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Prodigy Finance India Reviews

Prodigy Finance India Reviews

Best student loans in India to study abroad | USA, UK, Europe, Canada

This article covers the following questions:

  • Does Prodigy Finance cover living expenses?
  • What is the interest rate for Prodigy Finance?
  • How do I get a loan from Prodigy Finance?
  • What are the required documents?
  • Is Prodigy Finance good?

If you’d like to skip the details, and get an quick estimate of the student loan amount and interest rate you can get, register to get a no-obligation quote.

Click here to get a free loan eligibility evaluation.

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Prodigy Finance is a provider of student loans for pursuing international postgraduate studies (Master’s degree). No co-signer or co-lateral is required, making it a relatively hassle-free process compared to other education loan companies.
Read Education loans in India for studying abroad vs Prodigy Finance

The loan amount dispersed can cover tuition or the education costs as well as the living costs, depending upon the school you choose; thus financial constraints don’t become a roadblock for students with international aspirations.

Prodigy finance loan requirements

As part of the eligibility requirements, Prodigy Finance lists down certain things you need to keep in mind before you apply for an education loan.

  • Study abroad

You can qualify for a loan only if you’re planning to pursue your post-graduate study abroad and not in the country you reside in. However, if you’re from the UK, you can apply for a loan to study in the UK itself.

  • Eligible country or region

Prodigy Finance loans are available in 150 countries across the world. However, residents of certain countries and even some states in the US and Canada cannot avail these loans.

  • Supported schools

You must apply to a school that has a tie-up with Prodigy Finance. After you’ve registered on their website, and started filling up the application form, you’ll come across a section which prompts you to select the school for which you need the loan.

Click here to get a free loan eligibility evaluation.

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Prodigy Finance University list

With an education loan from Prodigy Finance, you can study in more than 750 schools worldwide in various disciplines including engineering, business, law, medical, public policy.

A school that figures in the reputed rankings like the FT top 100 or the US News top 50 rankings is more likely to be supported.

The detailed list of eligible countries, states and schools can be obtained from the Prodigy Finance website.

Prodigy Finance Loan calculator

Firstly, it’s important to understand the difference between APR and loan interest rate.

APR or Annual Percentage Rate refers to the annual cost of your loan amount.

Interest is used to calculate your monthly loan payments. However, the APR (which is higher than the interest rate) gives you an idea of the cost of the loan as it sums up all the other associated charges or fees in addition to the interest payable throughout the loan life cycle.

The APR would be a good way to compare two loans from different lenders and figure out which one of the two is a better deal. There may be cases where the interest rates are lower, so the offer may look appealing, but the APR may work out higher.

To sum it up, if you wish to pay lower monthly loan installments, you’d probably prefer a lower interest rate for your loan whereas if you’re keen to reduce the total cost of the loan, then you can look out for a lower APR.

Through Prodigy Finance, you can avail a minimum loan of USD 15,000 while the maximum loan amount would vary depending on various other factors.

You’ll find a link to the loan calculator in the next section.

Prodigy Finance interest rate

You can commence the loan repayment process comfortably six months after the end of your academic session (for full-time programs). The repayment period can vary from 7 to 20 years. If you decide to save on the interest by repaying off your loan early, you wouldn’t be liable to a penalty for doing so.

There’s a one-time admin fee on the entire loan amount issued. Simple interest is charged on the loan amount which comprises a fixed margin rate and a base rate. The base rate is a variable component which would change throughout the entire repayment process.

To help you plan your financial journey ahead, fill in this registration form and receive a quote from Prodigy Finance.

Once you complete the form, you’ll get an instant report showing you the amount you can borrow, as well as the interest rate which would usually be show relative to the LIBOR rate.

For instance, based on your credit evaluation, the Prodigy Finance interest rate offered to you may be 8.5% above the 3 Month USD LIBOR. And your estimate Annual Percentage Rate (APR) could be around 9.6%.

Of course, these are just examples. Try it out for yourself by clicking on this link.

