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Read about Prodigy Finance Education Loan Disbursement Process. Know how the education loan from Prodigy Finance gets disbursed after the loan is sanctioned.
Rohit GidwaniUpdated on: 01 Feb 2024
If you are looking for an education loan to study abroad and pursue your master’s degree but not having a collateral and co-signer is leading to problems in finding the perfect lender, then Prodigy Finance is your answer. Prodigy Finance, a financial institution based in the UK, was founded in 2007 with the aim of making education loans more accessible to students. They believe that funding should not hinder one's access to education and have been assisting students for 16 years by providing study-abroad loans without requiring collateral or co-applicants, based on the students' academic profiles. They have revolutionized the education loan process while maintaining excellent customer service standards.
There are more than 1,100+ institutes spread over 19 countries for which Prodigy is able to provide loans to international students from India. Prior to delving into the disbursement process of Prodigy Finance, it would be prudent to first examine some of the notable attributes of taking a Prodigy Loan.
Latest Update - Prodigy Finance will charge a prepaid fee of 100 USD , which earlier was 50 USD once the loan has been approved. Only after the student pays this fee, the sanction letter will be issued.
It is necessary to understand that loan sanction and loan disbursement are two different processes. Loan sanction signifies the lender's agreement to grant the requested loan amount to the borrower, indicating loan approval. On the other hand loan disbursement can be defined as the process when either the whole amount or partial amount of the sanctioned loan is delivered to the source account of borrower or university depending on the case.
In this case, the loan sanction letter is given to you in 2 types i.e. one is the provisional loan offer that you can get immediately by completing some initial formalities. Once you have done this Prodigy Finance will ask you to submit some documents after which you will be getting a loan agreement letter.
The loan disbursement process for Prodigy Finance is also very simple. It does not involve many additional steps and the process is online. The steps that you would have to follow are -
Note: A student attending a University in the USA can request to reschedule the date of disbursement. but if the student is attending a university outside of the USA, the date of disbursement cannot be changed.
Just like the list of documents during the application process for an education loan, there are some documents that you may need to submit in order to get the disbursement process initiated. The document list is shown below -
There are some benefits that you will be getting during the disbursement process if you have your Prodigy Finance loan application through GyanDhan. These benefits are -
Now that you have understood the disbursement process, you can proceed with confidence to apply for an education loan to study abroad. You can check your eligibility for a loan and expect a call back from GyanDhan to begin the application process. Don't hesitate to take this step towards financing your abroad education.
Read more about:
- Prodigy Finance Abroad Education Loan
- Scholarship for Indian Students to Study Abroad
- Abroad Education Loan without Parental Income
- Abroad Education Loan for NRI Applicants in India
- How To Plan Your Education Loan Repayment?
- How to Change University After Scheduling a US Visa Appointment?
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Yes, it is good that your amount is being disbursed in USD as this will help you to save forex charges, insurance costs, and some more additional costs that you would have incurred from your own pocket.
Prodigy Finance will disburse all your funds directly to your school. We’ll coordinate with your school to make sure tuition fee deadlines are met and that you don’t incur any additional interest or late fees.
Depending on your home and host countries, you may only be able to complete this step after arriving on campus.
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