Prodigy Finance Education Loan: Prodigy Finance is a UK based finance company that has altered the education loan while preserving the best level of service. And when it comes to education loan, prodigy finance provides you with lot of features and benefits that any other financial organization will provide you.
Students who are looking for the education loan without collateral or students looking for the standard interest rates, this prodigy finance will be the best. We will move into the article, to know all the details like features, eligibility, benefits and many more.
Features of Prodigy Finance Education Loan
As we all know that, obtaining the education loan within the country and outside country, process will be time taken. Here we are going to provide you with some features that are offering by the prodigy finance education loan.
Features | Details |
Loan Amount | Min Amount – $15000 & Max Amount – 100% amount that you need. |
Processing Fee | 2.5% to 5% |
Loan Tenure | 20 Years( 7, 10, 15) |
Margin | None |
Prepayment Charges | Zero |
Country Covered | USA, UK, Canada, Germany, Australia, and many more. |
Interest Rate | 9.54% onwards |
Repayment Holiday | Starts after 6 months of course completion. No repayment during moratorium period. |
Loan Security | Not Needed |
Processing Time | 30 Working Days |
Benefits of Prodigy Finance Education Loan
If you want to get education loan to study in India or in Abroad, prodigy finance education loan is the best. By looking in the benefits that are provided below, you will definitely accept that. Checkit out now.
- Prodigy finance does not require any collateral to get approved for education loan, but the academic profile play a very vital role.
- And the financial processing is also fast compared to other financial organizations, loan will be approved within 5 days of submitting your paperwork.
- And coming to loan amount, the prodigy finance has no limitor restriction, you can take the amount you like.
- Interest rates starts with 9.54 % on prodigy finance and all these interest rates are fixed. And you no need to worry about the changing rates of interest.
- And prodigy finance will pay 100% of your loan amount, as some of the bank pay upto 90 or 95% and remaining should be paid by the student in international studies but prodigy finance will not do that.
- Prodigy Finance does not need any co signer or co applicant for education loan even it is of huge amount.
- Maximum duration of Loan repayment will be of 20 years, so you no need to worry about it.
Still if you want to know about other organizations like Auxilo Education Loan, checkout.
Prodigy Finance Education Loan Eligibility
To get the education loan at prodigy finance organization, there is eligibility criteria for the loan, once a student meet all the requirements they can able to apply for education loan.
Have a look into that eligibility criteria below.
- If you want education loan from prodigy finance, you should be a student of the school or course that prodigy supports as it has 850 schools around the world.
- To get the prodigy finance education loan you should be interested to study abroad, not in your own country.
- Even if you are living in a country from less than year, you can also apply, you will be eligible.
- And as prodigy supports 120 to 150 countries, you should be in one of those countries, then only you will be eligible.
Documents Required For Prodigy Finance Education Loan
Look into the complete set of documents that are required for education loan when you are taking through prodigy finance.
- Identification documents like passport, driving license, Aadhar card
- Admission letter with all essential details
- Income verification also needed if applicable.
- Education proofs of HSC, SSC and degree certificates
- Credit report
- Passport Sized Photo
- Proof of Acceptance certificate.
- Bank Statement of last 6 months
- Income tax returns of last 2 years
How To Apply For a Prodigy Finance Education Loan
If you want to get the education loan that is providing by the prodigy finance company there are two types of processes to apply for it, one is online and the other one is offline. We will look into both process in step by step.
Online Process
- Visit the official website of prodigy finance education loan.
- And then in home page click on “Prodigy Finance Education Loan”.
- Then click on “Apply Online”.
- Now, you will see the form, and fill all the required details.
- Once after completion of filling the form, then click on submit.
- Finally, visit the prodigy finance company to know about further proceedings.
Offline Process
- Visit the nearest prodigy finance company.
- Take the form and fill all the required fields and submit the documents to the company directly that are required.
- Know about all interest rates, schemes and others.
- Select the loan that is suitable for you.
Courses That are Covered Under Prodigy Finance Education Loan
Know the courses that are going to cover under prodigy finance education loan. Look at them below and choose the one you like.
- Business
- Engineering
- Law
- Economics
- Science
- Policy
- Computer Science
- Math
Prodigy Finance Education Loan Interest Rate
Checkout the interest rate that was provided by prodigy finance organization for education loan and even it may vary based on the student profile. But interest rate is constant with prodigy finance even in market it fluctuates.
Types of Educaton Loan | Interest Rate |
Collateral Education Loan | 9.54% |
Non Collateral Education Loan | 9.54% |
Repayment Process of Prodigy Finance Education Loan
When it comes to the repayment process of prodigy finance education loan, the repayment will start after 6 months after completion of your education period, during the moratorium period there is no repayment need to be done.
Flexibel repayment period can be 7, 10, 12, 15, 20 years based on the loan amount that was taken by the applicant.
Expenses that are covered under Prodigy Finance Education Loan Scheme
If you have taken the education loan with prodigy finance, we will see what are the expenses that will be covered under the scheme.
- Institute/University fee will be paid 100% based on the school and course you choose.
- Remaining balance of loan amount after paying the course or school fee will directly come to your bank account.
- Youcan spend it on all the education related expenses along travelling, and food.
Prodigy Finance Interest Subsidy Scheme
Even prodigy finance company has its own subsidy scheme, and every student who are eligible for their education loan are eligible to this scheme too. And through this scheme 100% interest subsidy will be provided on education loan until moratorium period as prescribes as IBA( Indian Bank Association).
Have a look at the complete details of what is moratorium period in education loan.
FAQs on Prodigy Finance Education Loan Without Collateral
- Is It safe to take loan from prodigy finance?
Yes, it is always safe to take loan from prodigy finance as it has the highest financial standards.
- What is the interest rate of education loan for prodigy finance?
11.8% is the interest rate of education loan for prodigy finance.
- How much time does it take prodigy finance for education loan process?
Prodigy finance takes 7 days time to complete the education loan process.
- What is the annual percentage rate for a prodigy finance Abroad education loan?
Prodigy finance education loan interest rate ranges from 6.7% to 11%.
Key Outcomes
Hope that the information we have shared on prodigy finance education loan will be very beneficial for you, mainly if you are a student of school that comes under prodigy finance organization. If you like it, and if it is not useful for you then share it with your friends who are in need of it.
For more interesting articles like Student Loans for Studying Abroad, checkout our Student Education loan page on learncbse.com website.