Prodigy Finance India contributes collateral-free loans to students pursuing masters abroad. It is a relatively hassle-free process that does not require collateral or a co-signer.
Prodigy Finance India was founded with the viewpoint that funding shouldn't be a hindrance to education. Prodigy Finance was established in 2007 by three MBA students as they recognized that the existing banks do not provide at par the international spending requirements of borrowers. Thus they made it their mission to make quality education accessible to everyone, redefining the student loan market.
Soon, the firm could eliminate some of the drawbacks of the traditional banking system in providing international education loans such as collateral, co-borrower, prepayment penalties, etc.
What is Prodigy Finance India?
Education loans play a major role in helping a student achieve their dream of obtaining quality higher education. Though it has lower interest rates than other loans, applying for a student loan is complicated, especially when we talk about international education loans. In traditional bank settings, many documents and security procedures are required to apply for an international loan, which can be mind-boggling for a student.
As Prodigy Finance was established to overcome the loopholes of the traditional banking system, there are plenty of benefits for the students if they procure a loan from such private financial services. More than 13,600 students have been served with funds to meet their expenses incurred in postgraduate education. As of 2018, students have borrowed about $628m from Prodigy Finance India.
Benefits of Prodigy Finance India
Prodigy Finance focuses on helping candidates with international educational loans that cater to what is required. As a result, many students have benefitted from Prodigy Finance Loan.
Some of the benefits of prodigy finance are as follows:
- The repayment starts only six months after the class ends.
- No co-signer or collateral is required.
- There are no penalties for prepayment/ early payment.
- Eligibility across 150 countries
- Member benefits for the community
- Prodigy finance in India assets
- Scholarship benefit for the selected students
- Supports low ranked schools or colleges which other banks denied in the market
- Hassle-free online process and can be finished in 30 minutes.
- The account holders status will be updated within a week, whether they are qualified or not.
- One can reduce their loan amount before arriving at the host country once it is approved.
- Prodigy Ambassadors will be there in the college throughout the year to assist regarding the Prodigy Finance Loan doubts and benefits.
Prodigy Finance Loan Eligibility
There is certain eligibility for students to avail of the Prodigy Finance loan.
The following points get a clear understanding of the eligibility criterion.
- The candidate must have the admission letter from the University.
- This scheme is only for Post Graduation/ Masters Students.
- The candidate should be from one of the countries it supports. (Indian citizens are eligible)
- The candidate should be admitted to a school and the program it supports. One can check the list of Prodigy supported schools.
- School should be located outside the country of residence of the candidate.
There are some exceptions for prodigy finance in India:
- If a student has lived in a foreign country for less than 1 year, they are eligible.
- UK residents are also eligible to study in the UK.
- US residents are eligible to study in the US if they live in the US state and are not US citizens or permanent residents when they apply for a loan.
- Non-permanent residents who have stayed or worked in the US for more than 7 years are also not eligible.
Prodigy Finance Interest Rate
Prodigy Finance in India has different interest rates for different categories that vary due to certain factors.
Students will be able to find the details related to the Prodigy Finance Interest Rate below.
- The prodigy variable APR is 10%, which is 8.9% annual simple fixed margin plus a variable base rate, i.e., 3-month USD LIBOR of 0.2% as of 1st January 2021.
- The minimum possible Annual Percentage Rate that could be offered to the student is 6.7%.
- APR consists of the Interest rate and any fees associated with it. Interest payable is calculated based on a fixed margin added to a base rate.
- The base rate is subjected to vary from time to time according to the market fluctuation, and it changes throughout the term of the loan.
Note:
- ARP: Annual Percentage Rate
- LIBOR: London Interbank Offered Rate
Example of Interest Rate
For example, if the Amount borrowed is USD 40,000 and the 5% admin fee is USD 2,000. The Amount financed calculation is as follows.
- Amount Financed= Amount Borrowed+5% Admin Fee
- Amount Financed= USD 40,000+USD 2,000= USD 42,000
A fixed margin and a base rate are the two components of Simple Interest Rates.
