Student/Applicant fills Application Form and pays Application Fee on the Mokusei website.
In the application form, Student proposes what Percentage of their Future Income will they Share with the Loan Provider and for How Many Years.
Mokusei shares student profile and application with HNIs & Investors within its network.
STAGE 3
If any HNI or Investor sees promise in the Student profile, and likes the terms proposed for Income Share, Mokusei notifies the student within 15 days of filling the application form. Mokusei collects necessary documents (College/University Offer Letter, Credit Score, AADHAR, PAN, Latest Marksheets, Latest ITR, Bank Account Details, etc) from student for verification and identity check.
STAGE 4
Upon successful verification of identity and documents, Mokusei drafts & provides an Income Share Agreement (ISA) to be signed by the student within 7 business days. The signed ISA is then shared with the HNI/Investor for their signature within 7 business days.
STAGE 5
Mokusei shares the fully signed legally binding ISA with student and HNI/Investor. HNI/Investor transfers funds to student's bank account electronically within 7 business days. Student can then use this money to pay for Tuition Fees, Travel Expenses, Living Expenses or to Pre-Close their current/existing Education Loan.
STAGE 6
Student directly shares a part of his/her future income with HNI/Investor as per the agreed upon terms & clauses of the ISA.