All About Prodigy Finance Education Loan Disbursement Process

Updated on: 22 Aug 2023

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. 

Overview of Prodigy Finance abroad education loan

Latest Update - Prodigy Finance will charge a prepaid fee of 50 USD once the loan has been approved. Only after the student pays this fee, the sanction letter will be issued.

Prodigy Finance abroad education loan disbursement process

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. 

Steps for Prodigy Finance abroad education loan disbursement process

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 -

1. You have to submit all the documents that have been asked for by Prodigy Finance. You do not need to submit the documents in physical form, but they can be submitted via the online process.
2. Once you have submitted all the documents then a verification will take place which can take upto 7 days. Once the verification has been done then a loan agreement will be mailed to you. 
3. You have to e-sign the loan agreement after reading the same very carefully as it will have all the terms and conditions that you would have to abide by during the loan tenure. This step is included as it is compulsory to e-sign the loan agreement, without it your loan will not be disbursed. 
4. Once you have signed the loan agreement and submitted the same you can expect that your loan amount will be disbursed directly to the university. Prodigy Finance tends to align the disbursement date with the university’s tuition fee submission date in order to make effective payments. 
5. In case you want an early disbursement then you would have to contact Prodigy Finance so that the same can be arranged. It usually takes 3 - 5 days for the disbursed amount to get reflected in the university’s account. 
6. In some cases, the loan amount will also consist of living expenses, in this case as well the whole amount will be transferred to the university and then you would have to contact university finance services to get the living expenses transferred to your personal account.

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.

Documents required for Prodigy Finance loan disbursement process

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 - 

• KYC document
• I-20 from university
• Credit Report
• Admission Proof
• Scholarship Proof (if any)

• Education loan 
• Prodigy Finance 
• Loan Disbursement 

First published date: 11 Jul 2020