Prodigy Finance Abroad Education Loan Process

In today’s competitive world, everyone dreams of receiving the best education possible. That’s why many of you set your sights on top international Universities. But let’s face it, studying abroad isn’t economical. That’s where overseas education loans can make a huge difference. However, getting a loan isn’t always a cakewalk, especially when traditional banks ask for collateral. Not every student has property or assets to pledge. 

But here’s some good news: things have changed for the better. Back in 2007, three MBA students realized that conventional banks weren’t meeting the needs of international students.  That’s when Prodigy Finance was born, built on the belief that financial limitations shouldn’t hold anyone back from achieving their educational goals. 

Today, Prodigy Finance stands as one of the top international lenders, offering flexible loan solutions designed specifically for students from around the world. So, if you’ve been wondering whether this could be your path forward, you’re in the right place. In this article, we’re going to explore everything you need to know about a Prodigy Finance Abroad Education Loan. So, let’s dive in!

Why Choose Prodigy Finance Abroad Education Loan?

What’s the first thing you look for when choosing a lender? Of course, it’s the benefits they offer! After all, you want to be sure you’re making the right choice. So, let’s start by exploring the top benefits of a Prodigy Finance Abroad Education Loan that can make your study abroad journey smoother.

No Collateral or Co-Signer Needed: One of the most student-friendly features of Prodigy Finance is that it doesn’t require any collateral or co-signer. Your academic background and the University you’ve been accepted into are the key factors in determining your loan eligibility.

Covers Nearly All Educational Costs: Your Prodigy loan can cover almost 100% of your education-related expenses. This includes tuition, housing, living expenses, refundable deposits, building fees, and even caution deposits, so you won’t have to shell out extra from your pocket.

Apply from Anywhere in the World: Whether you're in your home country or halfway across the globe, you can apply for a Prodigy student loan from anywhere with a secure internet connection. 

Fully Digital Application Process: From application to approval, everything is streamlined and digital. Once you receive a provisional loan offer, you’ll simply need to upload supporting documents. 

Loan Pre-Approval for Second-Year Students: If you’re enrolling in a two-year degree, you can apply for a loan for the first year and receive pre-approval for the second year simultaneously. Although you’ll need to reapply in the second year to reflect any financial changes, this pre-approval gives you peace of mind from the start.

Fast Processing Time: Compared to traditional banks, Prodigy Finance processes loans quickly, usually within 7 to 8 business days, so you’re not left waiting during crucial admission deadlines.

With all these student-centric advantages, Prodigy Finance takes a lot of the stress out of financing your international education. But that’s not all, there’s more to this lender than just convenience and flexibility. Curious to know what makes it stand out even further? Let’s take a look at the key features that set Prodigy Finance apart. Keep scrolling to find out!

Key Features of Prodigy Finance Abroad Education Loan

Prodigy Finance offers education loan for abroad studies with more flexible and student-friendly terms compared to many traditional banks. If you are considering funding your overseas studies through Prodigy, the table below outlines some of the key features you should know before making your decision.

These are some of the standout features, but when it comes to loan coverage, there's more to explore. After all, knowing exactly what your education loans for abroad studies without collateral will cover can make a huge difference in planning your journey. So, let’s shift gears and get into the next section to understand Prodigy Finance’s loan coverage in detail.

What does the Prodigy Finance Abroad Education Loan Offer?

As we saw above, Prodigy Finance offers a flexible and personalized approach. Depending on your University and Program, the loan may either cover just your tuition fees or the full cost of attendance, including tuition, living expenses, accommodation, and more. 

That’s why it’s important to check the specific funding details for your chosen course before applying. But that’s not all. The loan amount you qualify for depends on several personal factors, such as your:

• Sponsorship Letter from a Trusted Source

• National ID of the Sponsor

• Recent Bank Statements

Now, let’s talk about the Prodigy Finance interest rate. Though we have mentioned the minimum rate, it varies from student to student. It’s calculated based on factors like your credit history and other financial information. The final interest rate is added to a base rate called LIBOR (London Interbank Offered Rate), which changes every month.

Now that you’ve got a clear understanding of the loan coverage, let’s take the next step. It’s time to explore the countries and courses that are eligible under the Prodigy education loan. This way, you can see whether your dream destination and chosen program are part of the list.