Click here to get a free estimate of how much loan you can borrow and the Prodigy’s interest rate.

Free loan calculator


Prodigy Finance loan process

How do I get a loan from Prodigy Finance?

Firstly, you’d need to register with Prodigy Finance, provide relevant details and submit the application online. The registration process may take around 15-20 minutes.

After this is done, you’d receive a quote from Prodigy Finance. This offer (quote) would be valid for a duration of up to two weeks.

What are the required documents?

If you wish to go ahead with the application process, you’d be required to upload relevant scanned documents including:

  • identity proof (passport)
  • address proof
  • income proof
  • admission proof
  • savings proof
  • credit report
  • scholarship or company sponsorship proof (if applicable)
  • financial aid form (if applicable)

After document verification from Prodigy Finance, you’ll receive a Loan Approval Letter.

Once you arrive in the city where you’d be studying, you’d be required to e-sign your final loan acceptance letter. After this, the funds would be sent directly to the University.

Prodigy Finance Education Loan Reviews


Prodigy Finance India Reviews

I wanted to think of myself as an independent professional. But here I was, turning back to my parents. They suggested putting their life’s savings up as security for standard bank loans. I could not do that and look myself in the mirror. That’s when a friend told me about Prodigy. I was delighted. Someone was trusting me based on my future potential.
– Abhishek Pandit

Prodigy Finance eliminates almost all the hassles involved with regular banks and provides a straightforward method to apply for a loan.
– Achal Suresh

Prodigy was a savior when I was looking for an education loan with lower interest rates without putting any burden on my parents. Instead of taking a loan from a nationalized Indian bank and putting more responsibility on my parents, I was able to skip that part and take up a master’s degree in US on my own.
– Adithya Subramanian

Prodigy Finance makes it easy for a borrower to complete their application and allows for a high degree of trust from prompt responses to any support queries. The campus programs, after coming to the University have also been a refreshing experience.
– Akshay Rajeev

When I embarked on my Masters journey, my biggest worry was funding. Despite having personal and familial assets, I was keen on non-collateral options. When I heard about Prodigy, it was my number one option. I was let down initially but to my surprise, the team heard my voice. They let me reevaluate my loan options and I got an offer which exceeded my expectations. To me, Prodigy is a life-saver; a team which focuses [more] on the student than the student’s background.
– Angeline Jeyachandra

Most lenders decide based on factors the student never had any option to influence. They invest only for financial returns. Prodigy Finance invests by analyzing the potential of the student, irrespective of financial background. Prodigy Finance is not just a traditional lender, but a team of people who wish to make a difference and are determined to make the experience of students going for masters abroad a little more awesome and without hassles.
– Ankit Verma


SBI vs Prodigy Finance Reddit Reviews

A few candidates who’re discussing and reviewing Prodigy Finance vs SBI on Reddit have this to share based on their experiences.

  • SBI vs Prodigy interest rates do not vary significantly, though SBI was slightly lower. In fact, Prodigy Finance alternatives such as Canara Bank, Axis Bank were in a similar range as SBI.
  • The SBI education loan application experience can vary quite a bit based on the branch you’re dealing with. Several candidates weren’t too happy with this aspect, as it affected their timeline planning (cutting too close to visa interview date for one applicant).
  • In general, SBI paperwork and the overall process is more tedious and slow compared to Prodigy Finance. Among the cons, this was a consistent pain-point voiced by many.


Is Prodigy Finance good?

This question is difficult for others to answer in an unbiased manner. So we’d recommend that you come with the answer based on the loan proposal you get from them.

The online registration and evaluation process is quite fast, and you’ll get an estimation report immediately on the screen.

In the report, check out the total loan amount, the loan payback period, interest rate, APR, estimate monthly payment and any other aspect that’s important to you.

That’ll help you decide if Prodigy Finance is good or not? Or if it’s best for you to check out other options.

Click here to register for a no-obligation profile evaluation, and learn if Prodigy is good for you.

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