Prodigy Loan to Study in Canada for Indian Students

Key Takeaways:

• A Prodigy loan to study in Canada offers eligible postgraduate students funding without collateral or a co-signer.
• Prodigy Finance for study in Canada can cover tuition fees and eligible living expenses, subject to loan approval.
• To determine eligibility, consider your chosen university, program, academics, and earning potential after graduation.
• Loan application process is fully online with customized loan offer for each applicant.
• Repayment generally starts after completing the course and the grace period.
• If your university isn’t eligible, you can explore other Canada student loan for international students through banks, NBFCs, or international lenders.
• Consulting a study abroad consultant like Nomad Credit can help you compare loan options and choose the right funding solution.

Eligible Indian students pursuing supported postgraduate programs in Canada may be able to secure a Prodigy Finance loan without collateral or a co-signer, subject to Prodigy Finance’s eligibility, affordability and credit assessment criteria.

If your destination is a supported university in Canada, then Prodigy finance for study in Canada could be an option as it covers tuition fees and even eligible living costs, making it among the most affordable education loans for international students.

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Why Choose Prodigy for Study in Canada?

Canada continues to be one of the top destinations for Indian students, thanks to its world-class universities, excellent post-study work opportunities, and strong employment market. However, studying in Canada can cost between CAD 40,000 and CAD 80,000 per year, including tuition and living expenses, depending on the university and program.

This is what makes Prodigy for study in Canada different. Unlike the conventional education loans that need either collateral or a co-borrower, Prodigy Finance bases its selection process on the academic history, selected course, and future earnings potential of the applicant.

Benefits of a Prodigy Loan to Study in Canada

• No collateral required
• No co-signer needed
• Fully online application
• Flexible repayment after graduation
• Available to eligible international students

Things to Consider Before Applying

• Available only at selected universities
• Mainly for postgraduate programs
• Interest rates may be variable
• Exchange rate fluctuations can impact repayment
• Compare with Indian banks and NBFCs before deciding

Eligibility, Coverage and Repayment of Prodigy Finance for Canada

If you’re planning to apply for a Prodigy Finance loan to study in Canada, understanding the eligibility criteria, loan coverage, and repayment terms can help you make an informed decision.

Eligibility

To qualify, you generally need to:

• Be admitted to an eligible postgraduate program.
• Study at a Prodigy Finance-supported Canadian university.
• Meet the lender’s eligibility and credit assessment requirements.

Unlike traditional education loans, approval is based primarily on your future earning potential rather than collateral or a co-signer.

What Does the Loan Cover?

Depending on your approved loan amount, Prodigy Finance may cover:

• Tuition fees.
• Eligible living expenses.
• Other education-related costs, as specified in your loan agreement.

Repayment

Prodigy Finance’s repayment structure depends on whether you’re studying full-time or part-time and on the terms stated in your loan agreement.

For full-time students, Prodigy Finance currently requires a USD 100 monthly in-school payment during the study period and the six-month grace period after the course ends. Full contractual repayments generally begin once this six-month grace period is over.

For part-time students, the current structure requires USD 100 monthly payments during the first three months of study, with full contractual repayments generally beginning in the fourth month.

Your exact repayment amount, payment dates, interest rate and loan structure will be specified in your loan agreement and dashboard. Review these carefully before accepting an offer.

Prodigy Finance also allows borrowers to make early or additional repayments without an early-repayment penalty.

Costs Beyond Tuition You Should Budget For

Even if your education loan covers tuition and eligible education-related expenses, you may still need to budget separately for costs associated with studying and settling in Canada. These can include:

• Guaranteed Investment Certificate (GIC), if applicable
• Canadian student visa application fees
• Health insurance
• Airfare to Canada
• Books and study materials
• Laptop and software
• Accommodation setup and miscellaneous living expenses

Creating a realistic budget for cost of education in Canada can help you determine how much funding you’ll need.

Which Universities Accept Prodigy Finance for Canada and What Are the Alternatives?

Prodigy Finance for Canada is available only for selected postgraduate programs at partner universities. If your university or course isn’t eligible, you can still explore other Canada student loan for international students options through banks, NBFCs, or international lenders.

Prodigy Finance partners with several leading Canadian universities, but eligibility depends on both the institution and the program you choose. Before applying, check whether your master’s program appears on Prodigy Finance’s latest list of supported courses.

Popular Canadian Universities Supported by Prodigy Finance

*Subject to availability based on the particular course and intake. Make sure you are eligible by visiting the official Prodigy Finance website.

How to Apply for a Prodigy Loan to Study in Canada?

Applying for a Prodigy loan to study in Canada is a straightforward online process. Once you receive an admission offer from an eligible university, you can check your course eligibility and submit your application through Prodigy Finance. After your documents are verified, you’ll receive a loan offer outlining the approved amount, interest rate, and repayment terms.

Documents You’ll Need

Keep the following documents ready before applying:

• Valid passport
• University admission letter
• Academic transcripts
• Proof of identity and address
• Any additional documents requested by Prodigy Finance

Application Process

Pro Tip

Before accepting any Prodigy Finance loan to study in Canada, compare it with loans from Indian banks, NBFCs, and other international lenders. A quick comparison can help you find a better interest rate, higher loan amount, or more flexible repayment terms. Nomad Credit can help you compare multiple loan options in one place.

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Is a Prodigy Loan to Study in Canada the Right Choice?

Prodigy loans for studying in Canada without any collateral or cosigner might be a feasible choice for students interested in certain postgraduate studies. Nevertheless, you should compare all the aspects including the interest rates, repayment options, universities covered, and loan costs before reaching any conclusion.

Nomad Credit, your trusted study abroad consultant who can help you compare education loans and choose a funding option that suits your university, course, and financial profile.

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