Education Loan

Prodigy Finance Education Loans : All You Need To Know

Prodigy Finance Education Loans : All You Need To Know

On this Page:

Need funds for study abroad? Don't have collateral? Can't find a co-applicant? Apply for a Prodigy Finance education loan through GyanDhan!

Madhuwrita Nandi
Updated on:  21 Mar 2024  | Reviewed By: 
| 10.9K | 8  min read

Prodigy Finance, a UK based financial institution, was founded in 2007. Since then, the fintech platform that offers education loans to international postgraduate students. 

What separates a Prodigy Finance education loan from traditional bank loans are the following two unique features:

  • list items You don’t need a co-applicant/guarantor to get a study loan.
  • list items You don’t need collateral to fund your studies abroad.

Because Prodigy Finance offers an obligation-free loan, GyanDhan has partnered with them to help Indian students fulfill their vision of studying overseas.

Check Your Education Loan Eligibility


What are the Prodigy Finance Loan Features?

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!

Prodigy Loan Details

Features Details


Not Required

Loan Amount in


  Annual Percentage Rate (APR)  

6.7% to 11% (Average is 8.4%)

Admin Fee

  ~2.5 % to 4% of the loan amount.  


6 months after course completion.

Repayment Tenure

7 to 20 years


What is the Maximum Prodigy Student Loan Amount?

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:

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


Does Prodigy Finance Cover Living Expenses?

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.


Can a Prodigy Loan Amount Be Changed After Accepting the Offer?

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?

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:

  • list items 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.
  • list items 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. 


What Does APR Mean in Prodigy Education Loan?

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:

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

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

Need Help in Study Abroad Admission Counselling


How Does APR Help You?

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. 


How Does Prodigy Finance Disburse Education Loans?

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.


When are the Funds Disbursed?

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.


What are the Benefits of an Education Loan From Prodigy Finance?

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

  • list items 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.
  • list items The Prodigy Finance credit check doesn’t impact your score.
  • list items They extend you a commitment-free provisional quote so you can look at other student loan options too and then make the right choice!
  • list items 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.
  • list items 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.
  • list items The term for the repayment of the Prodigy student loan is as high as 20 years.

How Do I Get a Loan From Prodigy Finance?

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

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

Calculate Your Education Loan EMI


What Documents Do You Need to Provide For a Prodigy loan?

The following documents are necessary for a Prodigy Finance loan:

  • list items Proof of Identity - Copy of driver's license, government-issued identification document or your passport.
  • list items Proof of Address - Any utility bill like water or electricity, bank document, rent agreement, etc.
  • list items Proof of Admission - A letter from the university with your full name and course indicating your acceptance.
  • list items 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. 
  • list items Proof of Income - If applicable, then three months’ salary slips (dated within the last six months) and one corresponding bank statement.
  • list items 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.
  • list items Proof of Scholarships or Sponsorship - If applicable, then a letter on official letterhead from the source of the scholarship or sponsorship.



What are the Advantages of Taking a Prodigy Finance Education Loan via GyanDhan?

Prodigy Finance offers education loans without collateral or co-signer. The approval is utterly contingent on the university and your academic profile. 
While these benefits are noteworthy, the ultimate advantage of taking a Prodigy Finance loan through GyanDhan is the fully online process – you don’t have to haul hard copies or deal with lengthy savings account paperwork. 
You not only get a student loan sanctioned without a visit but also in the shortest time. With GyanDhan, a conditional offer is possible in 5 days. A speedier loan process is a bonus for any student working on a college or visa deadline. 
A dedicated loan counselor of GyanDhan will be there to help you understand the terms and conditions of Prodigy Finance Education Loan, and will also help in every step. In case of any delay in the process, the counselor will escalate it to the concerned person in the Prodigy team. Also, if you can get a better deal on an education loan from any other bank or NBFC, the counselor will provide you with the best options.
All these merits come unconditionally free for you. GyanDhan doesn’t charge a penny for Prodigy Finance loan assistance. 
Education loans impact your finances for a long, long time. Before you make a decision, be confident of the choice. It doesn’t hurt to check with our education loan counselor who can explain the entire process in detail and point you in the right direction. It only increases your chances of getting a loan!

Check Your Education Loan Eligibility


Have More Questions on This Topic?

Ask from a community of 10K+ peers, alumni and experts