Prodigy Finance

Prodigy Finance was founded with the viewpoint that funding shouldn’t be a hindrance to education. It 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 was able to eliminate some of the drawbacks of the traditional banking system in providing international education loan such as collateral, co-borrower, pre-payment penalties and so on.

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. 

Sl. No. Title
1 Education Loan and Eligibility Criteria
2 Interest Rate
3 Prodigy Finance Scholarship, Eligibility, and Judging Criteria
4 Refinancing the Existing Loan
5 Prodigy Finance Community
6 Career Services
7 Referral Programme
8 Contact Details

Prodigy Finance Education Loan

Education loan plays a major role in helping a student achieve his/her dream of obtaining quality higher education. Though it has lower interest rates when compared to other loans, the process to apply for a student loan is complicated especially when we talk about international education loans. In traditional bank settings, there are many documents and security procedures 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 traditional banking system, there are plenty of benefits for the students if they procure a loan from such private financial services.

The benefits of Prodigy Finance are as follows

  • The repayment starts only 6 months after the class ends.

  • No co-signer or collateral is required.

  • There are no penalties for pre-payment/ early payment

  • Eligibility across 150 countries

  • Member benefits for the community

  • Scholarship benefit for the selected students

Prodigy Finance Loan Eligibility Criteria

  • Candidate should be from one of the countries it supports. (Indian citizens are eligible)

  • Candidate should be accepted to a school and programme it supports.

  • School should be outside the country when you apply.

Prodigy Finance Interest Rate

  • APR is the Annual Percentage Rate which consists of 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, it changes throughout your term of the loan.

  • The APR is approximately 8.22% which includes admin fee of 2.5% which is required to process the loan and it varies for each school. These values are subjected to change according to the market fluctuations.

Prodigy Finance Scholarship

There are 10 scholarships available as part of the Prodigy Finance Scholarship Programme, each of them valued at US $10,000. In addition, there is one more scholarship which is awarded to the female engineering students. However, female engineering students are eligible to apply under both the categories but can receive only one of these scholarships, not both.

Prodigy Finance Scholarship Eligibility

  • 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.

Prodigy Finance Scholarship Judging Criteria

  • Merit-Based Criteria: Measured by your GMAT/ GRE/ LSAT/ EA score.

  • Measured by the applicant’s declared pre-study salary and advance rate.

  • Provision of accurate answers to questions regarding financial literacy and loan terms.

  • Subjective criteria: Your motivational paragraph which will be reviewed by the panel of judges and it is required to demonstrate substantive reasoning for you to receive a scholarship and the reasoning how the scholarship will impact your higher education experience.

Prodigy Finance Refinance

Prodigy Finance also provides you an opportunity to save thousands by refinancing your international loan. It works by paying off your existing loan and replace it with a lower rate that saves you money. So if you feel like your current loan has a higher interest rate or you are attracted with any of the features your existing financier fails to provide you can always replace it with Prodigy Finance.

Some of the benefits of refinancing your existing loan are as follows

  • You can choose flexible loan terms.

  • Release the co-signer.

  • Consolidate your student loan.

  • You 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 in order to reduce the complexity. Once students finish the loan application process then they are given access to benefits and services to make sure the smooth transition to campus. The services include assisting you with the visa application, preparing finance for the international move, travel tips from the experts, assistance to get settled in your new home and so on.

Prodigy Finance Career Services

The career experts have designed a masterclass in landing a job which is designed specifically for the community members. The interactive and practical session provides students with the necessary assistance in the various phases of getting their dream job. The sessions make you capable of attending the interview confidently and tackle it easily.

Prodigy Finance Referral

It provides you an opportunity to earn amazon voucher of USD $150 for referring a friend for the international student loan at Prodigy finance. However, the maximum rewardable referrals are up to two. This programme is open to anyone registered on the official website. You are not required to apply for a loan to participate in it. A referral is successful only when your friend’s Prodigy loan has been approved.

Prodigy Finance India Contact Number

For further details, you can dial 000 800 9190 242 from India. The operation hours are from Monday to Friday: 06:00 - 22:00 GMT.

For more details on education loan or general inquiry you can mail your query to

Leave a comment