Prodigy Finance Education Loan: Interest Rates, Eligibility

Prodigy Finance Education Loan
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In today’s globalised world, pursuing higher education often requires looking at financial challenges. However, amidst all the difficulties, companies like Prodigy Finance offer easy education loans. It is a UK-based leading financial institution committed to empowering aspiring students to fulfil their global dreams. They have been helping students for the past 16 years offering them education loans with and without collateral. 

Let’s dive into the details of this education loan for students willing to study abroad. With Prodigy Finance, you can turn your study abroad dreams into reality. 

Overview of Prodigy Finance Education Loan

Prodigy Finance is a leading Non-Banking Financial Company (NBFC) that provides education loans to students seeking academic excellence in foreign lands. It was launched in 2007 to break the financial barriers between education and dreams. 

It offers education loans for the following courses- Business, Law, Economics, Health Sciences, Public Policy, and STEM (Science, Technology, Engineering, and Mathematics). It was founded on the philosophy that funding shouldn’t be a barrier to pursuing higher education. 

Their credit assessment is dynamic and progressive, which includes elements such as pre-study salary, university acceptance, and future income.

Quantum of Finance (Maximum Loan Amount)Need-based, with up to 100% financing
Interest RateStarts from 10.50% 
Eligible CoursesFor Master’s degree- STEM (Science, Technology, Engineering, Mathematics), Business, Public Policy, Law, Health Sciences, Economics
Repayment Period7-20 years
Collateral Requirement Provides secured as well as unsecured loans

Also Read: If you are planning to take education loans from the top Indian Banks to study abroad, check out our blog on Top Indian Banks providing education loans to study in the USA.

Eligibility Criteria 

To be eligible for a Prodigy Finance Education Loan, you must fulfil the following requirements as stated by them. The eligibility criteria are simple- the applicant must secure admission to the university through fair means, i.e. through an entrance examination or merit-based. Check out the more details below-

  • Firstly, you must be planning to study for a master’s degree abroad. They don’t offer loans for undergraduate (Bachelor’s) programs.
  • Secondly, there is a list of schools that they support on their website. You must be admitted to one of the schools/ universities listed. 
  • Thirdly, you must study in one of the countries on their approved list that they support.  

So checking the list on their website is important. If you meet all three criteria, you can fill out the online application and get a quote from them. It will help you learn about the amount you qualify for, the interest rate, and the loan term that will be applied. 

Prodigy Finance Education Loans Interest Rate

The interest rate on education loans provided by Prodigy Finance ranges from 10.50% to 16%. The method of calculating interest rates differs from the interest rates provided by traditional banks. Their Future Earnings Potential model considers the potential future earnings of the applicant. 

Unlike other banks, Prodigy Finance uses a variable interest rate model. The interest is calculated on two different parts- 

  • Base rate- Base rates have different methods of calculation, but all take into account broad market factors in the country or countries where they’re used.
  • Fixed margin- The fixed margin is calculated using your past financial data (and, in the case of Prodigy Finance rates, Future Earnings Potential).

So, Prodigy Finance will always provide your fixed margin rate as well as the base rate used to calculate your interest rate. Applicants can also avail of Income Tax Rebate on education loans Under Section 80E.

Note: A processing fee of up to 5% is added to the loan amount.

Also Read: Do you intend to study for a Postgraduate Diploma in Canada? Check out our blog on Education Loan for PG Diploma in Canada: Eligibility, Process, Types of Loan Available. 

How to Apply?

To apply for an education loan with Prodigy Finance, the application process is entirely online and takes 30 minutes.

  • Create an account and confirm your email address. 
  • Apply for funding and get a customised quote. 
  • Accept the quote that is right for you and upload the required documents. 
  • It will match your application. If matched, you will receive a loan sanction letter to use for your visa appointment. 
  • Sign your loan application digitally. They will send the funds directly to the university. 

Your loan agreement will include the date that your first repayment is due. They also send you the occasional email during your studies to help you prepare to start repaying your loan. 

Prodigy Finance Education Loan without Collateral

Prodigy Finance provides you with education loans without collateral. You won’t need a guarantor or security. In simple and easy steps, the applicant just needs to apply for an international student loan with Prodigy Finance. After completing the application, you will have your collateral-free loan offer from them. 

  • Interest rates are comparatively higher for unsecured loans as it is more risky for the financial institution. 
  • The maximum loan amount given in unsecured loans depends upon the applicant’s/ co-applicant’s income. 

Prodigy Finance Fall Campaign 2024

Prodigy Finance believes everyone deserves a shot at a world-class education, not just those with deep pockets. That’s why they came up with their “No Collateral, No Cosigner” solution under the Prodigy Finance Fall Campaign. This means students from all backgrounds can focus on their studies, not financial hurdles.

Here’s what makes the Fall 2024 Campaign special:

  • Reduced interest rates: Starting at 12% IRR, Prodigy is offering competitive rates to select applicants.
  • First come, first served: Apply early to secure the best rates and make your dream education a reality.
  • Open to all fields: Whether you’re a future doctor, engineer, or artist, Prodigy Finance can help finance your Master’s degree abroad.


Is Prodigy Finance RBI approved?

Yes, prodigy finance is trustworthy. It has helped many Indian students who are looking to study abroad.

What is the interest rate for education loans in Prodigy Finance?

There is no fixed interest rate when you take education loans from Prodigy Finance. They have a Future Earnings Potential model that considers the potential future earnings of the applicant, based on which they calculate the interest rates. 

What are the requirements of Prodigy Finance?

You must be planning to study for a master’s degree abroad, be admitted to one of the schools they support, and must reside in a country they support. 

Does Prodigy Finance require CIBIL score?

CIBIL score isn’t a requirement for taking education loans with Prodigy Finance. 

Can I pay my Prodigy loan early?

Yes, you can Prodigy Finance education loan early, and there is no penalty for making early payments toward your loan. 

This was all about Prodigy Finance Education Loans that help you fulfil your global dreams. Understanding its eligibility criteria is important to applying for an education loan with Prodigy Finance. 

To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. 

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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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