At the same time, Alex might have to pay nothing or at max INR 10K if he would take the same education loan from a government/ public bank in India. If Alex goes with Prodigy Finance, he has to pay a processing fee of 2.5%, which is INR 1.25 lakhs. Now he requires INR 50 lakhs as an education loan.
For example, let's assume Alex is a student from India who got an admit into one of those top universities which Prodigy Finance supports. This is a very high figure when compared to state-run/ government banks. Prodigy Finance charges a whooping processing fee of 2.5% of the loan amount. As there are 2 parts to the episode, you can watch it on YouTube to have a detailed understanding of these International student loan lenders like Prodigy Finance. You can also go through the 10th episode of the web-series called "Loanflix- Abroad education loan simplified". Prodigy Finance directly sends the funds to the university after you have uploaded the documents and have signed the agreement. Prodigy Finance loan credit assessment includes elements such as pre-study salary, university acceptance and future income for individual loan affordability.įor verification, you will need to upload your passport and admission letter. You need to submit KYC documents, Anti Money Laundering (AML) and Politically Exposed Persons (PEP) criteria for a background check. You will receive a provisional approval if your loan is approved. They will reply to you within five working days.
The committee will review your application and perform a cross-border credit analysis to make sure there is no history of credit default. Prodigy Finance education loan procedureĪfter getting your admission letter from the university, you can apply online. Students from 150 nationalities can apply for Prodigy Finance education loan. Most of the participating institutes are located in the US, the UK and Singapore. Prodigy Finance education loan is provided by a circle of investors. Prodigy Finance education loan is a platform that provides financing for foreign postgraduate students who get admitted to a participating educational institution or a business school.
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