Education loans without collateral for international MBA: Prodigy Finance

Editor’s note: Each season we help many Indian (and a few international) applicants crack into the best universities in the world. But not everyone is able to attend those programs. This year we saw 2 such cases where the international applicants (from the UK and Africa) got into good programs, but lost the opportunity to join due to funding issues.

Two years back, we had an impressive Indian applicant settled abroad who got into INSEAD. She had very little time to arrange for the funding, and couldn’t attend. She applied again this year and got in (here’s the story of how she got into INSEAD twice). She graduated this year and joined one of the top top management consulting firms. All ends well for her.

However, the fact remains – studying abroad comes with a lot of challenges. After getting an admit from a top university, the next big hurdle is getting a student loan. Most Indian and international students underestimate the complexity involved and assume things will fall in place automatically.

Our INSEAD friend had mentioned about Prodigy Finance. They offered an interesting alternative to the education loans given by Indian banks. Prodigy’s USP is that they offer education loans to Indian applicants for postgraduate study abroad, without any collateral requirements.

After hearing about them from some other folks as well, we thought apart from the Admission committees that we’ve featured on our site, it might be helpful to invite another team that’s equally important in the international student’s journey.

Sameer Kamat | Founder, MBA Crystal Ball
 


Education loans for international MBA: Prodigy Finance FAQ

 
Education loans for MBA MS in USAIn this Q&A post with Chloë Foden, Head of Marketing from Prodigy Finance, we try to find out more about what they do, how they do it and what Indian & international students can do to get the right amount of loans approved in time.

The Prodigy Finance FAQ on the official site has many student questions listed. For the sake of completeness and convenience, we include some of those and add a few more relevant ones.
 

Education loans from Traditional Banks vs Prodigy Finance

MBA Crystal Ball: Compared to traditional loans by banks, Prodigy’s community finance model is pretty innovative and seems to have overlaps with the microfinance lending model (depending on social pressure to avoid default). Can you please explain how that works?

Chloë Foden: Prodigy Finance is not a bank and we don’t want to be. We offer community funded loans to international postgraduate students attending top business schools. The loans are funded by a combination of business school alumni investors, high net worth individuals, the business school community and institutional investors who have an interest in higher education.In many cases, Prodigy is providing funding for students who would otherwise not be able to afford their postgraduate degree.

The funds are disbursed directly to the business schools. After the study and grace periods (dependent on school and course) students start repayment. Each student’s repayment status is visible to the investors.

Why does this work?

Prodigy Finance combines innovation with industry best practice, to ensure exceptional performance: 99% repayment to date. Banks cannot price foreign risk nor enforce repayment across borders. Traditional lending models only assess historical indicators (e.g. past salary or current assets), ignoring likely salary increases after business school. It’s a win win for the parties involved:

  • Investors – support students at their alma mater
 (or another school) and earn up to 6% p.a.
  • Schools – obtain the best students (regardless of financial need) and increase diversity.
  • Students – receive funding for business school and connect with the alumni community.

 
MBA Crystal Ball: Indian banks have limits on student loans that generally fall short of the financing requirements for studying abroad. Does Prodigy finance have such limits?

Chloë: The amount that a student can borrow varies depending on the cost of tuition for the program that the student is attending. In most cases, the student can apply to borrow up to the full cost of tuition. However, this does also vary depending on the profile of the individual applicant.
 
MBA Crystal Ball: What kind of programs do you cover & exclude? Apart from the MBA loan, does the loan cover the cost of living as well?

Chloë: The largest portion of Prodigy’s lending portfolio consists of MBA and Executive MBA (EMBA) students. However, Prodigy Finance does offer loans for other courses at some business schools, for example, Masters in Finance at London Business School and postgraduate engineering degrees at Cranfield University.

Whilst the loan amount is often capped at tuition, the loan can be used for both tuition and/or living expenses.