Countries & Courses Covered by Prodigy Finance Abroad Education Loan

Prodigy Finance support students attending 493 Universities in 19 Countries. Since the University list goes so long, to help you save time, we are covering the countries and the courses covered by Prodigy Finance. 

Countries Supported by Prodigy Finance

Programs Supported by Prodigy Finance

Once you’ve confirmed that your country and course are covered, the next step is to see if you’re eligible for a Prodigy Finance abroad education loan. But don’t worry, you won’t have to look elsewhere. We’ve got everything you need to know about who can apply for the loan, right here in the next section.

Who can apply for the Prodigy Finance Abroad Education Loan?

Prodigy Finance offers loans to students from nearly 150 Countries worldwide. To help you figure out if you qualify, here are a few key eligibility criteria you’ll need to meet before applying for a Prodigy student loan.

• You must be planning to study in a country other than your own.

• You must be enrolling in a Master’s program.

• Your Country of residence should be supported by Prodigy Finance.

• Your University and Program should be on the Prodigy-approved list.

• You must have a good academic record and strong career prospects. Since loan approval is based on your future earning potential, a solid profile will strengthen your application.

• Your own credit history and score matter. Don’t worry about your parents’ credit scores, Prodigy Finance evaluates you independently.

In case of any funding shortfall, you may be asked to show additional financial support in the form of:

• Sponsorship Letter from a Trusted Source

• National ID of the Sponsor

• Recent Bank Statements

You can apply for a loan quote even before getting an official admission offer. Your final loan terms will be confirmed once you upload your acceptance letter and complete your credit report.

And what if your preferred University or course isn’t on the list yet? Don’t stress! Prodigy Finance gives you the option to submit a request for your University and Program to be reviewed. It’s a quick and simple form, and they’ll get back to you once they evaluate the details.

Now that you’ve ticked the eligibility boxes, let’s shift gears and look at the documents checklist you’ll need to secure your Prodigy Finance education loan. Keeping everything ready in advance will make your application process smooth and hassle-free. Shift your focus ahead to know what you’ll need.

Documents Required for Prodigy Finance Abroad Education Loan

One of the many reasons students prefer Prodigy Finance is the minimal documentation it requires. Unlike traditional banks that may ask for endless paperwork, Prodigy keeps it simple and student-friendly. To help you stay ahead of the game, here’s a checklist of the basic documents you’ll need. 

• An Admission Letter from the University.

• Valid Government-Issued Photo ID, this could be your Passport, National ID, Driver’s License, or a Military ID.

• Any official document that clearly shows your Name and Current address, this can a Utility Bill, Lease Agreement, or Bank Statement.

• A recent Credit Report from your country of residence.

• If you’re employed or were working recently, you’ll need to provide income proof such as Salary Slips or Employment Letters.

• Documents showing Personal Savings, family contributions, or any funds you’re planning to use to support your education.

• Any Scholarships or Corporate Sponsorships awarded to you should be supported with valid documentation.

We are all set now, the eligibility criteria and documents have been checked. The next move is to apply. How? Have a quick glance at the steps we have discussed ahead. 

Application Process for Prodigy Finance Abroad Education Loan

Prodigy’s process is already fast, but when you are prepared, it becomes even smoother. Here’s a step-by-step process to help you apply without any confusion.

Step 1: Review Loan Details

Before anything else, check if your University and specific Master’s program are supported by Prodigy Finance. Once your University is on the list, go through the details of Prodigy’s support for your program. This includes checking the minimum and maximum loan amounts, tuition coverage, and cost of attendance estimates.

Step 2: Register & Start the Application

Click on the ‘Apply Now’ button on their official site. You’ll be redirected to a registration page. Fill in your basic information and create your account to begin the process.

Step 3: Fill in your Application

Provide all required details such as:

• Personal & Residential info

• Academic Background

• Financial Situation & Budget

• Course & University details

Step 4: Submit your Application

Once all sections are complete, go ahead and submit your application. At this point, Prodigy will start reviewing your information.

Step 5: Get a Personalized Loan Quote & Accept the Offer

After your details are processed, you’ll receive a conditional loan offer. This quote is based on multiple factors like your Course, University, and expected future income.

Step 6: Upload Required Documents

Accept the offer if it works for you and upload the necessary documents as discussed in the previous section. 

