Prodigy Education Loan for Abroad Studies Through GoStudy

One of the most trusted education loan partners in India, Prodigy through GoStudy provides collateral-free loans that can help you fulfill your dreams of studying abroad!

Prodigy Education Loan For Abroad Studies through GoStudy offers education loans with preferential interest rates for reputed universities. The processing time of the Prodigy Education Loan through GoStudy is swift in comparison to other financial institutions. Students could receive approval for a loan within 7 days after the submission of important documents for Prodigy Education Loan For Foreign Studies through GoStudy. It is granted solely in light of the student's academic background.


9

Reasons To Opt for a Prodigy Education Loan Through GoStudy

1

Loan Based On Your Potential In The Future!

GoStudy determines the level of affordability based on your earnings potential. This means that you don't require additional collateral to take out the loan plan!

2

Help students from more countries than any other lender

Over time, Prodigy powered by GoStudy has come up with its own credit model, which means we're able to lend to the students of 118 nations around the world!

3

There is no penalty for early repayment

To ease the journey back to employment after completing your studies, we provide the option of a grace period before the repayments begin.

4

Covers living expenses

Prodigy through GoStudy covers up to 100% cost of attendance depending on your course and institution, and the funds will be distributed directly to the institution!

5

Support best-ranked universities

Prodigy is a partner with many of the top-ranked universities offering Masters in business or engineering!

6

No margin money

Education loans through GoStudy can cover up to 100% of the cost. In the end, you won't have to pay for any of the total cost of your education abroad!

7

Comprehensive Education Loans for Students

With the assistance of GoStudy and its trusted financial partners like Prodigy, students can approach a host of Education loans for abroad studies.

8

Loan Processing in Minimal Time

Get the fastest loan processing with GoStudy’s personalized services just for you!

9

Cheapest Interest Rates In The Market

GoStudy offers interest rates which are 0.5%-1% lower than the usual market rates for all of their students. Apply now!


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Prodigy Overseas Education Loan For Abroad Studies Through GoStudy

Most aspirants are often unable to get loans to finance their education since they do not have a credit history. However, Collateral For An Education Loan In Prodigy through GoStudy examines the potential of applicants' earnings and ignores the lack of credit history, guarantor, or co-signer. The Prodigy has revolutionized the system of money lending aiding millions of students to achieve their dreams of going abroad to study at a higher level. Today, Prodigy Overseas Education Loan through GoStudy is among the most sought-after services from Prodigy.due to its faster online process, lower interest rates, and lucrative payback methods.

The cost of attending a university in foreign countries includes tuition fees, club and activity fees and health insurance, accommodation, meals, transport, books and equipment, personal and other costs, to mention just a few. The other expenses usually are additional costs which are close to the tuition fees that the university charges each year. Prodigy Education Loan With Collateral Security through GoStudy pays for the tuition fees as set by the institute. It also covers the complete costs of attending the institute and the cost of travel for students in the economic class to the country of the destination.

Getting an education loan for your MS at a university in the USA is a huge amount of paperwork. Be aware that certain universities in the US, like MIT, need loan to be confirmed with letters (which Indian banks call sanction letters) that state the amount of the loan is only USD. If you are looking to get a loan for your education abroad, you should confirm if this is required for the institution you attend and whether your institution can provide numbers in USD regardless of whether your loan is in the other currency.

Prodigy Education Loan With Collateral Security through GoStudy recognized the difficulties students have in paying for their education at international universities and set out to solve this issue. This is why Prodigy International Education Loan through GoStudy addresses the needs of students. This wasn't an easy issue to resolve. However, we managed to find a solution.

Prodigy Education Loan For Abroad Studies
Prodigy Education Loan For Abroad Studies

Prodigy Interest Rate For Abroad Education Through GoStudy

The prodigy determines the sort of interest rate for student loans. It provides loans with sets that are linked to the Lending Rate based on the one-year Marginal Cost of funds-based Lending Rate (MCLR). The rate of interest on the student loan might be changed at regular intervals. Interest Rates Of Education Loan At Prodigy For Abroad Studies through GoStudy start at 8.9%. Based on the credit score of the borrower and the college that the student intends to attend, the spread of interest rates changes. The calculations are based using basic interest methods. If the borrower has collateral, the interest rates could be less than the Interest Rate For Prodigy's Education Loan Without Collateral through GoStudy. However, the Interest Rate For Prodigy Foreign Education Loan through GoStudy is variable and can change frequently depending on your credit score and course profile. They employ a simple interest rate and a monthly rest to determine the interest rate of education loans.

