Prodigy Finance India

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.

List of 200 Prodigy Finance Universities

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.