The Annual Percentage Rate, or APR, is a percentage that represents the real annual cost of funds over the course of a loan's duration. This includes any fees or additional costs incurred as a result of the loan.

Prodigy Finance Education Loan - Features, Benefits, Eligibility & How To Apply

Q: What is the annual percentage rate (APR) for a Prodigy Finance Abroad Education Loan?

Prodigy finance education loan interest rate ranges from 6.7% to 11%, with an average of 8.4%.

Q: Is there a penalty for paying off a Prodigy Finance education loan early?

No, there is no penalty for paying off a Prodigy Finance school loan early.

Q: Is There Any Money Left Over After Prodigy Education Loans?

On Prodigy education loans, there is no margin money.

Q: What is the repayment period for a Prodigy Abroad Education Loan?

The repayment period for a Prodigy abroad education loan is up to 20 years.

Q: How is the tuition fee distributed by Prodigy?

All of your funds are sent directly to your school by Prodigy Finance. It works with the school to guarantee that tuition fees are paid on time and that the student does not incur any additional interest or late penalties. As a result, the student can relax and concentrate on his or her schoolwork.

Q: What is the procedure for a student receiving funds for living expenses?

Prodigy Finance pays a portion of the living expenses at some schools. If the student wants to utilise some of his or her loan to cover living expenses, he or she does not need to give Prodigy Finance his or her bank account information because the funds are sent straight to the school. The tuition costs, as well as any monies left over, are credited to the student's personal bank account.

Q: What is the procedure for a student receiving funds for living expenses?

The candidate must have been accepted into a Prodigy Finance-supported school and programme. Remember that you can request a quote before receiving an acceptance letter. At the time of loan approval, an admission letter is required.

Q: Which Courses are qualifies for Prodigy Finance Education Loan?

The following courses are available through Prodigy's international education financing programme: STEM (Science, Technology, Engineering, and Mathematics) Public Policy Law Business Economics Health Care

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Get your Prodigy Finance education loan without offering any collateral or co-signer. A Prodigy Finance education loan allows you to study at 800+ universities around the world.

Loan Margin: NIL

Processing Fees: 5.0% onwards

UniCreds recognises that obtaining an education loan for international study can be a time-consuming and unpleasant process. Those who do not have any collateral or guarantor to back up their application are especially vulnerable. UniCreds has teamed with Prodigy Finance Education Loan to assist such students in making their goals a reality. Established in 2007, Prodigy Finance is based in the United Kingdom. A financial organisation that has altered the education loan method while preserving the best level of service. They help the students, on the basis of their academic background, receive study abroad education loans without any collateral or co-applicant. UniCreds is the best place to contact if you're interested in joining this Prodigy Finance-funded cohort of overseas students.

Features Of Prodigy Abroad Education Loan

Sr. No	Features	Education Loan Details
1	Loan amount	$15,000 to 100% of total cost of attendance
2	Margin money	Nil
3	Processing fee	5.0% onwards
4	Processing time	30 Working Days
5	Loan tenure	20 Years (7, 10, 15 or 20 years)
6	Prepayment charges	Nil
7	Repayment holiday	Starts after 6 months of course completion. No repayment during the moratorium period.
8	Countries covered	USA, UK, Canada, France, Germany and Australia

Benefits of Prodigy Abroad Education Loan

Fully Online Process

The entire Prodigy Finance Education Loan process is conducted online, so students do not need to visit the organisation even once. UniCreds will guide you through the entire procedure.

No Need Of A Co-Applicant

Prodigy approves huge loans without requiring collateral or a co-signer. The student's academic profile and the college to which he has been accepted determine the loan's terms.

Free Loan Assistance

UniCreds will walk you through the whole education loan application, approval, and distribution process. Therefore, you may leave all your education financing related issues to us. Our education loan counsellor (ELC) will explain the complete process in detail and will aid you in equipping all the prerequisites.

Money With No Margin

Education loans from Prodigy Finance can cover up to 100% of costs. As a result, you will not be responsible for any portion of the overall cost of your international education. Prodigy loans cover all expenses, including tuition and living expenses, as well as a caution deposit/building fund/refundable deposit.

A Quick Loan Process

Prodigy Education loan processing time is substantially faster in comparison to other financial organisations. Within 5 days of submitting all paperwork via UniCreds, conditional loan approval can be received.

Period Of Repayment

The repayment period for the Prodigy student loan is up to 20 years, with repayment beginning six months after college course have ended.

Benefits Of Getting Your Prodigy Abroad Education Loan Through UniCreds

Higher Chance Of Approval

By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to Prodigy Finance officials and find the best solution.

Online Service

With UniCreds, there’s no need to visit the branch to submit your documents. Simply visit the UniCreds website and upload your documents from the comfort of your home. You can also enjoy step-wise updates via notifications.

No Cost To You

All our education loan services are completely free of cost.

Collateral Free Loans

Through UniCreds, you can avail education loans without offering any collateral. Loan sanctions depend entirely on the student's academic profile and the university he/she has got admission in.

Calculate EMI for Education Loan

Loan Amount

Interest (p.a)

Loan Duration

Course Duration

Grace Period

Monthly EMI

Principal Amount

Total Interest

Total Amount

Loan Amortization Schedule

Following table show the year wise payment schedule.

Month	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 1	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 2	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 3	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 4	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 5	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)

Eligibility Criteria For Prodigy Abroad Education Loan

Sr. No	Type	Requirement
1	Eligibility	1. You must choose a school and a course that it supports. Prodigy Finance currently sponsors over 900 schools throughout the world, but its services are confined to business, public policy, law, medicine, science, technology, engineering, and mathematics (STEM). 2. You must prepare to study in a foreign country. You must prepare to attend school in a country other than your own. If you have lived in the nation you want to study in for less than a year before applying, you will not be eligible. 3. You're from one of Prodigy Finance's 150 funded nations. The company is unable to lend in a number of countries, regions, and states in the United States and Canada.

Documents Required for Prodigy Abroad Education Loan

Sr. No	Type	Documents Required
1	Documents Required	1. Identification documents such as a passport, driver's licence, or another government-issued identification document. 2. Address evidence, such as a water bill, an energy bill, bank paperwork, or a lease agreement. 3. Proof of acceptance: Any communication from your university confirming your acceptance into your programme. 4. Credit Report 5. Income Verification (if applicable). 6. Evidence of Savings (if applicable). 7. Proof of Scholarships or Sponsorship from a Company (if applicable).

Loan Repayment For Prodigy

After completing the course for 6 months, the repayment programme will begin. There will be no repayment during the moratorium period. The repayment period is either 7, 10, 15, or 20 years. There is no prepayment penalty when imposed on Prodigy Finance Education loan.

How To Apply For Prodigy Abroad Education Loan?

Step 1: Contact UniCreds and inform our education loan adviser of your intent to begin the procedure, or apply straight online. Step 2: UniCreds will provide you your Prodigy account login information and a link to log in to your account within 6 business hours. Follow the on-screen directions to fill out your personal and academic information, upload your documents, and submit your application once you've logged in. Step 3: It only takes a few minutes to validate your information and papers after you've submitted your application. A conditional loan confirmation message will appear on your dashboard if everything is in order. You'll also receive an email with your loan approval letter, which you can use to apply for a student visa. Step 4: Once the loan has been approved and the online education loan agreement has been signed, all of your cash will be sent to your university as needed.