Type of Education Loan

Prodigy Education Loan Rate of Interest As Per Market

Prodigy Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.54% 9.54%
Unsecured Education Loan (USA) 9.54% 9.54%
Secured Education Loan (Others) 9.54% 9.54%
Unsecured Education Loan (Others) 9.54% 9.54%

Furthermore, the following formula can be used to calculate the EMI based on the Prodigy Interest Rate Abroad Education through GoStudy:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.

What Are The Costs Covered by Prodigy Education Loan Through GoStudy?

Prodigy International Education Loan through GoStudy is used to cover 100 % of tuition costs as well as other costs. Students do not have to pay for additional costs when studying abroad. The loan will cover tuition costs as well as living expenses and building or caution deposits. The below list shows a few countries for which the entire expenses (Tuition Fee + Living Cost) are covered by Prodigy Education Loans: for overseas education

  • New York, USA
  • Washington DC
  • North Carolina
  • Arizona
  • Alabama
  • Massachusetts
  • Texas
  • Idaho
  • Utah
  • Pennsylvania
  • Ohio
  • California
  • South Carolina
  • Virginia
  • Colorado
  • New Hampshire
  • North Carolina
  • Georgia
  • Florida
  • Indiana

Following are the lists of the Costs Covered by Prodigy Education Loan through GoStudy:

Things covered under Prodigy Education Loan through GoStudy

Costs Covered by Prodigy Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Prodigy Education Loan Without Collateral Through GoStudy

There are two types of loans that are sanctioned. One is a Prodigy Education Loan With Collateral Security through GoStudy & the other one is without collateral.

In Prodigy Education Loan Without Collateral through GoStudy, you don't need any security or guarantor, and within a week, you'll have your obligation-free loan offer. It's the best way to obtain loans for international students studying for the Master's degree within the US without the burden of your parents.

Prodigy loan scheme through GoStudy is ideal for fetching loans of more than 20 lacs and abroad studies. However, that is a form of secured loan, and you need to pledge collateral. Prodigy unsecured education loans through GoStudy come under the student loan scheme and are ideal for students wanting to study in India. There are four different institution lists falling under the Prodigy education loan scheme, which are AA, A, B, and C lists for technical and non-technical courses. AA list represents the top tier universities in India, like IIM, where you can get loans up to 40 lacs, and the C list comprises 92 universities for which you can get funding from 7.5 lacs up to 30 lacs. Up to 4 lacs, you need not pay any loan margin, but there is a 5% loan margin on the amount from 4.5 lakhs to 7.5 lacs. There are no processing fees on the loan amount, however, which is a bright side to be considered.

Prodigy is known to offer secured education loans mainly; however, their new offering of Prodigy unsecured education loan through GoStudy is pretty unique to meet your educational expenses. Prodigy’s unsecured loans are offered without any form of collateral and are ideal for students who want to enroll in some of the best universities. Owing to the nature of unsecured loans, you may need to spend a bit more on interest rates compared to secured education loans, but the holistic structure, moratorium period, and easy repayment options make it a good choice. You can also opt for loans of higher amounts than 7.5 lacs, but a tangible form of collateral security will be needed in that case. Prodigy education loan without collateral through GoStudy will require a co-borrower to complete the application process, and several factors are taken into consideration. The co-borrowers income and the borrower’s projected income will be checked before sanctioning the loan. At the same time, the creditworthiness of both the borrower and co-borrower will be checked for deciding the loan approval.

Creditworthiness through a stringent credit score check is done prior to the loan approval, and it is relatively tough to qualify if you do not maintain a strong credit score of more than 750+.

Below listed are some documents you need to submit to the bank to apply for an Prodigy education loan for abroad without collateral through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s Income Proof
  • PAN Card
  • Academic Documents
  • Other Relevant Academic Scores - GRE/GMAT
  • IELTS/TOEFL/PTE/English Language Scorecard
  • Valid Passport

Prodigy’s unsecured educational loan falls under the unsecured loan scheme Emergency Credit Line Guarantee Scheme for up to 7.5 lakhs only, and that too for the best colleges and merits. The interest rate for unsecured education loans is floating and a bit on the upper side; however, it is dependent on your credit profile.