We can currently offer loans to students attending any of the following schools:
 

Education loans in USA

Carnegie Mellon Tepper School of Business
Columbia Business School
Cornell University Johnson Graduate School of Management
Dartmouth College Tuck School of Business
Duke University Fuqua School of Business
Georgetown University McDonough School of Business
Harvard Business School
Michigan Ross
MIT Sloan School of Management
Northwestern University Kellogg School of Management
New York University Stern School of Business
Rice University Jones Graduate School of Business
UC Berkeley Haas School of Business
UCLA Anderson
UNC Chapel Hill Kenan-Flagler School of Management
University of Chicago Booth School of Business
University of Virginia Darden School of Business
Wharton Business School
Yale School of Management

Europe

Berlin School of Creative Leadership
Cambridge Judge Business School
Cass Business School
Cranfield School of Management and University
ESADE Business School
European School of Management and Technology
HEC Paris
IE Business School
IMD Business School
INSEAD
London Business School
Manchester Business School
Oxford University Said Business School
Rotterdam School of Management
SDA Bocconi School of Management
Vlerick Business School

Canada

Ivey Business School
Rotman School of Management
Schulich School of Business

Other Countries

CEIBS (China)
NUS Business School (Singapore)
University of Cape Town Graduate School of Business (South Africa)

 

Prodigy Finance Interest rate

MBA Crystal Ball: The interest rate in India for education loans is quite high. How does it work with Prodigy loans for Indian (and international) students?

Chloë: Prodigy Finance will always try to provide as competitive a rate as possible and should be lower than rates available in India for international postgraduate study.

Various factors are considered in calculating the interest rate relating to both the applicant and the quality of bureau information obtained from them, their course and school of choice, their affordability and other market rates they may have access to.

Prodigy Finance applicants receive interest rates above a variable base rate. The variable base (Euribor, Libor or US Libor, which are the interbank lending rates in Europe, UK, and the US) is dependent on the currency (Euro, Pound Sterling or US Dollar) of the school loan.

Representative example of how this could look for a €35,000 loan for a MBA at INSEAD:

Loan size: €35,000

Interest rate: 7.5% above Euribor (variable over the duration of the loan).

Representative APR: 8.51% APR variable, factoring in all fees and the effects of compounding interest.

Fees: Application fee of 2.5% x €35,000 = €875. (€437.50 paid up front, balance added to the loan). Therefore total credit = €35,437.50

Duration: 100 months, including a grace period of 16 months (study period plus 6 months).

Total amount payable: €50,681.10

Amount of each monthly repayment: €598.14
 
MBA Crystal Ball: This is unusual for Indian students who are more accustomed to fixed rate student loans from Indian banks. Doesn’t the fluctuation add uncertainty?

Chloë: While this may be unusual in some regions it is a typical loan product that has a number of benefits for borrowers, the most important being that in an era of low base rates this means that borrowers can immediately gain from these low rates. In addition, transparency of the standard measurement such as Euribor, US and UK Libor rates are easily communicated.
 

Student loan approval process

MBA Crystal Ball: Are there any key similarities or differences in the modus operandi between how Prodigy’s credit committee evaluates student applications vis-a-vis Admission Committees of universities?

Chloë: The focus on the loan application at Prodigy is affordability and credit worthiness; there are a number of factors that are used in this assessment such as employment, salary, GMAT score and a few others. We also require a credit bureau report to check if there have been any significant payment or default issues in the past. Universities tend to focus on a larger scope for assessing a student candidate, ranging from GMAT score to industry experience to demographics.
 
MBA Crystal Ball: Prodigy’s predictive model relies on the future earning potential of the student. Most applicants (specially MBA students) are hoping to change careers after graduating. Keeping that uncertainty in mind, what specific parameters does your credit committee take into consideration while making a decision?

Chloë: A number of input factors are considered in the model, which develops future earning potential while overlayed with a credit policy to determine affordability. In order to manage the uncertainty (which is always an issue when developing models) we constantly update and refine the parameters and weightings, this is done by using real data and then measured against a host of statistical tests.
 
MBA Crystal Ball: What’s the percentage of Indian, Chinese and other nationalities in the client pie chart? What are the typical reasons for rejecting applications?

Chloë: Indian Nationals make up approximately 20% of our portfolio with China in at just over 4%. We have a diverse portfolio of countries with a long ‘tail’ that accommodates over 90 nationalities. We don’t subscribe to generalist thinking though – even within nationalities there is an amazing diversity of issues to consider for e.g. age, residence, education, mobility, etc.

