch with your loan expert at GoStudyLoans for any clarifications.

What Are The Costs Covered by MPower Education Loan Without Collateral through GoStudy?

Expenditures covered under an MPower education loan without security through GoStudyLoans include:

• College fee
• Examination fee
• Uniform
• Hostel fee
• Equipment
• Books
• Computer

You can use an MPower education loan abroad without security through GoStudyLoans for university-associated expenditures, including but not limited to housing, health insurance, tuition, and meal plans, at most universities and colleges in Canada and the US.

The below list shows some countries whose tuition fees and living costs are covered by MPower education loans through GoStudyLoans.

• USA
• Canada
• Ireland
• UK
• France
• Germany
• Singapore
• Australia
• New Zealand
• Austria
• Belgium
• Hungary
• Italy
• Poland
• Spain
• Switzerland
• Denmark
• Finland
• Netherlands
• Norway
• Sweden

The minimum loan amount available at MPower through GoStudyLoans is $2000 up to a maximum of $50000 applicable for MS, MBA, Ph.D., JD, and other postgraduate programs and for the last two years of undergraduate across more than 200 colleges and universities in Canada and the US. Students do not need to pay anything to apply for an MPower non-collateral education loan through GoStudyLoans. If you seek loan approval and need to proceed with your education loan for overseas studies through GoStudyLoans, a 5.0% origination fee is added to your loan amount, and you must pay this amount over the term of your education loan. No need to pay this origination fee upfront. Instead, you can pay it back along with your monthly loan payments. Or cancel the loan up to 30 days post disbursement without any interest, penalty, or charge. Please contact your GoStudyLoans consultant for further clarifications.

Following are the lists of the Costs Covered by MPower Education Loan Without Collateral through GoStudyLoans:

MPower Education Loan without Collateral through GoStudy

MPower non collateral education loan through GoStudyLoans offers study abroad education loans to overseas students without co-applicant or collateral at reasonable interest rates. By doing so, the financial organization looks forward to capitalizing on the domestic banking limitations and, in the process, aids students in financing their overseas education. The organization offers education loans in USD and CAD to US Citizens, international students, and DACA or Deferred Action for Childhood Arrivals students pursuing a Bachelor’s degree or attending a graduate school. Such loans, through GoStudyLoans, come with several discounts and no prepayment penalties.

International students within two years of graduating are eligible for an MPower education loan without collateral through GoStudy. To qualify for an students need to get admission into, or they must already attend, one of GoStudyLoans powered MPower’s partner schools in Canada or the United States. Graduate students enrolled in one or two-year programs or within two years of graduation are eligible for MPower international graduate school loans through GoStudyLoans with several interest rate discounts and without prepayment penalties if students choose to pay off the loan early.

An MPower unsecured education loan through GoStudyLoans is available for all major courses in Canada and the United States, like:

• Public Policy
• Business
• STEM or Science, Technology, Engineering, and Mathematics
• Health Sciences
• Law
• Economics

Note that there is no margin money of an MPower education loan for abroad without collateral through GoStudyLoans.

Collateral for Education Loan in MPower through GoStudy

While it is easy to avail MPower non-collateral education loan through GoStudyLoans, there are sources of education loans where you need to attach collateral with your loan application. Financial institutions ask for this form of security to sanction an education loan application. This collateral can be movable assets like LIC insurance policies and fixed deposits or immovable assets such as houses and non-agricultural land.

MPower Interest Rate for Non Collateral Education Loan For Abroad Education through GoStudy

The ROI or Rate of Interest for an MPower education loan without collateral through GoStudyLoans is 10.49%. The organization also provides three concessions of 0.50% each. The first concession is available to students who repay the MPower unsecured education loan through GoStudyLoans using the Auto Debit option from their respective bank accounts.

The second loan concession on ROI of the loan amount is available to students who pay for six months regularly without any missed payments. The third concession is available to students who provide proof of employment and graduation.

The EMI for an MPower education loan for abroad without collateral through GoStudyLoans of the interest rate in the loan and the principal amount. EMI on loan is calculated early on, and the amount remains fixed for the entire repayment period of 10 years. Use the formula below to calculate the EMI of your MPower non-collateral education loan through GoStudyLoans:

EMI= Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure/ (1+Rate of Interest) Tenure -1

Note that your loan ROI and tenure are the two most important considerations for your loan EMI.

Please check with your GoStudyLoans Consultant for further updates.

MPower Education Loan Without Collateral For Abroad University List Through GoStudy

MPower Finance through GoStudyLoans works with some of the leading colleges and universities in Canada and the United States. GoStudyLoans is therefore not a simple loan lending agent, but it works with the motive to set up students for financial, professional, and academic success. With an MPower education loan for abroad without security through GoStudyLoans, you can support different degrees like MBA, Master’s, Bachelor’s, LLM, MD, DDS, and select boot camps. You can meet several top colleges and universities and get personalized advice that matches your interests and background. With GoStudyLoans, you can expect great support at every step, from finding your dream university or college to completing your online student profile, financing options, immigration tips, and more.