- Fixed Margin: A simple percentage tailored to the respective application
- Base Rate: An international floating rate that will change throughout the life of students' education loans.
Calculation:
Fixed margin rate - 8.7%; Variable 3-month LIBOR - 0.1%
- Variable interest rate= Fixed margin rate+Variable 3-month LIBOR
- Variable interest rate= 8.7%+0.1%= 8.8%
Prodigy Finance Scholarship
Prodigy Finance offers 10 scholarships available as part of the Prodigy Finance Scholarship Programme, each of them valued at US 10,000. And there is one more scholarship that is awarded to female engineering students. However, female engineering students are eligible to apply under both categories but can receive only one of these scholarships, not both. This is applicable for prodigy finance in India.
Prodigy Finance Scholarship Eligibility
Below are the eligibility criteria to apply for the Prodigy Finance scholarship.
- The applicants who have reached a loan approval status are eligible to apply for the scholarship.
- The applicants must be accepted to a college in the US, UK, Spain, or France for a prodigy loan.
Prodigy Finance Scholarship Judging Criteria
The judging criteria followed to assess the Prodigy Finance scholarship are as follows.
- Merit-Based Criteria: Measured by candidates GMAT, GRE, LSAT, or EA score
- Measured by the applicant's declared pre-study salary or advance rate
- Terms of accurate answers to questions regarding financial literacy and loan terms
- Subjective criteria: The motivational paragraph will be reviewed by the panel of judges, and it is required to demonstrate substantive reasoning for a student to receive a scholarship and the reasoning of how the scholarship will impact their higher education experience.
Prodigy Finance Refinance
Prodigy Finance also provides students with an opportunity to save thousands by refinancing their international loans. It works by paying off the existing loan and replacing it with a lower rate that saves money.
So if one feels like their current loan has a higher interest rate or is attracted to any of the features their existing financier fails to provide, students can always replace it with Prodigy Finance.
Some of the benefits of refinancing the existing loan are as follows.
- One can choose flexible loan terms.
- Release the co-signer.
- Consolidate the student loan.
- Students are allowed to make early repayments without any extra fees.
Prodigy Finance Community
As it is involved in making students study overseas, some benefits have been devised to reduce complexity. Once students finish the loan application process, they are given access to benefits and services to smooth the transition to campus. The services include assisting students with the visa application, preparing finance for the international move, travel tips from the experts, assistance to get settled in their new home, and so on.
This is how prodigy finance stands in India.
- Prodigy Finance Career Services
- Prodigy Finance Referral Program
- Prodigy Finance India Contact Details
Prodigy Finance Career Services
The career experts have designed a masterclass in landing a job designed specifically for the community members. The interactive and practical session equips students with the necessary assistance in the different phases of getting their dream job. The sessions make students capable of attending the interview confidently and tackle it easily.
Prodigy Finance Referral
It provides students with an opportunity to earn an amazon voucher of USD 150 for referring a friend for the international student loan at Prodigy finance in India. However, the maximum rewardable referrals are up to two, and the program is open to anyone registered on the Prodigy Finance official website. Students are not required to apply for a loan to participate in it. A referral is successful only when a student's friend's Prodigy loan has been approved.
Prodigy Finance India Contact Number
For further details, students can dial 000 800 9190 242 from India. The operational hours are from Monday to Friday: 06:00 to 22:00 GMT.
Here, one can find more details of prodigy finance in India contact, and they can reach them by these mail ids listed below for any queries.
- General Enquiries: info@prodigyfinance.com
- Student Loan Enquiries: info@prodigyfinance.com
- Refinance Enquiries: refi@prodigyfinance.com
- Repayments Enquiries: payments@prodigyfinance.com
List of Prodigy Supported Schools/ Colleges/ Universities
The first business school to accept Prodigy finance international student loans from qualified candidates was INSEAD.