We decline giving a loan to an applicant in a relatively low number of cases considering that they’ve done a lot of the hard work by getting into a top global university. When applicants are declined they tend to fall into one of two categories: 1) over-leveraged, meaning that they have too much debt already in place or 2) Affordability, which means that a significant budget shortfall has been identified. In a very small number of cases a credit report indicates a poor repayment history in which case we investigate further.
 
MBA Crystal Ball: With your track record of 99% repayment, it appears that you’ve been able to evaluate the candidate’s placement potential better than many Bschools. Any tips that you might want to share with Admission Committees across the world and with international applicants to maximize their chances of getting a good, high-paying job after graduation?

Chloë: Our repayments are as good as they are because the right candidates attend the right business schools. Admissions Committees at the schools we work with do a noteworthy job of selecting candidates. Which is our first filter and part of the dynamic relationship we aim for. Their success in candidate selection assists with our success too.

We value communication and strive to work with each school, and their individual candidates, to find a way forward whilst adhering to our responsible lending criteria as agreed with our investment community. Communication and constructive feedback are two important elements for anyone to consider and incorporate when planning for the future– learning from your experience and being able to apply and share those learnings as you take the next step.

Learn more about education loans from Prodigy Finance: Edu Loan FAQs | Blog | Get a Loan
 
Bio: Chloë Foden is the Head of Global Marketing at Prodigy Finance and joined the company in September 2014. Chloë is particularly interested in driving social value and community building, and looks to grow Prodigy Finance into the leading global option for international student loans.


Apart from the general reviews about Prodigy Finance that are available on the internet, the team to shared this review by an Indian student who has taken education loans from Prodigy Finance.

Also, get in touch with folks that you might know (friends of friends) who’ve gone through the loan approval process to find out whether this option will work for you.

If you have questions for the Prodigy Finance team, post them in the comments section below.
 
NOTE: We are no longer accepting comments on this post. Instead, please post your comments on the latest post by Prodigy Finance –> here.

This sponsored post is part of CrystalConnect, an outreach initiative by MBA Crystal Ball.


Serious about higher education? Join us on social media for regular updates.

MBA Crystal Ball provides professional Admissions Consulting services. Hire us to improve your chances of getting into the top international universities. Email: info [at] mbacrystalball [dot] com

Prodigy Finance //
Prodigy Finance

Prodigy Finance is the pioneer of community-based student financing. To date, the company has funded students from 115 countries with repayment rates in excess of 99%.

63 Comments

  1. Vivek says:

    Hi,

    I want to know if prodigy can give pre-approval for students who have not applied to any MBA course.

    I am planning to apply in round three to some MBA colleges abroad. I don’t want to run after banks after getting an admit as time will be very less.

    Is it possible to apply for loan in parallel? What is the process?

    • Chloe says:

      Hi Vivek
      Thanks for your comment. Our current loan application process requires us to have proof of admission from the business school you will be attending, so unfortunately the answer to your question right now is ‘no’. However, this is great feedback for us about our application process, and it’s definitely a point that I will take back to the rest of the team for consideration in the future.

  2. VENKYC says:

    Is ISB, IIM also on the list? If so, is the interest rate for loan in India the same i.e. 8.51%?

    • Chloe says:

      Hi Venkyc
      I’m afraid Prodigy Finance does not currently offer loans to students attending those two business schools. At the moment, we only have loan programmes set up for the business schools listed in the article. But I will certainly notify our Business Development team that someone has expressed interest in getting a loan to attend both ISB and IIM. Thanks!

  3. Vaibhav Bhagat says:

    Hi Chloe,

    Can I get education loan for Alberta Business School, Canada? Thanks.

    • Chloe says:

      Hi Vaibhav

      Unfortunately we do not yet have a loan programme with Alberta Business School, but we are looking to add it to our list of schools in the next year. I’m sorry we can’t help you with this right now. All the best.

  4. samriti says:

    Hi Chloe.

    I have been admitted to a topmost UK school and this school is covered by Prodigy. But the rate of interest quoted by prodigy is extremely high as compared to what has been mentioned in the example. Could you help?

    Thanks
    Samriti Sood

  5. Chloe says:

    Hi Samriti

    Thanks for your question. Rates may differ depending on which school you’re attending. In addition, the rate an applicant is offered will depend on the individual’s application and is determined by a number of different factors, including the applicant’s total debt burden and projected affordability after study. There are a number of factors that are used in this assessment such as employment, salary, GMAT score and a few others which means that, as expiated, interest rates will vary across individuals.