MPower through GoStudyLoans supports more than 400 universities and colleges in North America to offer a wide network for students seeking to complete their higher studies abroad and those requiring education loans. Go through our list of top approved universities accepted for an MPower education loan without security through GoStudyLoans:

---

---

Co-Applicant for Education Loan Without Collateral in MPower through GoStudy

Going for an MPower education loan without collateral through GoStudyLoans means you do not require a co-applicant or co-signer to submit your loan application. Instead, GoStudyLoans considers your future potential and your credit history in your home country to consider you eligible for an MPower unsecured education loan through GoStudyLoans.

Eligibility Criteria for MPower Education Loan Without Collateral through GoStudy

The eligibility requirements to get an MPower education loan for abroad without collateral through GoStudyLoans are quite flexible compared to the other financial lending organizations. The eligibility criteria for an MPower non-collateral education loan through GoStudyLoans are:

• MPower lists more than 400 colleges and universities that accept its loans. To avail of an MPower education loan for abroad without security through GoStudyLoans, need to have secured admission in any of these colleges or universities listed.
• Students are eligible for an MPower education loan without security through GoStudyLoans after they secure the Visa and reach their preferred overseas study destination.
• MPower through GoStudyLoans offers 100% funding up to a maximum of $50 000 for two years. If a student’s expenses for a chosen program exceed $50K, MPower would want an explanation and proof of how the student plans to finance the remaining expenses. The organization disburses $25 000 per year for two years. Still, suppose in case the budget of the living expenses and tuition fees exceeds this mentioned amount per year. In that case, it becomes mandatory for the student to offer the documents for a shortage of funds in the form of liquid assets.
• Students need to pay the interest rate on their loans every month to build on their credit history in Canada and the United States.
• Students going for an MPower education loan through GoStudyLoans should not be citizens of any restricted country, nor should they be subject to personal sanctions.
• Applicants must be less than two years from completing their study programs.
• Applicants should live in Canada or the US while attending higher studies.

---

---

Pay your Application, Deposit & Tuition fees

Pay Now

---

Documents Required for MPower Education Loan through GoStudyLoans Without Collateral

Provide the following documents to secure an MPower education loan without collateral through GoStudyLoans:

• CV or Resume, which should include your employment and education history
• Proof of home country address, like banking statement, utility bill, or signed lease.
• Standardized test scores of GRE/GMAT for graduate studies. Overseas students must submit their language proficiency test scores, like those of IELTS or TOEFL.
• Secondary photo ID issued by the government
• Valid photo identification or passport from the country of origin and a valid US visa
• University financial summary or a list of fee summaries from the university
• Current admission letters and university transcripts from the university you will attend.
• Diploma or past transcripts from the previous university

Process & Procedures for MPower Education Loan through GoStudyLoans Without Collateral

To apply for an MPower unsecured education loan through GoStudyLoans, you need to follow the steps mentioned below:

• Check for loan eligibility.
• Fill out and submit the loan application with a valid photo ID.
• GoStudyLoans will then review your loan application and send an email with details on the next steps.
• Next, you need to upload all requested documents on the MPower dashboard through GoStudyLoans to complete the loan application procedure.
• GoStudyLoans & MPower will review all the uploaded documents and provide you with a visa support document if it approves your MPower education loan abroad without collateral through GoStudyLoans.
• Upon loan approval, MPower requests verification from your respective school, known as School Certification.

As per GoStudyLoans, the application procedure takes around 30 minutes to complete.

MPower Education Loan Sanction & Disbursement through GoStudyLoans Without Collateral

The conditional approval for an MPower non-collateral education loan through GoStudyLoans can be availed in 3 working days, whereas the average turnaround time after submitting all the documents is almost a week. The application process does not need much time to complete. Nevertheless, through GoStudyLoans, MPower submits your details to your university for certification, which can take a long time. Certification takes two to six weeks, so it is always a good idea to apply for an MPower education loan for abroad without security through GoStudyLoans in advance. Once certification is received, MPower will verify all your immigration documents and schedule your MPower education loan without security through GoStudyLoans within 2 to 4 business days.

Moratorium Period for MPower Education Loan through GoStudyLoans Without Collateral

The moratorium on principal repayment of an MPower education loan without collateral through GoStudyLoans during the study period is available for six months post-course completion. You do not need to make any interest payments while in college or university; this is how you can earn a discount on the ROI of your MPower education loan without security through GoStudyLoans. This will also help you build your credit history and avoid the MPower education loan for abroad without security through GoStudyLoans from growing during the moratorium period.

MPower Education Loan Repayment through GoStudyLoans Without Collateral

MPower unsecured education loan through GoStudyLoans is available with just a single repayment option. In college and during the first six months post-graduation, which is your grace period, you need to make interest-only payments on your MPower education loan for abroad without collateral through GoStudyLoans. Once your grace period expires, your 10-year loan repayment term begins, and you will start repaying the principal amount of the loan along with the interest rate.

MPower Education Loan EMI Exemption under Section 80E of IT Act through GoStudyLoans Without Collateral

With the world economy's rapid development and rise in income levels, people are now spending more on higher overseas education. Now, it is possible for individuals to save on income taxes by claiming deductions of interest for an education loan for higher studies from taxable income under Section 80E of the Income Tax Act. This deduction is on the total interest amount of EMI paid during a financial year.

---