Prodigy Finance Education Loans : All You Need To Know

A Prodigy Education Loan is designed specifically for postgraduate degrees and for studies abroad. The international lender has no strict credit requirements and evaluates your loan application on future earning potential. Also, Prodigy offers a higher loan amount than banks can usually provide. 
Prodigy uses a variable interest model, i.e. the interest rate alters from time to time. The loan is offered in USD or EUR, depending upon the country you decide to study. Additionally, they don’t penalize you for early repayment or full loan settlement!

How much you can borrow from Prodigy Finance depends upon your school and program. In some cases, they offer 80% of the cost of attendance (CoA), which includes things like textbooks, housing, and transportation. And in some instances, they offer 100% of CoA.
They determine the maximum loan amount, based on:

• Your future earning potential.
• The policies of your school.
• Tuition or cost of attendance.

Like everything else with Prodigy Finance, the answer depends, in part, upon your chosen university and course. In a few cases, they cover 100% of the total expense, including living costs. 
Then there are few colleges like Stanford’s GSB and University of Pennsylvania’s Wharton School of Business for which Prodigy extends loans up to 90% of the expense.

Absolutely yes. You can reduce your loan amount after you’ve accepted Prodigy’s conditional offer. It has to be before you sign the final loan agreement, which you do upon arrival on campus at the start of classes. However, do note that there is a minimum loan threshold for each school and you can’t go below it. 
You can also request for a loan increase as long as you haven’t been offered the maximum loan amount. But it cannot be said for sure if your loan amount will be increased or not. It is Prodigy’s credit committee that will have to approve the new loan amount.

There is an administration fee attached to the modification. 

Do variable Prodigy Finance interest rates affect my education loan globally?
Yes. 

Prodigy finance uses a variable interest rate that shifts in reaction to market factors across the world. This happens because variable interest rates have two different parts:

• Fixed Margin - This is calculated based on your future earning potential by Prodigy. It is determined during loan assessment and remains constant throughout the tenure. It floats on top of the base rate.
• Base Rate - This rate fluctuates. Different countries have different base rates like the Marginal Cost of Funds based Lending Rate (MCLR) in India and the Prime rate in the US, Canada, and Japan. The base rate can change daily, monthly, or periodically because of market factors.

Prodigy makes use either of the 3-month London Interbank Offered Rate (LIBOR) or Euribor as the base rate. Therefore, your loan’s interest rate can change every three months. 

There are various costs connected to an education loan. The Prodigy Finance interest rate is the most prominent one. APR or Annual Percentage Rate helps you understand all the expenses related to the loan as it factors in:

• The interest rate (both fixed margin and the base rate).
• Any miscellaneous costs associated with a loan.
• How interest is charged (simple or compound).
• Loan schedule and tenure.

It is why APR is always higher than the monthly interest rate. 

It is a better method to compare all loan options than monthly payments. With it, you make a more informed decision and pick a loan that fits you best. Every lender calculates the APR in the same way, making it the standard method of judging a loan. 

Prodigy removes all hassle on your part by disbursing the entire student loan directly to the university. The school processes it without you needing to lift a finger. After deducting the tuition, if there is any excess amount, it is transferred to your account.
If the college allows for the loan to be used for tuition fees as well as living expenses, they only take the tuition and hand over the living expense money to you.

Prodigy releases funds after you have e-signed the loan agreement. The precise disbursement dates differ from school to school with Prodigy Finance for two reasons. 
One, deadlines for each university vary. So, Prodigy aligns the disbursal as close to the expected date as possible. Two, to ensure that you don’t incur additional interest on each payment by disbursing them at any random time.

Because Prodigy Finance for abroad study loans are tailored to overcome challenges, they have a lot of advantages:

• You can apply for a loan before college acceptance. It gives you a fair idea of how much loan you qualify for and, therefore, plan accordingly.
• The Prodigy Finance credit check doesn’t impact your score.
• They extend you a commitment-free provisional quote so you can look at other student loan options too and then make the right choice!
• They provide loan sanction letters swiftly. With GyanDhan, the turnaround time is as brief as 5 days. This is beneficial because the letter is a critical proof of funds for both college and visa applications.
• Disbursal of funds is wholly managed by Prodigy. They communicate directly with the school’s financial aid office and take care of all the expenses incurred such as refundable deposit, besides tuition and living costs.
• The term for the repayment of the Prodigy student loan is as high as 20 years.

Prodigy’s education loan application process is quick and simple:

1. Check Loan Eligibility from GyanDhan to start the loan process.
2. We initiate your application and send you the login details of your Prodigy account within 6 business hours.
3. Log in to your account and fill the application which has 8 stages:
   • School and class
   • Personal info
   • Residential info
   • Budget
   • Income
   • Liabilities
   • Assets
   • Additional info
4. After your details are verified, which takes all of 5 minutes, you get a provisional or conditional loan offer with 2 working days. 
5. If you accept the offer, which you can do up till 2 weeks, you upload scans of supporting documents.
6. After document verification, you get an approval letter and you sign the loan agreement.
7. Prodigy disburses the fund directly to your university.

Apply For a Prodigy Education Loan  With Gyandhan And  Get Complete Help In Application 

The following documents are necessary for a Prodigy Finance loan:

• Proof of Identity - Copy of driver's license, government-issued identification document or your passport.
• Proof of Address - Any utility bill like water or electricity, bank document, rent agreement, etc.
• Proof of Admission - A letter from the university with your full name and course indicating your acceptance.
• Credit Report - A credit report is a summary of your financial wellness and past. If you don’t have a credit history, take a screenshot and share the message saying, ‘No Hit’ when you pull the report. It’ll prove you don't have any information on your credit history. 
• Proof of Income - If applicable, then three months’ salary slips (dated within the last six months) and one corresponding bank statement.
• Proof of Savings - If applicable, then personal savings or investment account statements, contributions from friends or family, and payments or deposits made to your school.
• Proof of Scholarships or Sponsorship - If applicable, then a letter on official letterhead from the source of the scholarship or sponsorship.