Step 7: Final Loan Approval

Prodigy will verify your documents and perform a final review. Once the documents are verified, you will be given the option to accept the quotation during the matching stage. After you accept it, a payment of $500 is required to proceed. Once this payment is made and your application is approved, you’ll receive an official sanction letter, which you can use for visa purposes.

Step 8: Sign the Loan Agreement

After you reach your University campus, you’ll need to sign the final agreement. Prodigy Finance will then disburse the loan amount directly to your institution, with no hassle of foreign currency transfers.

Now comes the big question: What happens once you accept your Prodigy student loan? Well, let’s walk you through the next steps that follow.

What Happens after Accepting a Prodigy Finance Abroad Education Loan?

Once you’ve accepted your Prodigy Finance loan, a few important steps follow to finalise and activate the loan smoothly. 

E-sign the Loan Agreement: Upon reaching your University campus, you need to electronically sign the final loan acceptance letter. This step is mandatory for the loan disbursement process to be completed.

Loan Disbursement: Prodigy Finance sends the loan amount directly to your University. If there’s any extra amount, the University’s financial department will coordinate with you to handle it accordingly. On each disbursement, the origination fee of 4% will be deducted from the loan amount. 

Loan Confirmation Letter: You will receive an official Loan Letter (similar to a sanction letter), which is required by Universities, especially in the US, to issue the I-20 form. This letter is also necessary for visa applications in many countries and may need to be presented at immigration.

Interest Accrual: Interest begins to accrue once the loan amount is disbursed to your University. The interest is calculated only on the principal amount, helping you manage your repayment more efficiently. During the moratorium period, there is no requirement to pay partial interest to the bank instead, the interest accrued during this time will be added to the principal amount.

Though the entire process with Prodigy Finance is already quite fast, what if you could speed things up even more? Yes, there’s a way to shift gears and accelerate your loan process. Wondering how? Read on to find out. 

How to get Faster Loan Disbursements from Prodigy Finance Abroad Education Loan?

What if we told you that you don’t even need to spend hours researching documents or worrying about the loan process? Yes, it’s true. You just need to reach out to a study abroad loan expert, and that expert is Élan Overseas Education Loans.

Élan Loans supports students with big dreams and even bigger potential. Whether you're aiming to study in the US, UK, Canada, or any other popular destination, Élan simplifies the entire loan process and helps you explore the best funding options for your study abroad journey.

What makes Élan stand out? The team works with a single aim, which is to ensure students from all backgrounds can access overseas education through smooth and reliable financial assistance. All you have to do is get in touch with the Élan Loan Experts, and they’ll handle everything, from documentation to loan sanction. 

So, what are you waiting for? Connect with us today and turn your study abroad dreams into reality!

FAQs

1. Can I change my Prodigy Finance Abroad Education Loan amount after accepting the conditional offer?

Yes, you can. If you’ve accepted a conditional offer from Prodigy Finance and later decide to change the loan amount, simply get in touch with their team. Their team will help you make the required changes.

2. Is it possible to reduce or increase my Prodigy Finance Abroad Education Loan amount?

Absolutely! You can reduce your loan amount anytime before signing the final agreement, which usually takes place once you arrive on campus. The administration fee, which is a percentage of the loan amount, will also go down. If you want to increase your loan amount, you can request it, but it’s subject to approval by Prodigy Finance’s credit committee. If approved, the admin fee will also increase accordingly.

3. Am I locked into the loan once I submit documents & accept the offer?

Not at all. The conditional or provisional offer is non-binding. It simply shows your intention to move forward. Even after submitting your documents and accepting the offer, you still have the flexibility to cancel or adjust your loan amount as needed.

4. When are the Prodigy Finance Abroad Education funds disbursed?

Disbursement dates vary depending on your University. Prodigy Finance works closely with Universities and ensures that payments are made on time as per the agreement. Just keep in mind that these funds can’t be used for reservation fees or deposits required to confirm your admission.

5. Are there any hidden charges for the Prodigy Finance Abroad Education Loan?

There are no hidden charges, as Prodigy Finance applies a one-time origination fee of 4% of the total loan amount. This fee is added to your loan and is repaid gradually through your EMIs, so there’s no need to pay it upfront. Additionally, at the matching stage, a payment of $500 is required. Only after this payment is made the loan will be approved, and the official sanction letter will be issued. As long as your repayments are on time or ahead of schedule, there are no further charges or penalties.