Prodigy Finance for Studying in the UK: A Complete Guide for International Students

Interest Rate	Moratorium Period	Margin Money
8.33% APR onwards	Course years + 6 – 12 months	0%

Prodigy Finance, a UK-based fintech, provides education loans up to 2,20,000 USD for international students without collateral or a cosigner. This offer is huge compared to other lenders! 

The primary requirement for a Prodigy Finance student loan is securing admission to a university and a course listed by them. Most top universities and courses in the UK are covered by Prodigy Finance. In this blog, we explore the details of the universities covered by Prodigy Finance, the loan features, repayment options, documents, and the application process. 

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What is Prodigy Finance and How Does It Work? 

​Prodigy Finance is an international student loan lender based in the UK. It was founded by three INSEAD MBA graduates in 2007 to assist the dreams of global learners without collateral or a cosigner guarantee. Prodigy currently offers student loans for MBA, MS, Law, Health, Finance, and many other postgraduate programs. 

For Indian students, Prodigy Finance has an option of cosigner education loans. The interest rate starts at 8.34%. A quick process, repayment flexibility, and up to 100% funding are the top specialities of Prodigy education loans.  

Key Features & Benefits of Prodigy Finance for International Students

Being a UK-based fintech, Prodigy Finance covers many universities and courses for funding without collateral or a cosigner guarantee. The courses funded for each university are not the same. Prodigy education loans usually cover up to 100% of your expenses at affordable interest rates. 

Key Features

Prodigy Finance offers loans up to 2,20,000 USD at an interest rate of 8.34% onwards. The loan amount and interest rate are decided after analyzing your profile. Your university, course, and financial profile influence the interest rate and repayment choice. 

Maximum Loan Amount	Up to 2,20,000 USD or 100% of your expenses
Interest Rates	8.34% 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

Key Benefits of Prodigy Finance Education Loans

Prodigy student loans support your dream UK education in many ways, from easy access to holistic funding and friendly repayment plans. 

• No collateral, no cosigner – just your dreams! Prodigy Finance empowers your study goals without a third-party or property guarantee. 

• Wired across the globe: Prodigy Finance education loans are available to study in 1,500+ universities in 150+ countries. 

• Moderate interest rates: Prodigy Finance successfully manages international financing challenges and student affordability. The interest rate for student loans starts at 8.34%. 

• Holistic cost coverage: Student loans from Prodigy Finance cover up to 100% of your total cost of study. 

• Fast, secure: Your loan application is processed within 7 business days. 

• Repayment relaxation: Repayment plans are flexible for Prodigy Finance education loans. You get a 6-month grace period after you complete your studies before starting your repayment. ​

Support for MBA aspirants: The UK is regarded as a top country for MBA studies. However, the high tuition fee is a big challenge for many aspiring MBA students. Prodigy Finance removes the barrier with their no-collateral, no-cosigner loan offers for MBA students. The loan covers many universities in the UK.

Prodigy Finance Loan Eligibility Criteria for UK Students

Getting admission to a university listed by Prodigy Finance is the primary eligibility requirement for international students. Here are the general eligibility criteria for Prodigy Finance education loans in the UK: 

• 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)

Courses Covered Under Prodigy Finance Education Loans

Prodigy Finance education loans have an extensive course coverage in the UK, from STEM to business courses and law. The top courses covered by Prodigy Finance education loans are listed below: 

• MBA & other business courses​
• Engineering​
• Law​
• Public Policy​
• Medical Sciences​
• Computer Science​
• Data Analytics​
• Operations Management​

UK Universities Eligible for Prodigy Finance Education Loans

Around 91 universities in the UK are eligible for Prodigy Finance education loans. The courses funded, however, differ at each university. Generally speaking, postgraduate courses like MBA, MS, and law are eligible for Prodigy Finance education loan funding in most universities. 

Top universities in the UK eligible for Prodigy Finance education loans:

University of Oxford	University of Cambridge
Imperial College London	University of St Andrews
Lancaster University	London School of Economics (London School of Economics and Political Science)
London Business School	Aberystwyth University
Alliance Manchester Business School	Aston University
Bangor University	Birkbeck University of London
Brunel University	Cardiff University
City, University of London	Columbia University
Coventry University	Cranfield University
De Montfort University	Durham University
Edinburgh Napier University	ESCP Europe Business School
Glasgow Caledonian University	Goldsmiths University of London
Heriot Watt University	Hult International Business School
Keele University	King’s College London
Kingston University	University College London (UCL)
Leeds Beckett University	Liverpool School of Tropical Medicine
London School of Hygiene & Tropical Medicine	Middlesex University
Newcastle University	Northumbria University
Nottingham Trent University	Oxford Brookes University
Queen Mary University of London	Queen’s University Belfast
Royal Holloway University of London	Royal Veterinary College
Sheffield Hallam University	St George’s, University of London
Swansea University	The University of Edinburgh
University of Aberdeen	University of Bath
University of Birmingham	University of Bradford
University of Brighton	University of Bristol
University of Central Lancashire	University of Chicago
University of Derby	University of Dundee
University of East Anglia	University of Essex
University of Exeter	University of Glasgow
University of Greenwich	University of Hertfordshire
University of Hull	University of Kent
University of Leeds	University of Leicester
University of Lincoln	University of Liverpool
University of London School Oriental and African Studies (SOAS)	University of Nottingham
University of Plymouth	University of Portsmouth
University of Reading	University of Roehampton
University of Salford	University of Sheffield
University of Southampton	University of Westminster
University of Stirling	University of Strathclyde
University of Surrey	University of Sussex
University of the West of England	University of the West of Scotland
University of Ulster	University of Warwick
University of York

