As the Donald Trump administration plans to toughen visa rules for entering the United States, a US-based lender is trying to lure students, especially Indians, with easy loans at interest rates landline, visa advice and employment assistance.
Washington-based MPOWER Financing, which has been providing student loans to the Indian market for the past five years, continues to invest heavily in Asia’s third-largest economy, which accounts for 20% of total student loan disbursements for MPOWER, globally.
Emmanuel Smadja, CEO and co-founder of MPOWER Financing, said Activity area: “One in five loans come from India and that number is increasing as more science, technology and medical students want to pursue higher education in the United States.”
Focus on women
Smadja added that MPOWER is more than just a financier. “We help students with their visa process and also with internships. Later, we help them find jobs in the United States and Canada.
He said, “In the United States, not wanting outside students is just a perception. In fact, at companies like Apple and Google, 90% of H1B visas are approved instantly. “
At a fixed rate of 6.49%, MPOWER offers unsecured loans of up to 35 lakhs for a period of 10 years, after which there is a late repayment fee. Smajda said that loan disbursements in the Indian market are increasing every year and that MPOWER, which mainly focuses on women, hopes to disburse an additional $ 3,000 to $ 5,000 in loans this year.
As MPOWER remains bullish in the Indian market, things are changing dramatically as the number of Indian students heading to the United States for higher education is declining.
Last year, for the first time, the number of Indian students going to the United States for higher education fell amid the restrictive immigration policies of the United States government, according to official reports. Indian students made up 17.9% of total international students in the United States in 2017-18.