Prodigy Finance is an online lender that offers flexible education loans to help international students finance their higher studies overseas. They assess your loan application based on your future earning potential without requiring any co-signer or collateral.¹
Read on to learn more about how Prodigy Finance works, their loan application process, and important information to consider before applying.
| 📝 Guide to Prodigy Finance International Student Loans |
|---|
Prodigy Finance removes the concept of co-signers, guarantors, and collateral. To evaluate a loan application, the company assesses the student's potential future income, their credit profile, and their selected academic program.
Here are the eligibility requirements for a Prodigy Finance Education Loan.²
Prodigy Finance student loans are available for applicants currently residing in one of the qualifying countries⁴ — India being one of them.
To be eligible for the loan, you must be accepted into a supported school and education program.²
| 🎓 Supported Universities for Prodigy Finance Student Loans | |
|---|---|
| Prodigy Finance supports over 800 schools³ with programs in You can search for your preferred university on the Prodigy Finance website to check if it is supported. |
If you have not received admission yet, you can still register on the Prodigy Finance website and apply for a quote. Once your admission letter arrives, you can finalise the loan application.
Generally, Prodigy Finance Education Loans are available for studies abroad. However, exceptions exist for US and UK residents wishing to pursue higher education in their respective countries.²
International students who have lived or worked in the intended study country for less than 90 days leading up to their studies are also eligible to apply.² (Universities in France are excluded from this.)
Prodigy Finance considers the student's credit profile while assessing the loan application. As part of their application, students are required to provide official credit reports from their home country.
💡 Students in India can get their credit reports from Experian or CIBIL.
In some cases, Prodigy Finance can only offer a part of the loan amount requested by the student. In that case, a student can consider bridging the gap using non-debt funds.⁵ Examples of non-debt funds are your personal savings, scholarships, sponsorships, and any contributions from your family or friends that don't require a loan.
Prodigy Finance Education Loan uses a simple interest formula for the loan, which is comprised of 2 components:⁶
Prodigy Finance charges an admin fee of 5% of the total loan. This fee is added to the overall amount borrowed and does not need to be paid upfront.⁶
The total cost of borrowing, inclusive of interest and fees, is shared as the Annual Percentage Rate (APR) in your loan offer from Prodigy Finance.⁷
Application process for Prodigy Finance Students Loan is completely online. Follow these steps to apply:
Once you've submitted the application, you’ll receive a customised quote for a loan.⁷ If it looks like a good fit for your financial situation, you can accept the quote and upload the supporting documents to move on to the matching process.
The following documents are required to be uploaded with the loan application:¹⁰
Prodigy Finance has a weekly matching process. They will inform you by email as soon as your application is matched with funds from the community of investors. Once you have been informed, you can accept the match to finalise your loan.
Alternatively, you can also choose to hold off for the next matching round if you're not sure right now, or withdraw the application completely at this stage.¹¹
Prodigy Finance offers flexible repayment terms ranging from 7 to 20 years on student loans.⁸ While studying and for additional 6 months after, you're offered a grace period, or a moratorium, during which no repayments are required.
The loan does continue to accumulate interest during this moratorium, so you can always start paying earlier to save on interest. There are no penalties for paying off your loan early.
After the moratorium, you are required to start making monthly payments in the same currency as that of the loan amount.
|If you plan to make payments using funds stored in a currency different from your loan, consider using Wise to save on foreign currency exchange rates.¹⁴ You always get the mid-market exchange rate with Wise, which is the same as the one you see on Google.
After your student loan is approved, Prodigy Finance will directly transfer funds to your university or program on your behalf. This includes the living expenses, if that is a part of your loan. The schedule for the payout depends on the school and its location.¹²
In addition, you will also receive a loan confirmation letter that can assist you in obtaining a student visa. If your loan includes living expenses, the school will transfer them to your overseas account after deducting the tuition fees.
To contact Prodigy Finance, you can use their website form or call them using the following phone numbers:¹³
| Country | Phone Number |
|---|---|
| Global | +44 20 3900 3535 |
| India | 000 800 9190 242 |
| UK | 0800-368-8766 |
| US | +1 866 533 3304 |
| Brazil | +55 11 3197 8763 |
Opening an overseas account is one of the first things you will need to figure out when you arrive abroad for your studies. Check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
Sources used for this article:
Sources verified on 9 June, 2023.
Photo by Pang Yuhao on Unsplash
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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