  6. Sumit says:

    Hi Chloe

    Thank you for the sharig the insights.

    My question is – as an Indian, is it possible to take loan from two different sources i.e. Prodigy and an Indian bank / institutions.

    In case yes, would the ROI will be higher for Prodigy than the normal case (where only loan provider is Prodigy).

    I understand that currently, one can not take student loan from two different sources within India. Though I am currently not sure about the eligibility norms when one of the source is international i.e. Prodigy and other is local Indian financial institution
    – Would be greatful if someone can throw some light on this as well !

    Thank you !

  7. Chloe says:

    Hi Sumit

    It is possible for you to apply and/or accept loans from multiple sources, including Prodigy Finance. However, if the terms offered by the other bank or institution are unfavourable, this may affect your affordability and what you could qualify for with Prodigy Finance.

    But, you are most welcome to submit an application with us and include your planned budget with all sources of funding in the ‘additional information’ section of the application. That way, if you do have other sources of funding that are non-debt sources, we may be able to grant you a conditional offer.

    We can also get you in contact with our applications team directly should you wish to have a quick call to ask more detailed questions. Let me know. I hope this helps!

  8. Sumit says:

    Thank you Chloe for the insight.

    However, do prodigy offers loan for schools other than those mentioned on it’s website (for both US & Canada)?

  9. Chloe says:

    Hi Sumit

    We do not currently offer loans for any other schools that aren’t listed on our website. However, we are adding new schools on a regular basis, so I encourage you to check our website for the most up-to-date list

  10. sidhant says:

    hi chole,
    Can u provide loan without any bank guaranty and or see background of an candidate,I am from india , nor from a rich family.
    can u provide the real insight in full description
    thx

  11. Chloe says:

    Hi Sidhant

    We do provide loans without co-signers or guarantees. What we do require is for applicants to provide proof of admission into the selected programme. Once this has been verified we then require applicants to complete a detailed budget which will include current salary, assets, liabilities and could include submitting a credit report.

    Hope this clarifies this for you

    Thanks

  12. Arka says:

    Hello Chloe,

    Great insights on financing an MBA. Really appreciated. My query is : Under what circumstances do you extend loans to cover living costs of the student who have been admitted into the designated program? Also, what is the maximum limit? If you could elaborate a little on this topic, it would be very helpful.

    Thanks in advance,

    Arka

  13. Chloe says:

    Hi Arka

    Our loan products have been developed to primarily service tuition, however on a programme by programme basis (in conjunction with the investor and school agreement) we can extend the use of the loan for living costs.

    Each school’s financial aid office also has their own means to ensuring that students do not overcommit themselves with respect to financing, typically measured by stipulating that the loan amount is maximised as a % of cost of attendance or limiting the loan amount to tuition only. At the majority of the schools where we offer our loans there is a policy in place for returning funds that a student may have already paid as a deposit or upfront fees if this amount can be replaced by a Prodigy Finance loan. The amount that is refunded can then be used for living purposes.

  14. kveg says:

    Hi Chole,
    Greetings !! I’ve secured EMBA admission in UCLA NUS and am looking for finance support. What is the max time in which loan can be offered ? Would it be possible to have the calculations in terms of INR rupees for this university like how much EMI per month and how much is eligible and from when I should pay ?
    Look forward your speedy response.
    Thanks & Regards
    kveg

  15. Mandeep says:

    Hi Chloe,

    Do you offer loan for University of Maryland, Smith school of business?

    BR
    Mandeep

  16. Chloe says:

    Hi Mandeep

    We do not currently offer loans for any other schools that aren’t listed on our website. However, we are adding new schools on a regular basis, so I encourage you to check our website for the most up-to-date list

  17. Chloe says:

    Hi Kveg

    Congrats! For our EMBA offering I would encourage you to register on our website and complete the application. The application process can take between 5 days and 3 weeks depending on how quickly you are able to submit your documentation. The loan amount will be in USD but we do have local repayment channels. With EMBAs you will need to repay monthly whilst you study.

    Looking forward to having you join our community

  18. Kaushik says:

    Hi Chloe,

    I am now in US but will be moving to India. I am planning to join my brother in his startup or volunteer for an NGO. So here is the question.