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How to Apply for a Prodigy Finance Education Loan: Step-by-Step Guide

The application process for education loans to study in the UK is simple and online. It starts from evaluating your eligibility to submitting your documents. See below for a structured application guidance for Prodigy Finance education loans: 

• Check the list of universities and courses funded by Prodigy Finance 
• Choose a course option listed by Prodigy
• Visit the official website and sign in 
• Click on “Apply” and start the application process
• Upload the documents 
• Wait for approval 
• Get the sanction letter 
• Receive loan disbursement

Documents Required for Prodigy Finance Loan Application

The documents required to complete your Prodigy Finance education loan application vary on a case-by-case basis. It depends on your university, course, and personal financial history. Here are the general document checklist for Prodigy education loans: 

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)

How Prodigy Finance Disburses Your Student Loan

Once your loan application is approved, Prodigy Finance disburses your education loan directly to your school. The fund includes the educational and living costs. Your school will transfer the living costs after deducting your tuition fees. It takes 3 – 5 business days to transfer the funds.

The disbursement date is flexible. If you want to change, you can request it to Prodigy Finance via email.  

Prodigy Finance Loan Repayment Terms and Grace Period

You get up to 6 months’ grace period before your repayment commencement. The loan interest, however, is calculated from the day of loan disbursement. If you can pay the interest while studying, you can save some amount of it from getting accrued to the principal amount. 

Prodigy Finance education loan repayment starts after 6 months of course completion. The repayment period is flexible. It can be 7, 15, or 20 years. The repayment is usually made on the 28th of each month. 

Note – Prodigy Finance education loan repayment is made in GBP currency. Direct bank transfer, Wise, Flywire, or bank transfer can pay it. There is no prepayment penalty, and you can pay up to double your EMI. 

Forbearance: Prodigy Finance will allow you to pause repayment under acceptable conditions. Interest will accrue during this period. 

Deferment: It is available under specific conditions approved by Prodigy Finance, like pursuing higher education. 

Real Student Reviews and Experiences with Prodigy Finance

Generally, students find the following factors favourable with Prodigy Finance education loans:

• Easy application process
• Easily accessible for an MBA 
• Easy to pair with scholarships – 60% scholarship, 40% Prodigy education loan
• The focus on international students is helpful to reduce the application hassles
• Zero prepayment penalties allow students to start repayment as early as possible without worries

Students find the following disadvantageous with Prodigy Finance education loans: 

• Affects CIBIL scores if you miss 2 – 3 repayments
• Missing timely communication with Prodigy can lead to loan default 
• Currency exchange risk is there, as the rate fluctuations happen with different currencies
• Many students find the interest rate high compared to loan options from domestic lenders
• The 4% – 5% origination fee that is added to the principal amount increases the debt 

Money-Saving Tips While Using Prodigy Finance for UK Education

Handling your repayment wisely can help you save a significant amount. Remember, saving even a small percentage will be notable since your repayment is calculated in GBP. 

• Borrow the amount you need: Don’t add extra expenses; the less the amount, the less the interest you pay. 

• Make small payments during the grace period: Each small payment you make during the moratorium period contributes to the loan and reduces the overall burden. 

• Pay in GBP: Try to repay the loan in GBP currency to save FOREX conversion charges. 

• Use low-fee payment platforms like Wise or Flywire. These services often offer better exchange rates and lower fees than traditional bank transfers.

• Set up automatic payments (Direct Debit in the UK): Ensures timely payments, helps maintain a good credit record, and avoids late fees.

• Make extra payments whenever possible: There’s no penalty for early or extra repayments. Overpaying can reduce your loan term or lower your future EMIs.

• Stick to a student-friendly budget: Take advantage of student discounts, cook at home, use public transport, and consider shared accommodation to cut costs.

• Utilize university-provided services: Maximize free access to resources like career services, mental health support, gym facilities, and academic workshops.

Conclusion

We’ve covered the significant aspects of getting a Prodigy Finance education loan in the UK. Prodigy Finance education loans offer up to 100% funding in the UK at affordable interest rates and friendly repayment plans to sponsor your studies, without collateral or a cosigner guarantee. Take time to go through he universities and courses funded thoughtfully before proceeding with your application. 

The ultimate decision on approval is up to Prodigy Finances. Although they extend an option to fund the university not listed upon your request, we strongly suggest that you choose an approved program or university to increase the odds of loan approval. Need personalized guidance and support with your queries and application? Connect with Nomad Credit today.