Key takeaways
- Prodigy Finance offers international student loans, personalised to your application, and you can complete your entire loan journey online from application to approval, through Edvoy’s app.
- Prodigy Finance provides loans for college students from 120+ countries, covering 1,000+ top universities worldwide across STEM, Business, and Management programmes.
- You can borrow up to USD 220,000 with loan tenures of up to 20 years (mostly 10–15 years, depending on profile).
- Loan applications are typically processed within 10–15 working days.
If you're looking for education loans, check out Funds to get pre-approved loans in just 3 days!
Pursuing higher education abroad is an exciting step. But let’s be honest, the journey isn’t always easy. For many students, finding the right financial support can be one of the biggest hurdles. That’s where Edvoy and Prodigy Finance come together to make things simpler.
Prodigy Finance specialises in providing international student loans without a cosigner or collateral. With that, you can start your study-abroad journey without worrying about your finances. Prodigy Finance offers loans for college students from 120+ countries, covering top universities worldwide.
Meanwhile, at Edvoy, we help you study abroad by providing end-to-end assistance, from university application support to visa application assistance, funding advice, and more. Together with Prodigy Finance, we offer a complete solution, making it easy for you to choose a university and get the necessary financial aid. Keep reading for more insights.
Table of Contents
- How Edvoy and Prodigy help you with education loans
- Features of the Prodigy education loan
- How to apply for the Prodigy education loan through Edvoy
- Prodigy loan eligibility criteria
- Documents required for the loan application
- Frequently asked questions
How Edvoy and Prodigy help you with education loans
Fully digital process
We initiate your loan process by connecting you with Prodigy’s education loan services. Our fully digital process for international student loans streamlines applications, documentation, and loan approvals. This means you don’t need any physical visits to the bank or paperwork, helping you have a faster and hassle-free loan process.
No cosigner or collateral required
Unlike many loan providers, Prodigy Finance provides student loans without a cosigner or collateral, making it a great option for your financial support.
Note: A co-applicant/co-signer is typically a parent or guardian who supports the student’s education loan application. Co-signer loan options are available for Indian resident students & co-signers only.
Flexible interest rates and discounts
Prodigy Finance offers student loans up to USD 220,000, covering STEM, Non-STEM & Management courses, with interest rates ranging from 11% to 13%. Depending on your choice of study, we help you evaluate these rates and repayment terms.
Note: Only interest accrues during the study; repayment begins after the grace period.
Source: Prodigy
Quick processing
Prodigy Finance typically processes loans within 10 working days. Once approved, you’ll have access to flexible repayment terms, making it easier to manage your finances after your studies are complete. The process typically takes about 10-15 working days from application to disbursement. Prodigy also offers repayment plans, allowing you to pay at your own pace.
Repayment flexibility
Prodigy Finance offers a loan tenure of 15 years, with repayment terms of up to 20 years. You’ll start making your payments 6 months after your course completion (3 months after the final disbursement date). However, the interest may accrue, depending on the loan terms.
Features of the Prodigy education loan
| Feature | Description |
|---|---|
| Loan amount (subject to course and university eligibility for the student) | Up to USD 220,000 |
| Rate of interest | 11% - 13% |
| Co-applicant’s minimum income | Nil |
| Processing fees | Up to 5% of the loan amount (deducted at disbursement). |
| Processing time | 5-7 days |
| Moratorium period* | Course duration + 6 months |
| Repayment tenure* | 20 years |
| Monthly instalments during the course | Simple interest |
*Moratorium period is the time duration during which you’re not required to make payments toward your education loan.
How to apply for the Prodigy education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button and fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your details.
- Once you submit your details, they’ll be shared instantly with Prodigy Finance. You can expect a callback within 24 hours regarding further steps and document submission.
- You can check your application status in the Status tab.
- The loan processing time is typically within 5-7 working days.
Also read: What is Edvoy Funds? What are the types of funds provided?
Prodigy loan eligibility criteria
- The loan borrower must be aged 18+
- The borrower must have a strong academic background and confirmed admission to the university before the loan disbursement
- You should be a graduate student within 2 years of graduating or about to begin a 1-year or 2-year programme
- The borrower must meet Prodigy Finance’s credit and underwriting norms as applicable from time to time
- The eligible courses for the loan include postgraduate programmes, including STEM, Non-STEM & Management courses, offered by foreign institutes and universities
Note: Conditions apply. All education loans from Prodigy Finance are credited at the sole discretion of Prodigy Finance.
Check out 'Funds' on our app for a pre-approved student loan!
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Documents required for the loan application
1. Proof of admission
Acceptance letter from the university
2. Proof of identity
- Current passport
- Front page of the passport showing photo and barcode
3. Proof of current address
- Utility or service bill showing current residence (or) Bank, card statement (dated within the past three months) (or) Rental agreement
4. Proof of salary (if applicable)
- Last three salary slips
- Most recent bank statement showing salary credit
5. Proof of savings (if applicable)
- Bank statements (or) Fixed deposits (or) Equity/Mutual funds (or) Provident fund
6. Credit report
7. Proof of family support (if applicable)
- Completed financial contribution form
- Bank statement of the family member showing available funds
8. Proof of scholarship (if applicable)
- Offer letter from the institution
9. Proof of company sponsorship (if applicable)
- Sponsorship letter from employer stating the amount and purpose (tuition/living expenses)
Want to study abroad with financial support? Connect with us and begin your journey. Right from your loan application to disbursement, Edvoy helps you achieve your study-abroad dreams.
Additionally, we also offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, visa application support, and more. Discover the perfect course and university to boost your education.
Get started with your journey and talk to one of our counsellors today!
Frequently asked questions
Do I need a co-signer to apply for a Prodigy education loan if I’m an international student?
No, Prodigy Finance student loans don’t need a co-signer or collateral, making it easier for international students to secure funding for their studies.
Which universities and courses are eligible for a Prodigy Finance loan?
Prodigy Finance partners with over 1,000 top universities across 120+ countries, including institutions in the UK, USA, Canada, and Europe. Eligible courses generally include STEM, Business, Finance, Law, and Management programmes at the postgraduate level.
What happens if I decide to repay my loan early?
Prodigy Finance does not charge any prepayment or early repayment penalties. This means you can pay off your loan faster without incurring extra fees.