    1 . I do have a credit record in US but once in India I don’t know how will you get a comprehensive credit report.

    2. One of your requirement is to produce current pay slip. If I join the business or volunteer for an NGO I wont be having a formal pay slip arrangement (I will off course have my last 3 months pay slip). Will that affect my chance? I have a substantial savings of $42k . I will be applying to B-Schools with tuition fee not more than € 55k . No negative defaults / any sort of financial instability in US or in India.

    I understand the whole approval process is case to case basis. I also understand the advise given will be just a view point. But I really need to know these things before I make an informed decision.

    Best Regards
    Kaushik

  19. Amit Vaid says:

    Hi Chloe,

    I have an unconditional offer from Henley Business School, but I know I will not be able to raise such a huge amount. I read that you are not providing loans for Henley Business School. Can I hope against hope?

    • Chloe says:

      Hi Amit

      Apologies in the delay – Henley is still not on our schools list. Please check out our website for updates to the list

  20. Pawan says:

    Hi Chloe,
    I have one doubt will you please tell me some more detail about it.I am from a poor family.not enough assets,no current salary,poor family background despite all those thing will you still provide a loan to me for study in one of those university.

    • Chloe says:

      Hi Pawan

      I can assure you that we carefully review each application, and the individual dynamics, as long as the candidate is accepted into one of the top schools that we work with. We strive to be fair in our process and care about diversity and investing in future leaders. We are responsible lenders and will review an applicant’s post education affordability as part of our decision making criteria. I wish you all the best in your application process

  21. NS says:

    Hi Chloe
    Will it be wise to go for MBA in the US right out of a mediocre undergrad college… If yes is there any chance of qualifying for your loan without job experience provided I score in the higher ranges in GMAT???

    • Chloe says:

      Hi NS

      As long as you get accepted into one of the schools that we work with we will be able review your loan application. We do have students who have gone from undergrad straight to post grad courses so will use similar processes of assessment for your application

  22. ibraheem khan says:

    it is possible to get a loan without collateral and co-borrower for study mba in top 50 business school of the world as per financial times especially in top us business school. as i live in india and i have no financial support except education loan without collateral. please reply soon

    • Liz says:

      Hi Ibraheem. We do offer loans for the top 50 FT ranked business schools. We’ve recently added a number of schools that we offer loans for to our website – please check out https://prodigyfinance.com/get_a_loan where you can find more details about the specific school(s) you’re interested in.
      Our loans do not require any collateral or co-signer.

  23. Danda says:

    Hi Chole
    Is that your loan has to be applied for at the begining of the MBA program? What if it’s a two years program and I want to apply for the loan from 2nd year, just half of the total tuition? Can I do that?
    For repayment, I just want to verify with you. If it’s a 10 years loan and I want to repay in the 3rd yr. So I only need to pay the interest for the first 3 yrs and remaining loan amount including the application fee? Any other interst or fee will occur?
    Thank you in advance.

    • Liz says:

      Hi Danda – my name is Liz, I’m a colleague of Chloe’s. You may apply for a loan from us just for your 2nd year, and for just a portion of the tuition amount. However the minimum amount you can borrow will be either $10 000 or $15000, depending on which school you are attending.
      Should you wish to repay your loan early, you may do so without any penalties or fees. And yes, you will only be charged interest on whatever loan amount is outstanding.
      I hope this helps.

  24. Abhinav Kumar says:

    Hi Chloe

    I don’t really have a question for you, just wanted to thank you for your support throughout. Funding an international MBA is a real bottleneck and a deal breaker for maximum Indian students with some amazing profiles. But a platform like Prodigy Finance gives a lot of hope to someone like me who is planning to build an international career because now I can focus a lot more on my profile, GMAT etc to get through a top B School. Once I get there, funding should not be a hassle.
    A big thank you to Sameer. You have been a real inspiration for the ones who dream to make it to top B schools by continuously feeding them with the right pedigree and trying to pave the way for their future.

    I will make sure I share this with as many people as I can so that they can use a platform like Prodigy Finance to achieve their dreams.

    Thanks

    • Liz says:

      Thank you very much for the feedback Abhinav – it’s much appreciated, and we’re happy we can help students like yourself achieve your MBA dream!

