Nov 11, Kathmandu - Nepali students will no longer have to face the hassle of collateral to study abroad. For the first time in Nepal, an American organization called MPOWER Financing has introduced an education loan facility of up to a maximum of US $ 100,000 for postgraduate students without collateral.

They can now get international education loans without having to pledge any assets or find a cosigner (guarantor).

The number of Nepali students studying in the United States has been increasing in recent years. Currently, more than 32,000 Nepali students are studying in American universities. This number has increased by 42 percent in a single year. Despite this, for many families, financing their studies abroad is still the most challenging.

Traditional banks and financial institutions in Nepal often require collateral such as land or collateral in the United States, making it difficult for many qualified students to obtain loans. Washington, D.C.-based MPOWER Financing has stepped in to solve this problem.

MPOWER Financing's assessment system is different from the traditional one. It provides educational loans based on the student's university admission, field of study and future earning capacity, rather than on their ancestral and family assets. This is why MPOWER Financing has already provided educational loans to over 20,000 students from Bangladesh, Pakistan, and Africa. This facility is also open to Nepali students, the organisation stated in a press release.

According to the organization, students can apply for loans ranging from $2,010 to $100,000. This covers not only tuition fees, but also housing and other expenses. The organization believes that the application process is completely digital, and with a fixed interest rate and transparent payment plan, it will provide clarity and ease in managing expenses for students and parents.