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

Fill the Loan Amount
10,00010L20L30L40L50L60L70L80L90L1Cr
Fill the Interest Rate
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Fill the Loan Tenure
56789101112131415
EMI Payable

1,000 per month

Total Interest

1,000

Payable Amount

1,000

Total Interest
Principal Loan Amount

Looking for admission for India and Abroad?

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Prodigy Finance Education Loan Eligibility

loan eligibility image
  • 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 / FinancerChange bankChange bankChange bank
Applicable Rate of InterestAPR ranges from 6.7% to 11%15%-40%
Max Loan with CollateralCollateral free loansINR 50 Lacs
Max loan without collateral$15,000 to 100% of total cost of attendanceINR 50 Lacs
Processing Fee5% admin fee6.5%
Repayment Period7,10,15,20 years20 years
Loan for top institutionsYesNo
MarginNil
Age LimitNo age limit No age limit.
Loan SecurityCollateral free loansNo Collateral Security
Eligibility concession for SC/STNoNo
Processing Time3- 5 days(all documents uploaded correctly)24 hours
Prepayment chargesNo penaltyNil
Penal chargesNilNil
Mandatory insurance coverNo
Travel expenesesYesN.A.
Bank transfter allowanceNo such clause mentionedNot available
Top up loan availabilityYesno
Interest Subsidy SchemesNoneNone
Tax benifitSome countries have tax benefitsYes
Concession/benefitsNo such informationInstant loan approval.
24 hour loan disbursal.
Tax benefits.
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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

Loan Limit
$15,000 to 100% of total cost of attendance
Margin
5.6% fixed margin
Processing Fee
2.5 % to 5% of the loan amount
Loan Security
No security required
Loan Repayment
Starts after 6 months of course completion. The repayment tenure is 7, 10, 15, 20 years

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.

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
Students are eligible for a 100% interest subsidy on an educational loan until the moratorium period (i.e. course period plus one year or six months after getting a job, whichever comes first) as prescribed by the Indian Banks Association's Education Loan Scheme (IBA). Although Prodigy Finance does not specify anything about Interest Subsidy Schemes, yet students do get some extra benefits.
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