  25. AK says:

    I am an MBA candidate who has started his own venture after some years of work experience. I have noticed that business schools’ admissions committees encourage entrepreneurship experience. Although returns from a new venture in the initial months is mostly less than the MBA candidate’s previous work-experience salary. I fall in the same category. How does Prodigy consider a loan applicant with this kind of profile?

    • Liz says:

      Great question AK. Our model considers multiple sectors, including those of entrepreneurial background. Depending on the timing of your stint in a startup we may factor in your salary band prior to starting your own venture. In summary, we look at the current situation of the student (in addition to the projected earnings), including credit and bureau reports, and few other factors.

  26. Manish says:

    Can i get loan for SKEMA Business School?

  27. Parul Verma says:

    Hi Chloe,

    How are you? I hope you are good. Chloe, I have got an admit from Rotman School of Management for the 2016 intake full time 2 year MBA program.

    However, while trying to apply for a loan, there is no option for select for MBA 2016 batch\intake.

    Can you please let me know how I should apply for the loan?

    Thank you.
    Regards,
    Parul

  28. AMARNATH says:

    Does prodigy finance, needs persons assets to give loan? Only, letter of admission is quite enough?
    By the way after getting an admission letter, how long it will take to provide loan once applied for it?

    • Liz says:

      Hi Amarnath – sorry for the delayed response! You do not need any collateral (or co-signer) to get a loan from Prodigy. Yes, you will need your proof of admission letter from the school. We will also ask you to fill out some basic information about your current salary, any debts you currently have, and a credit report. After you submit a loan application on our site (you can start the process here: https://prodigyfinance.com/get_a_loan) it will take us about 5 business days (often less) to give you a conditional offer which includes your interest rate and loan amount. We will then ask you to upload supporting documents for the information you provided in your application (proof of salary, proof of address, your credit report, etc).
      I hope this helps!
      Liz

  29. sharma says:

    Does borrowing from Prodigy Finance require any kind of prior approval from RBI (Reserve Bank of India) for Indian Students ?

    • Liz says:

      Hi there Sharma – sorry for taking a while to get back to you. No, we don’t require any prior approval from any other bank!
      Cheers
      Liz

  30. Andrew says:

    Hi Liz & Chloe,

    I am Australian, who has just been accepted to a UK B-School that is covered by prodigy finance. I will be touching base with prodigy shortly however my background is pretty different to what you might be used to. Is acceptance into the program sufficient to receive prodigy finance. I do not have an undergraduate, nor do I have a “high” GMAT. Will providing colateral mitigate this in some way and allow for a lower interest rate? also where is the best place to check the current UK LIBOR?

    Thanks,
    Andy

    • Liz says:

      Hi Andrew – my apologies for only seeing your comment now. Have you applied for a Prodigy loan yet? If you’d like to chat further about your application, please email media[at]prodigyfinance.com and I’ll get you in touch with the right person.
      Cheers
      Liz

  31. Akbar khan says:

    Hiee
    Can I know how to aaply for loan ..
    And is it possible to get loan for california state university or any other university outside from that list which is mentioned in the website..

    • Liz says:

      Hi Akbar
      Sorry, but we do only offer loans for the schools and universities listed on our site. We have added a number of business schools and universities since December, in case you’d like to have another look? https://prodigyfinance.com/get_a_loan However California State isn’t one of them.
      Thanks
      Liz

  32. Maria Antony says:

    Hi team Prodigy,

    I am from India and I maintain a good credit score right now but in the past I had couple of instances of delayed payments on my credit card. Will this affect my MBA education loan with you? How long you may look into the past to assess the credit report? I ask this since I had these delayed payments before few months.

    • Liz says:

      Hi Maria
      As long as your credit is in good standing now this shouldn’t negatively impact on your loan application with us. However, our applications team will be able to help you with further and give more detailed information once you submit your application.
      Thanks!
      Liz

  33. Mohit says:

    Hi,

    Do we cover university of warwick and also wanted to know do we cover executive/ part time/ distance learning mba in UK. If yes, which universites ?

    Thanks,
    Mohit.

  34. Sidharth Nanda says:

    Hi Chloe,

    How are you? I hope you are good. Chloe, I have got an admit from Amsterdam Business School, University of Amsterdam for the 2016 intake FT-1 Year MBA program.

