Mpower Financing Education Loan

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MPOWER Financing Education Loan


Interest Rate

Starting from 12.99%

Processing Fees


Margin Money


How it Works


Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.


Talk To Our Loan Experts

Connect with our dedicated loan counselor for a better understanding of the process.


Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.


Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.


Get Loan Approval and Disbursement

Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender


MPOWER Financing Bank Education Loan for Abroad Studies


All you need to know about MPOWER Financing bank education loan for studying abroad

Anam Shams
Anam Shams

Reviewed By:   Aman


Getting an education loan can be an arduous and frustrating process, especially if you don't have any collateral or co-applicant to support your loan application. You don't need to worry anymore as GyanDhan has partnered with MPOWER Financing to help you get a study abroad loan without collateral and a co-signer.

Founded in 2014, MPOWER Financing is working on a mission to reduce the financial barriers to international education. The company is based in Washington DC and offers education loans for higher studies to study in the USA and Canada. They have been dedicated to the study abroad industry for nearly ten years. The loan process is completely online which makes it more convenient for users to take the loan. There are more than 400 educational institutions for which MPOWER can aid you financially. This is the only lender in our partnership that keeps the interest rate fixed no matter what thus providing an additional benefit to you. 

MPOWER Financing USP: They offer no collateral and no cosigner loans, and make loan decisions based on your future potential, rather than your family background, income, or assets.

Overview of MPOWER Financing abroad education loan 

MPOWER Financing offers study abroad loans without any collateral or co-applicant, at reasonable interest rates to international students, showcasing how MPOWER loan works to provide financial assistance. The lender provides education loans only for educational institutes that are located in either the USA or Canada. The loan amount is provided in CAD or USD based on your university, illustrating how MPOWER loan works in terms of currency flexibility. Some more features that will benefit you in relation to MPOWER education loan are shown in the table below.

Feature Detail

Loan Amount

Upto 100,000 USD 

Interest Rate

12.99% - 15.99%


13.72% - 17.08%

Interest Rate Discount


(if you sign-up for autopay)

Interest Rate Type

Fixed Interest Rate

Minimum Income



Simple Interest during the course and also during 6 Month grace period

Processing Fees


(adjusted in the loan amount, No upfront payment)

Other Charges


Margin Money


Loan Tenure

Up to 10 years

Processing Time

Upto 7 days

(after document submission)

Prepayment Penalty 

No penalty

*APR (Annual Percentage Rate) can be referred to as the yearly interest rate paid on investments, but it does not take into account the effect of compounding interest within that year.

Eligibility for MPOWER Financing education loan 

Below are some criteria that you need to ensure so that you can be eligible for taking a loan from MPOWER Financing. 

  • list items You should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program.
  • list items You should be an Indian Student aspiring to study abroad.
  • list items Admitted to or attending one of their 400+ approved schools in the U.S. or Canada.
  • Check the list of approved Schools for MPOWER education loan - Click here!

    List of approved courses by MPOWER Financing

    MPOWER education loan considers your academic goals as unique. That’s why they support a full range of degree types:

  • list items Master’s 
  • list items MBA
  • list items Ph.D.
  • list items Bachelor’s
  • list items J.D.
  • list items LL.M.
  • list items M.D.
  • list items D.D.S.
  • list items Diploma and Associates (Canada only)
  • Documents Required for MPOWER Financing education loan

    MPOWER, unlike banks, does not have very exhaustive requirements for documents but there are a few which are compulsorily required. The documents that you will be needing are - 

  • list items Resume/CV - It should include the education and employment history of the applicant.
  • list items Proof of home country address - any utility bill, banking statement, or signed lease can be submitted.
  • list items Secondary photo ID - It includes any ID issued by the government.
  • list items Standardized test scores - GRE/GMAT for graduate studies. International students are required to submit their language proficiency test scores as well - TOEFL/IELTS.
  • list items A valid passport and photo identification from the country of origin along with a valid US visa.
  • list items Current university transcripts or admission letters from the university you will be attending.
  • list items Past academic transcripts.
  • list items Target university financial summary - a list of the fee summary from the university (estimated cost).
  • How to apply for an education loan at MPOWER Financing via GyanDhan

    If you are looking to secure an abroad education loan from MPOWER Financing, demonstrating how MPOWER loan works, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through GyanDhan.

    GyanDhan is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!

