Dhiraj Kandel
Managing DirectorSchedule a free consultation with our expert counselors to discuss your study
Studying in Canada sounds exciting until you look at the tuition fees. And if you don’t have a full scholarship or enough savings, the first question is usually: how am I going to pay for all of this?
That’s where study loans can help. Nepali students may have options through banks in Nepal as well as international student lenders, depending on the university, course and their eligibility. So, let’s look at what these loans actually cover, how much you can get, what they cost and how to apply.
A study loan is borrowed money used for eligible education expenses and repaid according to the lender’s terms.
For Nepali students, there are three main routes:
| Funding option | Who is it for? | Key point |
|---|---|---|
| Education loan from Nepal | Nepali students studying abroad | Usually involves bank, income and collateral requirements |
| International student loan | Eligible international students | MPOWER is one example |
| Canada Student Grants and Loans | Eligible Canadian citizens, permanent residents and protected persons | Regular international students are generally not eligible |
Yes. Nepali banks offer education loans for overseas study.
For example, NMB Bank currently says its education loan can finance up to 100% of education costs, including travel and accommodation for study abroad, subject to a financing amount of up to 70% of the fair market value of collateral. The maximum tenure is 15 years.
MPOWER Financing does not require a cosigner or collateral. Its current Nepal page advertises loans from US$2,001 to US$100,000, with fixed rates as low as 9.99% (10.89% APR), including a 0.25% automatic-payment discount. Actual rates depend on approval.
For Master’s students, MPOWER currently requires eligible applicants to be within the final 30 months of their degree and admitted to or attending a supported school in Canada or the US.
For Canadian schools, MPOWER says loans typically cover tuition and other university-invoiced expenses. Its broader claim of funding up to 100% of education costs, including living expenses, is specifically marked for US schools only.
Not every Canadian university or program qualifies. MPOWER currently says its loans are accepted at 50+ eligible US and Canadian schools. Your exact university and program must qualify, so students should use the current school checker instead of relying on an old university list. MPOWER’s current website is also showing Join Waitlist, so students should confirm current funding availability before depending on MPOWER for their 2026 intake.
Admission does not guarantee loan eligibility, and eligibility does not guarantee approval.
Prodigy Finance is another international lender focused on Master’s degrees. It advertises no-collateral, no-cosigner financing of up to US$220,000 and potentially up to 100% of a school’s cost of attendance, subject to eligibility and school limits. However, there is an important catch for Nepali students in Fall 2026. Prodigy’s current Asia page says it is unable to support the region for the Fall 2026 intake, while its Fall 2026 applications are currently open for India.
So Nepali students should not depend on Prodigy for Fall 2026 funding unless its eligibility status changes.
Potentially, yes. A scholarship simply reduces your funding gap:
Total cost: CAD 40,000
Scholarship: CAD 10,000
Savings: CAD 10,000
Funding gap: CAD 20,000
You could then explore eligible financing for the remaining amount. Having no scholarship does not automatically disqualify you from private financing.
Canadian government aid follows separate rules. From August 1, 2026, federal rules also changed for certain private, for-profit institutions, so eligible Canadian residents should check their institution’s current designation before depending on government aid.
The practical process is:
→ 1. Get admission or shortlist your Master’s program
→ 2. Calculate tuition and other study costs
→ 3. Subtract scholarships and available savings
→ 4. Compare Nepal banks and eligible international lenders
→ 5. Check university and program eligibility
→ 6. Prepare academic, identity, income and collateral documents, where required
→ 7. Apply and receive your offer
→ 8. Compare interest, APR, fees, currency and repayment terms before accepting
Never choose a loan simply because it offers the highest amount. The cheapest suitable loan is often more valuable than the biggest loan.
Potentially, yes. Eligible international students may use private education lenders or education loans from Nepal. Regular international students generally cannot access Canada Student Grants and Loans simply because they study in Canada.
Some private lenders offer this. MPOWER, for example, states that it does not require collateral or a cosigner.
Not necessarily. Some international financing can be arranged before starting studies, while financing may also be available to eligible students already enrolled.
Potentially, yes. A scholarship can reduce your funding gap, but it is not a universal requirement for private student financing.
Possibly, but not every institution or program qualifies. Always check the lender’s current supported-school list or Canada’s designated-school requirements for government aid.
MPOWER’s support centre currently states that it has reached its funding capacity and is temporarily unable to offer new loans for 2026. Students can join its waitlist for future funding consideration.
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Schedule a free consultation with our expert counselors to discuss your study
Schedule a free consultation with our expert counselors to discuss your study