MPower Financing has launched the international student loan refinancing program (refi) for Indian graduates working in the US. “The aim is to ensure that promising graduates from around the world are able to kick-start their careers on sound financial footing by refinancing up to $100,000 (about Rs 75 lakh) of education loans from Indian financial institutions. In addition to releasing co-signer and collateral obligations, successful applicants can significantly reduce their interest rates while building their US credit history,” MPower Financing said in a statement.
“Our aim is to empower students studying in the US by providing them the option of refinancing their education loans through a quick and easy process,” said Ashwini Kumar, general manager of MPower’s India office. “This will not only reduce their interest rate considerably but also free them from the obligations of a co-signer and collateral. Being able to free up their family resources is going to reduce the mental burden for any student significantly.”
Eligible applicants must have graduated from a US or Canadian university and have at least three months of work experience. A wide variety of work authorisations are eligible, including OPT, H1-B, and others.