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Prodigy Finance Overseas Education Loan Process

The value of international education cannot be overstated, and the chance to study in a country where the standard of teaching is higher than in your own Country is a golden opportunity. However, due to the exorbitant cost of education and living abroad, many students are reluctant to even explore this option.

Prodigy Finance extends student loans for studying abroad based on projected earnings. Learning the steps involved in applying for a student loan will make the process a breeze. If you are interested in applying for a student loan on your basis then, this blog on Prodigy Finance can be your financial aid partner. 

Reasons to apply for an education loan at Prodigy Finance:

Prodigy Finance is a financial business that offers education loans with more lenient terms and conditions than national and private banks.

Here's a list of reasons why Prodigy Finance is different from other education loans:

  1. Prodigy Finance's education loan for abroad studies does not require collateral or a co-applicant.
  2. Due to Prodigy Finance's credit algorithm, they offer study abroad loans to students in 18 different countries. 
  3. The loan amount quantifies up to the US $100,000.
  4. The annual percentage rate for PG ranges from 9.55% to 11.25%.
  5. If a college or university is listed in Prodigy Finance's School listing, then Prodigy Finance will make loans available for students in 150+ countries. 
  6. Prodigy Finance aids in all degree programs like Business, Engineering, Computer Science, Law, Policy, Economics, Science, Maths, Public Policy, Law, and Health Sciences.
  7. Each loan from Prodigy Finance comes with a separate administration fee on top of the interest rate. The administrative charge constitutes 5% of the borrowed sum. 
  8. Repayment commences 6 months after the end of the course. Loan payments are suspended during the moratorium. (A temporary halt with official consent.)
  9. There is no prepayment penalty.
  10. Repayment tenure can range from 7, 10, 15, or 20 years.

Benefits of availing of an education loan from Prodigy Finance:

  1. Students can apply for a Prodigy education loan for overseas studies without ever having to set foot in the office because the entire process can be completed online.
  2. The student's academic record and the institution they have been accepted are the sole determinants of whether a loan is approved or not.
  3. Applicants will be assisted with the loan process at every step of the way. They will be guided throughout the steps in applying for a loan, getting it approved, receiving student loan money, and until the student receives funds or the funds are disbursed.
  4. Loans from Prodigy Finance can cover almost the Full cost of education with no out-of-pocket money required. All fees, including those for tuition, housing, and living expenses, as well as a caution deposit, building fund, or refundable deposit, are covered by a Prodigy loan.
  5. Fast Loan Processing compared to other banks, Prodigy Finance processes loans in a record time of 7-8 business days.
  6. The Prodigy loan can be paid back over up to 20 years, with payments starting 6 months after enrolment ends.

Eligibility Criteria to avail of a loan

Let’s look at the most common criteria that make any applicant eligible for a loan.
There are 4 basic requirements to be determined an eligible applicant: 

  1. Applicants must be admitted to the school and program supported by Prodigy Finance
  2. Applicants must have proof of admission letter
  3. The applicant’s choice must be to study abroad
  4. The Applicant must be a citizen from one of the countries Prodigy Finance Supports. 

Eligibility criteria to avail of an education loan from Prodigy Finance:

Review Prodigy Finance's Loan Eligibility Requirements:
Students applying for student loans for studying abroad must take the following actions:

  1. Visit https://accounts.prodigyfinance.com/customers/create-account
  2. Create an account
  3. Fill out the form of 6 steps to check eligibility, personal detail, personal finances, employment, and loan details, and get your quote.

Procedure For Getting Loan:

  1. Start the Application Process:  Submit a statement of interest and some details about your intended course of study. We will see to it that the application for financing is as painless as possible in applying for funding.
  2. Apply for Funding: Applicants can get a free, personalized quote after providing some further information about their intentions. Applicants can apply to multiple schools and then evaluate the conditional offer.
  3. Submit Required Paperwork:  Accept the appropriate estimate of financial aid required and submit the required paperwork. After the initial risk analysis, applicants can be on the waitlist while their financial resources are verified. 
  4. Complete the Loan Process:  With a comprehensive network of investors, Prodigy Finance pools resources to fund study abroad applications. Applicants are informed once they've been matched with a lender, at which point applicants can commit to taking out a loan and obtain a formal letter to submit with the visa application.
  5. Sign the Document: once the applicants have entered the campus their loan paperwork can be approved, and they can receive their funding. Applicants don't have to deal with the hassle of international money transfers because Prodigy Finance sends the money directly to their institution.
  6. Study First; Pay Later: Applicants can experience college life without the hassle of funding. Enrolling in full-time studies, applicants have six months after graduation before they must start making loan payments. This process makes education loans for abroad studies without collateral an easy option. 

Documents Required:

  1. A valid government-issued photo ID, such as a passport, driver's license, or military ID.
  2. Show proof that the applicant lives there, like a utility bill, a bank statement, a lease, or a rental agreement.
  3. Official confirmation of the applicant’s acceptance into the program from either the applicant’s school's postal mail or electronic inbox.
  4. A Credit Report
  5. Proof of income (if applicable).
  6. Proof of Savings/Family contributions/Saving to fund education
  7. Job offers (if applicable).
  8. Proof of scholarships or corporate sponsorship (if applicable)

Key salient features:

A student can begin the application process once they have received either a conditional or preferred offer of admission.

  1. No money will need to be paid to receive the loan acceptance letter.
  2. Loan revenues cannot be deposited into a student's university account without a copy of the student's visa and a signed copy of the loan agreement.
  3. The loan money will be disbursed after the student has registered for classes.
  4. All the applicant’s money is sent straight to their school from Prodigy Finance. It works with the school to prevent the student from being charged interest or late penalties for paying tuition after the due date. Then, the student can relax and give their full attention to their academics.
  5. Prodigy Finance provides financial aid for college students at many different schools. If the loan is being used to cover tuition and fees, the student won't need to furnish Prodigy Finance with any banking information; the money will be wired directly to the institution. When there is money left over, the school puts it in the student's bank account.
  6. The applicant must be enrolled or accepted into a Prodigy Finance-approved institution or degree program. It is important to keep in mind that one might apply for a quote before receiving an acceptance letter. The loan approval process typically requires borrowers to submit an acceptance letter.
  7. To apply with Prodigy Finance, applicants must not be a resident of one of the countries which are currently excluded due to regulatory or funding restrictions.

How will E’LAN Loans help in availing an education loan from Prodigy Finance?

The ÉLAN division of KC Overseas Education Pvt Ltd offers a prominent platform for students with ambitious academic goals to study abroad and explore their numerous funding choices.

ÉLAN is the premier overseas funding choice because of the careful blending of knowledge and technology that went into developing it. The only objective is to help students from all walks of life fund their education in the different countries of their choosing.

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