Listed below are some of the prodigy finance university lists.
| Arizona State University - Carey School of Business | The University of Connecticut - School of Business |
| Babson College - Olin School of Business | The University of Hong Kong - Faculty of Business and Economics |
| Berlin School of Creative Leadership | The University of Illinois Urbana-Champaign - College of Business |
| Boston College - Carroll School of Management | The University of Iowa - College of Law |
| Boston University - College of Engineering | The University of Maryland - College of Information Studies |
| Brigham Young University - The Marriott School of Business | The University of Maryland - Smith School of Business |
| California Institute of Technology - School of Engineering and Applied Science | The University of Michigan - College of Engineering |
| Carnegie Mellon University - College of Engineering | The University of Michigan - School of Information |
| Carnegie Mellon University - Department of Statistics | The University of Michigan - School of Law |
| Carnegie Mellon University - School of Computer Science | The University of Minnesota - Carlson School of Management University of Minnesota - College of Science & Engineering |
| China Europe International Business School | The University of North Carolina - School of Information and Library Sciences |
| Chinese University of Hong Kong - CUHK Business School | The University of Notre Dame - College of Engineering |
| City University - Cass School of Business | The University of Notre Dame - Law School |
| Columbia University - Columbia Business School | The University of Notre Dame - Mendoza College of Business |
| Columbia University - Columbia Law School | The University of Oxford - Blavatnik School of Government |
| Columbia University - School of International and Public Affairs | The University of Oxford - Said Business School |
| Columbia University - The Fu Foundation School of Engineering and Applied Science | The University of Pennsylvania - Law School |
| Cornell University - School of Hotel Administration | The University of Pennsylvania - School of Engineering and Applied Sciences |
| Cornell University - College of Engineering Cornell University - Cornell Institute for Public Affairs | The University of Pennsylvania - The Wharton School |
| Cornell University - Law School | The University of Pittsburgh - Swanson School of Engineering |
| Cranfield University - School of Engineering | Dartmouth College - Thayer School of Engineering |
| Duke University - Fuqua School of Business | Dartmouth College - Tuck School of Business |
| Duke University - Sanford School of Public Policy | Emory University - Department of Mathematics and Computer Science |
| Duke University - School of Law | Emory University - Goizueta Business School |
| Emory University - School of Law | The University of Rochester - Simon Business School |
| European School of Management and Technology | The University of San Diego - School of Business Administration |
| George Washington University - School of Business | The University of South Carolina - College of Engineering & Computing |
| George Washington University - School of Engineering & Applied Science | The University of South Carolina - Moore School of Business |
| Georgetown University - Law Center | Georgetown University - McCourt School of Public Policy |
| Georgetown University - School of Foreign Service | The University of Southern California - Marshall School of Business |
| Georgia Institute of Technology - College of Engineering | The University of Texas at Austin - School of Information |
| Grenoble Ecole de Management | The University of Texas at Austin - School of Computer Science |
| HEC Paris | The University of Texas at Austin - School of Law |
| Harvard University - Harvard Business School | The University of Texas at Dallas - Erik Jonsson School of Engineering & Computer Science |
| Harvard University - Harvard Law School | The University of Texas at Dallas - Naveen Jindal School of Management |
| Harvard University - John A. Paulson School of Engineering | The University of Toronto - Faculty of Information |
| Harvard University - Kennedy School of Government | The University of Toronto - Department of Computer Science |
| Hong Kong University of Science and Technology - HKUST Business School | The University of Toronto - Faculty of Applied Science & Engineering |
| IE University - IE Business School | The University of Toronto - Rotman School of Management |
| IMD Business School | The University of Virginia - Darden School of Business |
| INCAE Business School | The University of Virginia - School of Engineering and Applied Sciences |
| INSEAD | The University of Virginia - School of Law |
| Imperial College London - Imperial College Business School | The University of Washington - College of Engineering |
| Indian School of Business | The University of Washington - Foster School of Business |
