Prodigy Finance India – EduCred
Prodigy Finance is an international finance company that offers student loans to individuals studying at top universities worldwide. The company was founded in South Africa in 2006 by three individuals who were themselves international students and who saw a need for financing options for students who didn’t have access to traditional banking options.
Since then, Prodigy Finance has lent over $1.5 billion to over 28,000 students from over 150 countries.
The company’s lending model is based on the borrower’s future earnings rather than their credit score. Prodigy Finance can offer loans to individuals who would not qualify for traditional loans. The company strongly focuses on responsible lending and has a default rate of less than 1%.
Prodigy Finance is an online lending platform that offers student loans to international and domestic students studying at over 300 partner universities worldwide, mainly in the US, UK, Europe, and Australia. The company was founded in 2007 by three South African entrepreneurs, and it is headquartered in the United Kingdom, but it has a US subsidiary.
Their loans are available to students in India studying at their partner universities. Prodigy Finance is available in India, the United States, and South Africa.
Prodigy Finance is not a traditional bank or financial institution but a technology-enabled platform that allows them to offer competitively priced loans without needing a physical branch network. The company is not a bank but rather a lending platform. This means that the same banking laws do not regulate them.
Prodigy Finance offers loans to both undergraduate and graduate students, as well as to parents and guardians who are looking to finance their child’s education. The company provides various repayment options, including full repayment, interest-only repayment, and income-based repayment. Prodigy Finance also offers a deferment option for students still in school.
Prodigy Finance is a unique company changing the landscape of student lending. Prodigy Finance is a great option to consider if you are looking for a loan to finance your education.
Is Prodigy Finance better than Indian banks?
With our experience in Study Abroad Loans and dealing with all the major institutions, the simple and honest answer to this question is – “YES.”
Prodigy Finance is the best name for when it comes to financing overseas education without Collateral for deserving students.
The loans offered by Prodigy Finance are unsecured, meaning they do not require a guarantor, cosigner, or Collateral. This makes them an ideal option for international students who may not have access to these forms of security.
Indian banks typically require Collateral, a cosigner, and a fixed repayment schedule.
If you are an Indian student studying in the United States, Prodigy Finance may be better than an Indian bank. This is because Prodigy Finance offers student loans to international and domestic students, whereas most Indian banks only offer loans to Indian students studying in India.
The loans are also flexible, with repayment terms tailored to the individual borrower’s circumstances. This means that borrowers can choose to repay their loan early, make partial repayments, or defer their repayments if they return to their home country after graduation.
Additionally, Prodigy Finance has a lower interest rate than most Indian banks. The current interest rate for Prodigy Finance is 10.99%, and the repayment tenure is ten years, whereas the average interest rate for Indian banks is around 13%. There is no prepayment penalty, and the loans are disbursed directly to the university.
With Prodigy Finance, you can choose to either finance your entire education upfront, or you can choose to make monthly payments during your studies. And because Prodigy Finance is a private loan, so you won’t have to worry about government regulations or interest rates.
However, if you are an Indian student studying in India, then an Indian bank may be a better option. This is because most Indian banks offer loans to Indian students studying in India at a lower interest rate than Prodigy Finance. Additionally, Indian banks may have more flexible repayment options than Prodigy Finance.
So, ultimately, it depends on your circumstances. Prodigy Finance may be a better option for an Indian student studying in the United States. However, if you are an Indian student studying in India, then an Indian bank may be a better option.
Prodigy Finance is available in India. They offer student loans from Rs. 1 lakh to Rs. 55 lakhs. The loan can be used for tuition fees, living expenses, and other education-related expenses.
To repay a Prodigy loan, the borrower can make monthly payments through auto-debit from their bank account or through EMI payments. The borrower can also make lump sum payments at any time during the loan tenure. There is a 3% processing fee for prepaying the loan.
Prodigy Finance is the best option for students looking for an overseas education loan. The company offers competitive interest rates and repayment terms to traditional banks.
Our upcoming blogs will compare prodigy finance with Indian banking giants like HDFC Credila and SBI.
EduCred – Prodigy Finance India Partnership
EduCred and its partners have a direct or indirect partnership with Prodigy Finance in India. We represent our students to get overseas study loans from Prodigy Finance without Collateral. We prepare documents and provide all the necessary guidance so that students have to prepare for the entrance exam and leave the rest on EduCred.
We encourage you to share your details by filling Study Abroad Loan Form to receive a free phone call for your tailored Study Abroad Loan without Collateral from EduCred.
Does Prodigy Finance have an office in India?
Prodigy Finance is an online lending platform that offers international and Indian students student loans. Prodigy Finance does not have a physical presence in India, but Indian students are eligible to apply for loans through the platform.
Prodigy Finance loans are available for both undergraduate and graduate students. The loans can be used for tuition, living expenses, and other educational costs. Prodigy Finance does not charge any origination fees or prepayment penalties.
Indian students interested in applying for a Prodigy Finance loan can do so through the platform’s website. The application process is entirely online and takes just a few minutes. Prodigy Finance does not require a cosigner or Collateral for the loan.
Once the application is submitted, Prodigy Finance will review the applicant’s financial information and decide within 48 hours. The funds will be disbursed directly to the university if the loan is approved.
Prodigy Finance loans are flexible and can be repaid over ten years. The interest rate on the loan is fixed, and the monthly payments are determined by the loan amount and the repayment period.
Indian students looking for an affordable and flexible way to finance their education should consider applying for a Prodigy Finance loan.
Is Prodigy Finance an NBFC?
Prodigy Finance is an organization that offers to finance to international students. It is a registered NBFC with the Reserve Bank of India.
Prodigy Finance was founded in 2006 to make higher education more accessible and affordable for bright students regardless of their financial circumstances. Prodigy Finance offers loans to international students enrolled in MBA, master’s, or other graduate programs at top-tier universities worldwide.
Prodigy Finance is different from traditional lenders in a few ways:
Prodigy Finance uses a social lending model, which means that the loans are funded by a community of alumni and institutional investors, not banks.
Prodigy Finance loans are based on the student’s future earning potential, not their credit history or Collateral.
Prodigy Finance offers a flexible repayment schedule, allowing students to defer payments until after they graduate and start earning a salary.
So far, Prodigy Finance has helped over 5,000 students from over 80 countries finance their education. The average loan size is $15,000, and the average APR is 10%.
Prodigy Finance might be a good option if you’re an international student looking for financing for your education.
How do I repay my Prodigy loan?
Prodigy Finance is a student loan company that offers international student loans to students attending universities worldwide. Prodigy Finance loans are private loans, meaning the US government does not back them.
If you are a US citizen or permanent resident, you can apply for a Prodigy Finance loan through their website. If you are an international student, you will need a US citizen or permanent resident cosigner to apply for a loan.
Prodigy Finance loans have a fixed interest rate of 8.99% and a variable interest rate of 10.99%. The repayment term for Prodigy Finance loans is ten years.
If you decide to repay your loan early, you will not be charged any prepayment penalties.
To repay your Prodigy Finance loan, you must set up a US-based bank account and make automatic monthly payments from that account. If you are not able to make a payment, you can contact Prodigy Finance to arrange a deferment or forbearance.
Also, do visit our other articles:
Prodigy finance university list
Prodigy Finance is a cutting-edge financing option for international students. Unlike traditional student loans, Prodigy Finance is a crowdfunded platform that allows you to finance your studies with the help of a global community of investors.
Prodigy Finance is available to students at over 150 universities worldwide.
To see if your university is on the list, kindly refer to University List for Prodigy Finance.