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All About Prodigy Finance Education Loan Options

Prodigy Finance is one of the best education loan providers for study abroad. Since its inception in 2007, the firm has assisted over 20,000 students in obtaining more than $1 billion in funding for their postgraduate degrees without the need for cosigners or collateral. Prodigy Finance focuses on borrowers’ future earning potential rather than their credit or CIBIL scores to build a flexible application that qualifies a higher percentage of overseas students. 

Prodigy Finance Education Loan Overview
Interest Rates11.8% 
Eligible ProgrammesBusiness, Engineering, Law, Public Policy, Medicine, and more
Supported InstitutionsOver 1200 schools globally
Collateral or Co-signerNo collateral or cosigner required
Eligibility CriteriaBased on academic merits and CIBIL score
Repayment FlexibilityFlexible repayment plans, typically starting after completion of studies
Application ProcessOnline application with a personalised quote based on the chosen course
Prepayment PenaltiesTypically, no penalties for early repayment

Prodigy Finance Education Loan Features

Unlike conventional lenders who rely heavily on credit history and many types of collateral, Prodigy Finance takes a forward-looking approach, assessing applicants based on their future earning potential and academic merit. The table given below states the key features like interest rates, processing fees and repayment terms of the Prodigy Finance Education Loan

ParametersFeatures 
Prodigy Finance Maximum Loan 100% cost of attendance
Prodigy Finance Rate of Interest11.8%
Repayment Tenure7-20 years
Moratorium Period6 months post-course completion
Collateral OptionNot required
Processing Fees NIL
Co-borrower optionNot required
Tax benefitsNA
Courses coveredHigher education in top-tier universities abroad

Know About Abroad Education Loan

Benefits Of A Prodigy Finance Education Loan

The advantages of an education loan at Prodigy Finance Education Loan are what makes it the best choice for students seeking education abroad. As mentioned earlier, Prodigy Finance aims to provide financial assistance to academically excellent students irrespective of their educational background. Following are some of the Prodigy Finance Education Loan benefits: 

  • No Cosigner – A Prodigy Finance education loan is offered to fulfil the requirements of those who do not have a creditworthy cosigner.
  • No Collateral – Many overseas student loan providers require property or a cash deposit as collateral. Prodigy Finance provides loans without collateral.
  • Simple Interest – One of the biggest reasons students have difficulty repaying their student loans is compound interest. Prodigy Finance employs a simple interest computation, which has the potential to save borrowers money. 

Eligibility Criteria For Prodigy Finance Education Loan

It’s important to know what factors lenders look at when deciding on loan applications. This usually includes your academic performance, financial background, and your expected future earnings. Understanding the specific criteria of each lender helps you assess if you qualify and find the one most likely to support your plans for international education. Given below are the Prodigy Finance Terms and Conditions: 

  • You must choose a university and a course that it accepts. Prodigy Finance presently serves over 750 institutions across the world, but its programmes are limited to those in the specific fields it supports. 
  • You must make arrangements to study abroad. You should check options to attend a university in a country other than your own. You may be qualified if you’ve lived in the country you wish to study in for less than a year when you apply.
  • You should also belong to one of the 120 countries supported by Prodigy Finance. It will not lend in a few areas, regions, and states in the United States and Canada.  

List Of Eligible Courses At Prodigy Finance Education Loan

Lenders often assess the risk and potential return on investment when determining the courses and programmes they choose to support. Fields like business and engineering, for example, are often seen as having strong career prospects, making them more attractive to lenders. Following are the courses supported by Prodigy finance education loan:

  • STEM (Science, Technology, Engineering, Mathematics)
  • Business
  • Public Policy
  • Law
  • Health Sciences
  • Economics

Along with the courses, Prodigy Finance supports only specific universities for taking an education loan. Prodigy Finance presently extends its support to more than 1200 schools worldwide, spanning disciplines such as Business, Engineering, Law, Public Policy, and Medicine. 

Documents Required For Prodigy Finance Education Loan 

All Prodigy Finance loans don’t necessitate collateral or a co-signer. Therefore, documentation related to these aspects, required by other education loans, is not needed. However, Prodigy Finance assesses loans based on academic merits and CIBIL scores, so documents related to these factors are necessary. The list below outlines the Prodigy Finance documents required from students:

DocumentDescription
Proof of AdmissionConfirmation of acceptance into the educational programme
Valid PassportCopy of a valid passport for identity verification
Visa DocumentsRelevant documents related to your student visa or passport
Cost of AttendanceBreakdown of the programme’s expenses (tuition, living, etc.)
Academic TranscriptsRecords or transcripts from previous educational institutions

Prodigy Finance Education Loan Application Process

Prodigy Finance Education Loans are easy to apply. Given below is the step-by-step process of applying for Prodigy Finance Education loans:

  • Step 1:  Begin by creating an account on Prodigy Finance’s online portal.
  • Step 2: Apply for funding, providing details about your chosen academic course. Receive a customised quote based on your course and other relevant factors.
  • Step 3: Upload the necessary documents as per Prodigy Finance’s requirements. These may include proof of admission, a passport, visa documents, academic transcripts, and any other specified documents.
  • Step 4: Prodigy Finance matches your application for funds raised from investors. If your application is successfully matched, you will be notified to commit to the loan. Receive a loan sanction letter indicating the approved loan amount.
  • Step 5: Sign the loan agreement or education loan sanction letter digitally, completing the formalities for the loan disbursement.

Prodigy Loan Repayment Options

A Prodigy Finance education loan has no registration or prepayment penalties. Those who are enrolled full-time are not required to begin paying the amounts until six months after their programme ends. Part-time students must begin making payments three months after the loan has been awarded.

There are no choices for total repayment while at university, but you can initiate payments because there are no penalties for paying early. You can make bulk payments up to the end of your grace period—a payment that is more than three times your contractual instalment, after which Prodigy Finance will automatically re-amortise your loan, decreasing your monthly cost.

Prodigy Finance Education Loan Vs. Other NBFCs 

No doubt Prodigy Finance stands out among Non-Banking Financial Companies (NBFCs) offering education loans, introducing a distinctive approach to funding international postgraduate studies. A comparison between Prodigy Finance and other NBFCs sheds light on the unique features, eligibility criteria, and application processes that distinguish Prodigy Finance in the competitive landscape of education financing.

Key featuresHDFC CredilaProdigy FinanceAvanse 
Loan amountRs. 1 lakh and above, no upper limit100% cost of attendanceCovers 100% of your education
Rate of InterestFloating rate of interest according to Credila’s Benchmark Lending Rate11.8%10-13% for secured loans
Repayment TenureMax 12 years7-20 years10 years
Moratorium PeriodEducation course duration + grace period 6 months post-course completionCourse duration + 1 year
Collateral OptionResidential Flat, Residential House, Non-Agricultural Land, A Fixed Deposit, assigned in favour of CredilaNot requiredResidential property, Bonds, FDs, etc. 
Processing Fees 1-1.25% of the loan amountNIL1-2% of the loan amount. 
Co-borrower optionYesNot requiredYes
Tax benefitsSection 80ENASection 80E
Courses coveredHigher education in India, USA, and abroadHigher education in top-tier universities abroadHigher education in top-tier universities

In conclusion, the Prodigy Finance education loan stands out as a great choice for international postgraduate students, offering unique benefits such as no need for collateral or co-signers, personalised loan terms, and a straightforward application process. When comparing it to other NBFCs, Prodigy Finance’s innovative approach to education funding is evident.

For those seeking assistance in navigating the complexities of education financing, Unicreds is here to help. As a platform dedicated to connecting students with various loan options, including Prodigy Finance and other reputable lenders, Unicreds makes the search for the right financial solution much easier. 

FAQs:

Q1. How long does Prodigy take to approve a loan?

Ans: There is no requirement to submit the documents physically; instead, they can be conveniently submitted through the online process. After submitting all the necessary documents, a verification process will be initiated, which may take up to 7 days to complete. Once the verification is done, the borrower will receive a loan agreement via mail.

Q2. How much loan can I get from Prodigy Finance?

Ans: Prodigy Finance offers loans for all programmes in the US, covering both tuition fees and living expenses. For STEM programmes outside of business departments, the maximum loan amount is equivalent to the full cost of attendance, encompassing both tuition and living expenses. However, for business schools, the maximum loan amount is 80% of the full cost of attendance.

Q3. How long is the repayment period for the Prodigy loan?

Ans: For full-time students, the loan repayment period starts six months from the date of class completion. On the other hand, part-time students have a repayment period of three months from the date of the final disbursement.

Q4. How do I increase my loan amount in Prodigy?

Ans: Interested individuals can indicate their desire to increase their loan amount by selecting the option “Show me how” and subsequently clicking on “Increase my offer.”

Q5. What is the processing fee for Prodigy?

Ans: Prodigy Finance charges a processing fee of 5% of the loan amount in USD. For instance, if the average loan amount for a programme in the US is INR 40 lakhs, the processing fee would amount to INR 2 lakhs.

Q6 Does Prodigy Finance require a cosigner? 

Ans: No, Prodigy Finance doesn’t require a co-signer, unlike other education loans.

Q7 What is the APR of the Prodigy Finance Abroad Education Loan?

Ans: The APR on the Prodigy Finance education loan is 14.997%.

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All About Prodigy Finance Education Loan Options

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