| Indiana University - School of Informatics and Computing | The University of Washington - School of Information |
| Indiana University - School of Public and Environmental Affairs | The University of Washington - School of Law |
| Indiana University - Kelley School of Business | The University of Washington - The Evans School of Public Policy and Governance |
| Indiana University - Maurer School of Law | The University of Wisconsin-Madison - College of Engineering |
| Johns Hopkins University - Whiting School of Engineering | The University of Wisconsin-Madison - Department of Computer Science |
| Lancaster University - Lancaster University Management School | The University of Wisconsin-Madison - School of Business |
| London Business School | Vanderbilt University - Law School |
| Manchester Business School | Vanderbilt University - Owen Graduate School of Management |
| Mannheim Business School | Vanderbilt University - School of Engineering |
| Massachusetts Institute of Technology - School of Engineering | Virginia Tech - College of Engineering |
| Massachusetts Institute of Technology - Sloan School of Management | Vlerick Business School |
| McGill University - Desautels Faculty of Management | Washington University - Olin Business School |
| Michigan State University - Broad College of Business | Washington University - School of Engineering & Applied Science |
| Michigan State University - College of Engineering | Washington University - School of Law |
| Nanyang Business School | Western University - Ivey Business School |
| National University of Singapore - Lee Kuan Yew School of Public Policy | Yale University - Yale Law School |
| National University of Singapore - NUS Business School | Yale University - Yale School of Management |
| New York University - Center for Data Science | York University - Schulich School of Business |
| New York University - Courant Institute of Mathematical Sciences | Rice University (Brown) |
| New York University - School of Law | Princeton University |
| New York University - Stern School of Business | Harvard University |
| New York University - Tandon School of Engineering | University of Colorado - Boulder |
| New York University - Wagner School of Public Service | Boston University |
| North Carolina State University - College of Engineering | University of California - Davis |
| Northwestern University - Kellogg School of Management | Vanderbilt University |
| Northwestern University - McCormick School of Engineering | Yale University |
| Northwestern University - Pritzker School of Law | Northeastern University |
| Ohio State University - College of Engineering | Rensselaer Polytechnic Institute |
| Ohio State University - Fisher College of Business | University of Virginia |
| Pennsylvania State University - College of Engineering | University of Florida |
| Pennsylvania State University - College of Information Sciences and Technology | Iowa State University |
| Pennsylvania State University - Smeal College of Business | University of Rochester |
| Princeton - School of Engineering and Applied Science | University of Delaware |
| Purdue University - College of Engineering | University of Notre Dame |
| Purdue University - Department of Computer Science | Case Western Reserve University |
| Purdue University - Krannert School of Management | Washington University in St. Louis |
| Queen's University - Smith School of Business | Brown University |
| Ramon Llull University - ESADE Business School | University of Arizona |
| Rice University - George R. Brown School of Engineering | Colorado School of Mines |
| Rice University - Jones Graduate School of Business | Michigan State University |
| Rutgers University/The State University of New Jersey - School of Business | University of Dayton |
| Rutgers University/The State University of New Jersey - School of Engineering | University of Massachusetts-Amherst |
| SDA Bocconi School of Management | Lehigh University |
| Southern Methodist University - Cox School of Business | University of Utah |
| Stanford University | University of Illinois-Chicago |
| Temple University - Fox School of Business | Auburn University |
| University of Connecticut | Colorado State University |
| Texas A&M University - Dwight Look College of Engineering | Stony Brook University-SUNY |
| The Lisbon MBA - Católica|Nova | Tufts University |
| The University of Edinburgh - Business School | University of Oklahoma |
| The University of British Columbia - Sauder School of Business | University of Kentucky |
| The University of California | University of Nebraska-Lincoln |
| The University of California Irvine | University of New Mexico |
| The University of California San Diego - Rady School of Management | Clemson University |
| The University of California Los Angeles - School of Engineering and Applied Science | Drexel University |
| The University of California Los Angeles - School of Law | University of Central Florida |
We hope you have gotten a brief understanding of prodigy finance in India.
