| Interest Rate | Moratorium Period | Margin Money |
| 8.33% APR onwards | Course years + 6 – 12 months | 0% |
Table of Contents
- Prodigy Education Loans Overview
- Prodigy Education Loans Interest Rates
- What are the Eligibility Criteria for the Prodigy Education Loan?
- Documents Required for a Prodigy Education Loan
- Repayment Process for a Prodigy Education Loan
- Conclusion: Apply for a Prodigy Education Loan
- Frequently Asked Questions
Prodigy Finance is an international education loan lender in the overseas education market. For the last 17 years, Prodigy Finance has empowered students from diverse countries to accomplish their dreams of pursuing an education abroad without collateral or cosigner requirements.
Indian students can apply for a Prodigy education loan with or without collateral. Without collateral, the university of admission and course must be listed by Prodigy Finance to apply for an education loan.
Prodigy Education Loans Overview
Prodigy finance education loans are flexible, collateral-free, and 100% cost-covering. Prodigy education loans are processed more quickly than any bank in India. Since the documentation process is simple, you can get an education loan approved by Prodigy Finance within 3 – 5 business days.
In India, you have two options for abroad education loans: loans with a cosigner and loans without collateral or a cosigner.
| Maximum Loan Amount | Up to 2,20,000 USD or 100% of your expenses |
| Interest Rates | 8.35% APR onwards |
| Margin Money | 0% |
| Processing Fee | 4% – 5% of the loan amount |
| Moratorium Period | Course years + 6 – 12 months |
| Repayment Period | Up to 15 years |
Prodigy Education Loans Interest Rates
Prodigy finance education loans start at an interest rate of 8.33% APR and can go up to 10.5% or 13% APR, depending on your financial profile. Factors deciding your Prodigy education loan interest rates are
- Your CIBIL scores
- Your country of study
- Your course selection
What are the Eligibility Criteria for the Prodigy Education Loan?
The Prodigy finance education loan eligibility criteria involve your academic and financial eligibility. Remember, the specific eligibility requirements can vary depending on your profile. Given below are the general eligibility requirements for a Prodigy finance education loan:
- Be at least 18 years of age at the time of application
- Get admission to a Prodigy-listed university
- Have a high CIBIL score (750 – 900)
- Choose a postgraduate program (mainly MBA or STEM courses)
If you are applying for a Prodigy education loan with a cosigner, your cosigner must have a high CIBIL score (750 – 900) and income.
Documents Required for a Prodigy Education Loan
Once you accept Prodigy’s provisional offer, you will see an option to upload your documents on your dashboard. Remember, the provisional offer is not final – you must upload the documents, and the Prodigy team will verify them before sending a confirmed offer.
Your identity, credit report, admission proof, and other sponsorship details are required for your Prodigy education loan application.
| Passport copy | Proof of address |
| Proof of admission | Your credit report |
| Proof of savings/ family contribution to your education (if any) | Pre-study employment letter (if applicable) |
| Post-study employment salary slips | Scholarship/ sponsorship details (if available) |
Repayment Process for a Prodigy Education Loan
The Prodigy education loan repayment begins after the moratorium period, the course years, plus 6 – 12 months. During the moratorium period, students are expected to pay simple interest or partial simple interest. After that, your monthly repayment includes principal and interest.
- You can repay the loan early without any penalty charges
- The payment is done online via the app or website
- You can settle the loan early without any charges
Conclusion: Apply for a Prodigy Education Loan
Prodigy education loans are the simplest option for financing your education abroad. Prodigy Finance covers your overseas education costs up to 100% without collateral or cosigner security. Carefully review the guidelines and promptly apply with Nomad Credit’s support to step into financial freedom and educational success abroad.
Are you interested in checking your eligibility for a Prodigy education loan? Nomad Credit can help. Connect with us and apply for a Prodigy education loan with our free guidance throughout the application process. Book a call now!
Frequently Asked Questions
How do you confirm the residential information of your Prodigy loan application?
You must submit your current residential information, including your name, surname, and house address. The document you upload must not be 90 days older than your date.
How can you get your credit report for Prodigy education loans?
You need to explore some trustworthy sources to get your CIBIL report. Prodigy Finance lists the websites Experian and CIBIL.com for Indian students to get their credit reports. You can download your credit report from any of these websites.
How can you confirm your credit history for a Prodigy Finance loan?
The document you submit must show your full name and details and must not be older than 90 days at the time of submission. The institute’s logo and details that give you the report must be visible. Your complete payment history must be visible for evaluation.
How do you confirm your savings and family contributions for a Prodigy loan?
The official documents must be present for evaluation, such as a bank statement, a bank letter, an FD certificate, and proof of investment or mutual funds. Note that the official documentation of your savings and contributions is crucial for your loan application.
When will your Prodigy education loan application be matched?
The entire Pdogy education loan application process is online. In your dashboard, you will see an option to accept the loan offer. Accept the offer to match your education loan application.