Collateral For Education Loan In Prodigy

A loan for education that includes collateral can be considered a loan for which the borrower is required to attach security in the loan request. The security may be moveable (FDs, LIC Insurance, etc.).) or intangible assets (non-agricultural property, house, and so on.). To secure an education loan for MS in the USA or other country, you can opt for Secured Education Loan In Prodigy through GoStudy.

The accepted types of Collateral For Education Loan In Prodigy through GoStudy are as follows:

  • House/Flat/Apartment - Any kind of residential property that is not on a standing loan.
  • Fixed Deposit by a registered NBFC or a nationalized bank, with a letter of affirmation from the end of the manager of the institution assigning it in favor of Prodigy.
  • Surrender Value of Life Insurance Policies which equates to the required security coverage.
  • Land which is non-agricultural in nature.

Collateral can help a lender collect its dues in the case the borrower does not pay the loan for education. Educational loans are now being considered an NPA (Non-Performing Asset) for banks as well as other lenders.

Prodigy Education Loan Abroad University List Through GoStudy

Prodigy is one of the biggest names in the education loan industry and provides extensive coverage of the biggest and the best universities globally. List Of Institutions Abroad Accepting Prodigy Education Loan through GoStudy is available to students in around 150 countries. You can check the List Of Top 50 Abroad Universities Accepted By Prodigy Education Loan through GoStudy as well.

There is no requirement to submit an acceptance document in order to apply for Prodigy Education Loan Without Collateral through GoStudy.

Below is the List Of Top 50 Abroad Universities Accepted By Prodigy Education Loan through GoStudy.

List of Universities accepted by Prodigy Education Loan through GoStudy

Pre Approved Education Loan amount by Prodigy through GoStudy

Syracuse University 75 Lakhs
George Washington University 75 Lakhs
New Jersey Institute of Technology 75 Lakhs
University of Florida 75 Lakhs

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Co-Applicant For Education Loan In Prodigy Through GoStudy

The co-applicant is the sole person that institutions of finance will go to if the borrower fails to repay the loan in the event of unforeseen circumstances. A co-applicant can be described as a co-borrower or a co-signer. Every applicant must have a Co-Applicant For Education Loan In Prodigy through GoStudy. The USA Embassy has not set any particular criteria for the co-applicant. The co-applicant could be anyone from blood relatives to cousins to family members. The only requirement for co-applicants is that the applicant must meet the financial requirements for the co-applicant.

Below is the list of Co-Applicant For Education Loan In Prodigy through GoStudy that can be considered:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Prodigy Education Loan Through GoStudy

Prodigy Education Loan Requirements through GoStudy are easy and very simple to understand for even people with not much awareness about the education loan sector. The Eligibility Criteria For Prodigy Education Loan through GoStudy is that it can be applied to students from more than 50 countries. The requirements for eligibility to be eligible for Prodigy Education Loans are as follows:

  • The student should plan to study abroad and then attend an institution that is in a different nation that is different from the country they are from.
  • Although Prodigy Education Loan For Foreign Studies through GoStudy supports more than 50 international institutions, it is restricted to business programs in Engineering, Public Policy, Law, and Health sciences. The technology and STEM-related profession.
  • Students must be members of one of the nations which Prodigy Education Loan For Study Abroad through GoStudy covers since there are a few US or Canadian states that the firm does not provide support for.
  • Co-Applicants must have met requirements for the Minimum CIBIL Score For Education Loan In Prodigy through GoStudy that can typically exceed 713. But, this is up to the lender.

Documents Required For Education Loan in Prodigy Through GoStudy

The Documents Required For Education Loan in Prodigy when applying for the Prodigy Education Loan through GoStudy are as follows:

  • Identity proofs like passports or driver's licenses, or any government-issued ID document.
  • Address proofs like electricity bill, water bill, bank document, rent agreement, etc.
  • Admissions proof, including an official note from your university to confirm the student's acceptance into their university.
  • Credit Report.
  • Evidence of Income (if required).
  • Documentation of Savings (if required).
  • Evidence of Scholarships or Corporate Sponsorship (if appropriate).

There could be additional documentation required in addition to the above-mentioned ones, which will vary based on the particular situation of every student.


