Overview
Shikshavahini understands that the process of education loan for abroad studies can be difficult. Especially to those who don’t have any collateral or co-applicant to support their application. To help such students turn their dreams into reality, Shikshavahini has partnered with Prodigy Finance.
Established in 2007, Prodigy Finance is a UK-based financial institution that has revolutionized the education loan process while maintaining the highest quality of service. Prodigy Finance is founded on the philosophy that funding shouldn't be a barrier to education. They have been helping students for the past 16 years, based on their academic profile, get study abroad education loan without any collateral or co-applicant. If you’re thinking of joining this cohort of international students funded by Prodigy Finance, Shikshavahini is the apt place to contact.
Key Features of Prodigy Finance Education Loan
There are more than 1051 institutes spread over 19 countries (majorly USA and Canada) that are eligible for Prodigy education loan. In the table below you can find some of the features in case you choose to take Prodigy education loan.
| Feature | Detail |
|---|---|
Loan Amount |
Up to 100% cost to study |
12% - 14% |
|
Interest Rate Type |
|
Minimum Income |
Not Required |
Repayment |
Simple Interest only, during the course & during 6 Month grace period, EMI afterward |
Prodigy Finance Processing Fees |
Upto 5%, added to loan amount |
Other Charges |
No Charges |
0 |
|
Loan Tenure |
Up to 15 years |
Processing Time |
Upto 7 days |
Prepayment Penalty |
No Penalty |
Prodigy Finance interest rate is as of March 2024.
Eligibility Criteria for Prodigy Finance Education Loan
Below are some criteria that you need to ensure so that you can be eligible for Prodigy student loan.
- You must prepare to attend school in a country other than your own.
- You must plan to do a Master’s program, as Prodigy Finance does not provide loans for bachelor’s programs making it one of the most important Prodigy Finance eligibility.
- You must reside in a country that is supported under Prodigy education loan. To find out Prodigy Finance eligible countries click here!
- Your University or College with the desired course of study must be on the approved list of Prodigy Finance education loans. Check Here, for Prodigy Finance University list.
Prodigy Fall 2024 Campaign
Prodigy Finance recognizes that brilliance isn't limited to those with privileged backgrounds and abundant resources. Their "no collateral, no cosigner" solution marks a significant shift, allowing students from diverse backgrounds to access quality international education based solely on merit.
The Fall 2024 Campaign, aims to offer special rates (starting at 12% IRR) to select profiles, with the objective of lowering interest rates for students. Eligibility for the campaign includes a select number of strong profiles applying for their first year of study in Fall 2024. Rate reductions are available on a first-come, first-served basis, underlining Prodigy Finance's commitment to making education accessible to all, regardless of their field of study.
Documents required for Prodigy Finance education loan
There are not many requirements for taking a Prodigy loan and thus the list of documents is also not very exhaustive. The basic documents that you will need to apply for abroad education loan from Prodigy Finance are -
- Proof of Identity: This is a copy of your valid passport in a readable format.
- Proof of Address: This document should display your name and residential address, matching what you stated in your application.
- Your school admission letter so that Prodigy can verify the university and the course against Prodigy University list.
- A credit report is also required.
Courses Eligible for Prodigy Student Loan
Following are the courses that are eligible for the Prodigy education loan -
- STEM (Science, Technology, Engineering, Mathematics)
- Business
- Public Policy
- Law
- Health Sciences
- Economics
Application Process of Prodigy Finance Education Loan
If you are looking to secure the Prodigy Finance education loan without collateral, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through Shikshavahini.
Shikshavahini is an online platform designed to assist Indian students in financing their education abroad with many lenders one of which is Prodigy Finance. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!
Learn about Prodigy Finance education loan disbursement process here.
Benefits of Prodigy Finance Education Loan
Getting Your Prodigy Finance Education Loan Through Shikshavahini
- Guaranteed best loan - Shikshavahini aims to provide its customers with the best education loan product available in the market. However, if you find a better option, Shikshavahini will pay the difference in interest rates throughout the duration of your education loan
- Completely online process - Entire process of Prodigy Finance education loan is online so the borrower doesn't have to visit the company even once.
- Low turnaround time - your loan will be sanctioned within 7 days after all the documents have been submitted for Prodigy Finance education loan
- Assistance from Shikshavahini - Shikshavahini will assist you in your entire loan process of Prodigy Finance education loan without any additional cost.
Please note that Prodigy Finance will charge a prepaid fee of 50 USD once the loan has been approved. Only after the student pays this fee, a sanction letter will be issued. If an applicant decides to withdraw and submit a new application for a different school, they will need to pay the prepaid fees again for the new application. The fee already paid for the previous application will be directly refunded to the student. |
How to Contact Prodigy Finance?
There are several ways in which you can contact Prodigy Finance India, some of them are -
- Office visit
- Address: 16-18 Beak St, Carnaby, United Kingdom (Headquarters)
- They do not have a dedicated office here in India although they may outsource business to a third party.
- Emailing Prodigy Finance
- Email ID: info@prodigyfinance.com
- If you have any queries or need any kind of assistance from Prodigy Finance, you can always reach out to them via the email address mentioned above.
- Filling out the online contact form
- Link: Contact - Prodigy
- This is an online contact form that you can find on their official website that can be filled with some basic details. Once you fill in all these details they are passed on to the customer service team of Prodigy Finance which will contact you.
You do not need to directly reach out to Prodigy Finance when applying for a loan. The entire loan application process is conducted online, making it convenient and flexible for you. Additionally, if you opt to work with Shikshavahini, their Loan Counsellor will serve as your guide and handle all communication with Prodigy Finance on your behalf. This means that securing an education loan for studying abroad becomes hassle-free, as Shikshavahini takes care of the entire process on your behalf. This streamlined approach guarantees easy access to the necessary funds, providing you with convenience and peace of mind.