    Benefits of Choosing MPOWER Financing through GyanDhan

  • list items Guaranteed best loan - At GyanDhan, we are committed to providing you with the most competitive education loan available. We strive to offer you the best possible deal, and if you happen to come across a better offer elsewhere, we will cover the difference in interest rates for the entire duration of your education loan.  
  • list items Completely online process - The entire process of MPOWER Financing Education Loan is online so the students don't have to visit the company even once. GyanDhan will assist you in the entire process.
  • list items Low turnaround time - With the help of GyanDhan’s education counselor, in case of urgency the loan can be sanctioned in less than 3 - 7 days after the document submission.
  • list items Conditional loan offer - with the help of GyanDhan you will be able to get a conditional loan offer from MPOWER very fast so that you can also start your visa process as soon as possible. 
  • list items Loan Top-up - in case the approved loan amount (from Avanse & Incred only) is less than what was required then MPOWER can provide a top-up on the same to meet the requirements.
  • INR Loans vs USD Loans by MPOWER

    After knowing how does MPOWER loan works it is essential to understand the difference between USD and INR loans. Many students may perceive the risk-based pricing of MPOWER, at 13.72% APR, as high. A number of students might receive higher APRs due to factors such as low credit scores, program choices, or university selection, etc. This contributes to the development of a perception that INR loans are more favorable. However, to accurately compare INR loans with USD loans from MPOWER, one must consider the following factors:

  • list items The initial rates for unsecured loans with cosigners, offered by competitors and appearing to be low at greater than 11.5-12%, may have experienced an increase during the graduation period over the last few years.
  • list items An additional 2% to 6% is added for forex charges, covering expenses incurred during fund transfers to the university and at the time of repayment.
  • list items 4. A range of 1% to 8% is factored in for various insurance charges.
  • list items 5. An accounting of 0.5% to 2% is made for processing fees.
  • Considering all these things you will get that the APR of unsecured loans in INR with co-signer could exceed 16%.

    How to Contact MPOWER Financing?

    There are several ways in which you can contact MPOWER financing, some of them are - 

  • list items Office visit
  • list items Address: 837, 1, 100 Feet Rd, Indira Nagar 1st Stage, H Colony, Indiranagar, Bengaluru, Karnataka 560038 You can go and visit the required personnel on the above-given MPOWER Financing India office address. Make sure you have an appointment before you reach there.
    • Address: 837, 1, 100 Feet Rd, Indira Nagar 1st Stage, H Colony, Indiranagar, Bengaluru, Karnataka 560038 You can go and visit the required personnel on the above-given MPOWER Financing India office address. Make sure you have an appointment before you reach there.
    • Address: 837, 1, 100 Feet Rd, Indira Nagar 1st Stage, H Colony, Indiranagar, Bengaluru, Karnataka 560038
    • You can go and visit the required personnel on the above-given MPOWER Financing India office address. Make sure you have an appointment before you reach there.
    • Address: 837, 1, 100 Feet Rd, Indira Nagar 1st Stage, H Colony, Indiranagar, Bengaluru, Karnataka 560038
    • You can go and visit the required personnel on the above-given MPOWER Financing India office address. Make sure you have an appointment before you reach there.
  • list items Emailing MPOWER Financing
  • list items Email ID: [email protected] If you have any query or need any kind of assistance from MPOWER Financing, you can always reach out to them via the email address mentioned above.
    • Email ID: [email protected]
    • If you have any query or need any kind of assistance from MPOWER Financing, you can always reach out to them via the email address mentioned above.
  • list items Filling out the online contact form
    • Link: Contact - MPOWER
    • This is an online contact form that you can find on their official website that can be filled with some basic details. Once you fill in all these details they are passed on to the customer service team of MPOWER Financing which will contact you.

    When applying for an MPOWER education loan, you don't need to personally contact them. The entire loan application process is conducted online, which adds convenience and flexibility to your experience. Moreover, if you choose to work with GyanDhan, their Loan Counsellor will act as your guide and handle all interactions with MPOWER Financing on your behalf. This means that you can secure an education loan for studying abroad without encountering unnecessary difficulties, as GyanDhan will take care of the entire process on your behalf. This streamlined approach ensures that you can access the funds you need with ease and at your convenience.


    Frequently Asked Questions

    What is a support letter in MPOWER Finance?

    MPower Finance offers a visa support letter that can be used by students to obtain their I-20 for securing a US student visa.

    What is origination fee in MPOWER Finance education loan?

    It is similar to the processing fee that is asked by other lenders, the only difference is that it is adjusted in the loan amount only and it is charged on each disbursal.

    What are other services provided by MPOWER Finance?

    They provide refinancing, scholarships, Path2Success career service programs, and more.

    Does MPOWER Financing cover living expenses?

    Yes. It covers living expenses but the total disbursed amount is transferred to the university directly and the applicant has to coordinate with the university’s financial support to get the living expenses.

    Can I get an MPOWER education loan for my remaining semesters?

    Yes. You can apply for an education loan in any year of the study, you just need to follow this criteria - you should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program.

    When does MPOWER Financing loan EMI start?

    You have to start paying your principal amount after 6 months of your course completion. Till then you have to pay only simple interest.

    How does MPOWER student loan work?

    They provide you with education loans without co-applicant and collateral. They have a list of schools and courses and if your targeted school is on that list then you would be eligible to take MPOWER student loan.

    Does MPOWER provides loan for UK based universities?

    MPOWER Financing only provides loans for USA and Canada and thus you cannot get an education loan for the UK.

    Is MPOWER Financing Safe?

    MPOWER Financing is totally safe to chose. This has been established in 2014 and since then has helped a lot of international students to pursue their dream of abroad education.


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