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Process & Procedures For Prodigy Education Loan Through GoStudy

The Application Process For Education Loan In Prodigy through GoStudy is as follows:

  • The student can apply online for the Prodigy Education Loan For Abroad Studies through GoStudy.
  • Once they have created the Prodigy Account, After registering, students can log in and begin making their application. The student will have to provide important details, including academic and personal information, as well as upload any additional documents.
  • Processors work alongside the students to determine any issues with the documentation when filling out the application online.
  • After verification of the supporting documents, The student will then receive a conditional or preliminary loan offer displayed on the dashboard. Students may also receive an email with the loan's approval, which can be used to obtain a student VISA.
  • Following the fulfillment of all the requirements above, after which the loan is approved and an online contract is executed by the borrower. The money is then transferred to the institution whenever they are required.

The Processing Fee For Prodigy Education Loan through GoStudy is 2.5% to 4% of the sanctioned amount. This is the total amount of the loan as their processing fee. There is, however, an individual case-by-case evaluation based on a variety of factors, and the final fee for processing is decided at the sole discretion of Prodigy.

Prodigy Education Loan Processing Time through GoStudy is 5-7 days from the date of submission of all the requisite documents. The loan amount will be disbursed at the earliest through a DD, Cheque, or an Electronic Transfer.

Prodigy Education Loan Sanction & Disbursement Through GoStudy

A Sanction Letter For Prodigy Education Loan through GoStudy is a confirmation that we have accepted your loan applications. A sanction letter includes all the required details like the name of the course, the university details, the total amount of loan that is sanctioned for education, the name of the applicant, the name of the co-applicant, name of the guarantor (if applicable), interest rate, repayment tenure, moratorium period and other details.

Prodigy issues the student with a loan sanction letter. This document is required in American Universities for seeking the I-20 form, which has to be obtained prior to submitting an application for VISA. It could also be requested by other universities because it is essential for obtaining an international student's VISA.

A loan confirmation letter is conditional when an i20 application is required by your university. A loan confirmation letter is required for the application for a student visa.

In some universities, we're also in a position to pay for a portion of the cost of living. If this is the case for the university you attend and plan to utilize a portion of the loan to help with living expenses, it is not necessary to provide us with bank account details as the Prodigy education loan disburses all funds directly to the university.

You will also be provided with a Disbursement Letter For Prodigy Education Loan through GoStudy. The university will refund your tuition fees the amount you pay. Any funds that are not repaid of the loan amount you have disbursed will be transferred to the account of your own personal by the university. We'll collaborate in conjunction with the institution to ensure that the deadlines for tuition fees are met and that you don't pay extra fees for late fees of interest.

Moratorium Period For Prodigy Education Loan Through GoStudy

Prodigy does not require any repayments that are made within the study period + grace period. However, the borrowers are able to pay their advance payments at any time and without penalty. The interest only accrues on the balance of loans that are outstanding.

Prodigy Education Loan Repayment through GoStudy

As per Prodigy Education Loan Repayment Terms through GoStudy, For full-time students, the repayment period begins months after the completion of their courses. For part-time students, the repayment period commences three months after the date of payment from their loans. There are no school-based options to complete the payment on this Prodigy Education Loan. They may pay the loan even while they're still in university. There aren't any charges for applying or paying off the loan.

Furthermore, students can choose to make bulk payments, which are made more than three times the contractual amount, until the grace period expires. This means that Prodigy Education Loan will automatically re-amortize the loan by decreasing the monthly installment at the end of the grace period.

The different types of repayment options for the Prodigy Education Loan

  • Partial Simple Interest
  • Simple Interest
  • EMI

Prodigy Education Loan EMI Exemption under Section 80E of the IT Act Through GoStudy

If you've taken the loan for education and are currently repaying the loan, the interest on the education loan is deducted from your income total under Section 80E.

However, this deduction is only available for the interest portion of EMI. There is no tax benefit for the principal part of the EMI. The deduction allowed is the total interest part of the EMI paid during the financial year. There is no limit on the maximum amount that is allowed as a deduction. However, you must obtain the certificate from the Bank. The certificate must separate the principal as well as the interest portion of the loan you pay for in the course of the fiscal year.

The interest amount that is paid can be used as a tax deduction. No tax benefits are allowed for principal repayments.


DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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