    However, while trying to apply for a loan, there is no option for my B_school

    Can you please let me know how I should apply for the loan?

    Thank you.
    Regards,

    Sidharth

    • Liz says:

      Hi Sidharth – I’m a colleague of Chloe’s. I’m sorry for the delayed response, and also sorry that we don’t have good news for you – we unfortunately don’t offer loans for Amsterdam Business School so you won’t be able to apply with us.
      I hope you can find alternative sources to fund your degree!
      Cheers
      Liz

  35. Gajanan says:

    Hi,

    Got admit from Univ of Maryland (Smith School) for MS in Supply Chain Management. Does this program qualify for the loan process?

    • Liz says:

      Hello Gajanan
      Sorry for the delayed response – we currently don’t offer funding for the MS in Supply Chain Management. However, we are adding new programmes all the time, and there is a possibility that we could offer funding for this degree since we already offer funding for the MBA programme. I will follow up with our Business Development team on this, and invite you to check back on our website in a few weeks to see if the programme has been added. Otherwise, feel free to email media[at]prodigyfinance.com and I’ll put you in touch with the appropriate BD Manager.
      Thanks
      Liz

  36. Karan Khanduja says:

    Hello,

    Is there any association your organization has with Rome Business School?

    Regards,

    Karan

    • Rishabh Goel says:

      Hi Karan,

      Thank you for your interest in Prodigy Finance.

      Unfortunately we do not have a loan program in place with Rome Business School. If you’d like to take a look at the Schools we support, please check out the link below:
      https://prodigyfinance.com/students_faq

      Our aim is to support international students joining the top 100 schools in MS, MBA, LLM and MPP. We’re now speaking with many of these schools to build partnerships for the classes starting in 2017.

      If you’re planning to join a top 100 course in 2017 but don’t see it on the list, please reach out to your Financial Aid office to let them know about Prodigy. The impetus for these partnerships often comes from students like you.

      Kind regards,
      Rishabh

  37. Abhilash says:

    Hi Liz,
    First of all thanks a lot to SameerKamat & Liz for providing essential valuable information regarding lons.
    As I can see your website and the following thread, the cost of attendance of Rotman business school Toronto is 110000$ tuition+ 40000$ living expenses = 150000$ approx total for 2 year MBA programme.
    Now I am having 50000$ only for paying living expenses etc.can I get a loan for tuition fees 100000$ (@>90% of tuition. As it is mentioned on ur website Max loan amount is tuition fees minus aids& scholarships….
    Plz clear this doubt.
    $= Canadian dollar

    • Rishabh Goel says:

      Hi Abhilash,

      Thank you for your interest in Prodigy Finance.

      Prodigy Finance works closely with schools to offer education loans and in our relationship with University of Toronto, Rotman School of Management, offer education loans up to 100% of Tuition Fee deducted for Scholarships or other Financial Aid.

      If you do not have any other funding sources, we would be happy to accept your application for required 90% of Tuition Fee, and our Credit Committee will get back to you.

      Please find further details on the school here: https://prodigyfinance.com/rotman-school-of-management/loan

      Kind regards,
      Rishabh

  38. Kalpana says:

    I think all the talk about no collateral is just plain gibberish. I had the most harrowing experience personally. NO 1 they keep making accusations when there s no basis, they do not understand that the Indian market works differently, they ask for way too much paperwork, they ask for collateral in the form of saints and a statement from the person expressing financial support, so in a way its way more cumbersome than going to a bank and taking an educational loan in india, as that requires no collateral and is less painful

    • Rishabh Goel says:

      Hi Kalpana,

      At Prodigy Finance, students do not need to have collateral or a co-signer for an education loan.

      Students receive a provisional offer without any upfront fees or documents. However, the offer is dependent on admission to the school and programme, and the information shared in the application being correct. Once a student receives admission, they will need to upload scanned copies of their documents to confirm their application.

      We pride ourselves on being a responsible international lender, which is why we need all our borrowers to sufficiently verify their application. These documents are necessary to comply with responsible lending, Know Your Customer (KYC) and anti-money laundering regulations. This practice is consistent across the 150 nationalities we lend to and support.

      We wish you all the best for your future education endeavours!
      Rishabh Goel