Prodigy Finance Education Loan Rate of Interest
Prodigy Finance grants education loans to students who are seeking graduate-level education abroad. Prodigy Finance demands no collateral, no cosigners, or guarantors.
- No Cosigner - Prodigy Finance is designed for the students who do not have access to viable cosigners
- No pre-payment/pre-closure charges
- No Collateral - Unlike other loan lenders Prodigy Finance does not ask for any collateral in the form of cash or kind.
- Simple Interest - Prodigy Finance offers simple interest on loans so that the borrowers save some money.
Prodigy Finance offers unique variable rate student loan options, and it is made up in two parts such as,
- A fixed margin determined by Prodigy Finance
- A variable base rate that is decided by 3-months LIBOR (London InterBank Offered Rate)
- The fixed margin is determined based on the information you have put in the application form. The lowest possible variable interest rate in the recent times is 5.91% (assumes a 5.6% fixed margin + 0.2% 3-month LIBOR + 5% administration fee), and the current average rate is 10%
- The following formula is used by Prodigy to calculate variable simple interest: outstanding principal balance x (fixed margin + variable base rate) /365 x the days since your last transaction or days in the monthly cycle.
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
Prodigy Finance Education Loan Eligibility
- Students Must Attend a School and a Course that Prodigy Supports. Prodigy Finance currently supports over 850 schools around the world, but its programs are limited to business, public policy, law, health, science, technology, engineering, and math (STEM).
- Student Must Plan to Study Abroad. You must make plans to attend school in a country other than your own. However, if you have lived in the country where you want to study for less than a year at the time you apply, you may still be eligible
- Students Must be From the 120 Countries that Prodigy Supports. There are some countries, regions, and states in the United States and Canada where the company is unable to lend.
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| Bank / Financer |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | APR ranges from 6.7% to 11% | 15%-40% | |
| Max Loan with Collateral | Collateral free loans | INR 50 Lacs | |
| Max loan without collateral | $15,000 to 100% of total cost of attendance | INR 50 Lacs | |
| Processing Fee | 5% admin fee | 6.5% | |
| Repayment Period | 7,10,15,20 years | 20 years | |
| Loan for top institutions | Yes | No | |
| Margin | Nil | ||
| Age Limit | No age limit | No age limit. | |
| Loan Security | Collateral free loans | No Collateral Security | |
| Eligibility concession for SC/ST | No | No | |
| Processing Time | 3- 5 days(all documents uploaded correctly) | 24 hours | |
| Prepayment charges | No penalty | Nil | |
| Penal charges | Nil | Nil | |
| Mandatory insurance cover | No | ||
| Travel expeneses | Yes | N.A. | |
| Bank transfter allowance | No such clause mentioned | Not available | |
| Top up loan availability | Yes | no | |
| Interest Subsidy Schemes | None | None | |
| Tax benifit | Some countries have tax benefits | Yes | |
| Concession/benefits | No such information | Instant loan approval. 24 hour loan disbursal. Tax benefits. |
How to apply for Prodigy Finance Education Loan ?
Prodigy Finance Education loan application form can be available online or offline at Bank branches.
Visit the official website
Click on Prodigy Finance Education Loan
Click on Apply Online
Fill up the form with all the necessary details
Submit the Form
Visit Prodigy Finance branch for further proceedings
For offline procedure, student can visit the bank and ask for application form for education loan. The bank representative will then be able to guide you with all necessary details and information about margin money, interest rates, and eligibility criteria about the suitable loan for you.
Prodigy Finance Education Loan Details
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Expenses covered under Prodigy Finance Student Loan Scheme
- Depending on the course and school the student chooses, Prodigy Finance will cover up to 100% of your tuition. The funds will be transferred directly to the school/institute. Your tuition fees will be credited, and the remaining amount will be transferred to your bank account. Prodigy Finance offers loans that can cover living expenses for all programmes in the United States. There is no specific information regarding other countries.For STEM programmes outside of business departments, the maximum loan is the full cost of attendance (tuition and living expenses). The maximum loan amount at business schools is 80% of the total cost of attendance.
Courses Covered Under Prodigy Finance Student Loan Scheme
In India
Business
Law
Science
Engineering
Policy
Math
Computer Science
Economics
Courses Covered Under Prodigy Finance Student Loan Scheme
In Abroad
Business
Law
Science
Engineering
Policy
Math
Computer Science
Economics
Education Loan Documents Required ?
Admission Letter with all essential details
Self-Attested copies of age proof, address proof, admission proof
Education Proof- mark sheets of SSC, HSC and degree course certificates
Income tax return statement for last 2 years
Bank statement of last 6 month
Guarantor form from the applicant's guardian or co-borrower
Interest Subsidy Schemes
Prodigy Finance Interest Subsidy Schemes
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