Prodigy Unsecured Education Loan Through GoStudy

GoStudy partnered Prodigy unsecured education loan allows students to study across borders with peace of mind.

In an ever-growing competition across the globe, a good education has the greatest value. While there are several sources to gain excellent learning and training, many students cannot leverage this opportunity due to a shortage of funds. To help solve this, anyone can take a Prodigy education loan without collateral through GoStudy. GoStudy provides education loans for studying in 150 countries, and has a list of 850 schools or institutions on the roster.


9

Reasons to Opt for Prodigy Education Loan Through GoStudy

1

No Co-Signer? No Issues

With Prodigy loan through GoStudy, the student applicant does not have to bring a co-applicant on board.

2

No-Security Loans

University choice can determine how much education loan for Masters in Australia without collateral through GoStudy you can procure.

3

Zero Surprise Loans

Students can rest assured that there won't be an unnecessary charge added to their account. with Prodigy unsecured education loan through GoStudy.

4

Flexible Loans for Students

Prodigy Finance through GoStudy customizes the loan offer based on the student's potential with better flexibility.

5

Simple Interest Calculation

The Prodigy education loan without collateral through GoStudy is calculated with simple interest which is a great money saver.

6

Unparalleled Education Loans

GoStudy offers unparalleled and lucratively curated schemes for Prodigy education loans without collateral to help you save substantial amounts of money.

7

Lightning fast processing time!

GoStudy’s industry expertise of so many years puts you way ahead of the others & secure fastest education loan processing

8

Highly Knowledgeable Team

With a personalized touch to every application, our experts at GoStudy will ensure all your needs are met.

9

Interests Rates At The Lowest!

A 0.5 - 1% lower interest rate at the offering thorough GoStudy curated education loan product of Prodigy!


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Prodigy Overseas Education Loan Without Collateral for Abroad Studies Through GoStudy

As a student, you must know that education is no longer confined to your city, state, or country. Today, students go where there is the best education, and to help the students reach that place, and Prodigy is here. The right education will expand a student's circle of opportunities. Getting the right education is crucial to building a promising career. Reaching the top requires access to a great education, and to get the right education, students need to study without worrying about finances. When it comes to living the dream, money becomes the biggest bottleneck. For students wanting to make it big and dream big, Prodigy Finance provides education loans without collateral.

The Prodigy education loan for abroad without collateral through GoStudy means no student has to put down any sort of asset to get the loan. This also means that the students need not burden their parents with anything except wishing the best for them always. To get the Prodigy education loan without collateral, the students need to get an admission letter from their target university or school. At present, Prodigy Finance provides education loans only for pursuing a Master's degree in eligible schools and countries. These Prodigy unsecured education loan through GoStudy are forwarded with the motive, which is to ease a student's progress.

Prodigy offers a customized loan package for students. As every university has different admissions terms, Prodigy education loan without security through GoStudy can also be adjusted accordingly. Not every university, school, and program will accept the Prodigy Finance loan.

Hence, it is essential that the students understand the admissions requirements before applying for a loan. A better way is to get in touch with Prodigy Finance. Besides providing unsecured loans, Prodigy Finance also helps students create a study plan according to their goals.

Prodigy education loan Without Collateral
Prodigy education loan Without Collateral

Prodigy Interest Rate Education Loan Without Security

With the Prodigy education loan without collateral, there are two types of interest rates applicable to the loan amount.

Fixed Interest Rate (or base rate) Variable Rate (This changes according to the SOFR)

In addition to the interest rate, the borrowers are also supposed to pay the admin fee. With Prodigy, the interest rate begins at 7.5%, and it can increase based on the student's profile, credit report, and other factors.

The fixed interest rate or base rate for a Prodigy education loan without collateral through GoStudy is added with a SOFR (Secured Overnight Financing Rate). The SOFR rate is applicable on US dollar-denominated loans. This rate is published by the New York Federal Bank.

The SOFR is also the replacement benchmark rate for the US and UK financial authorities associated with USD LIBOR. With Prodigy unsecured education loan abroad studies through GoStudy, the institution keeps a check on the SOFR. As this is a 3-month CME term rate, it can change every quarter.

Similarly, the variable interest rate applicable to the student loan can also vary according to the SOFR.

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%

The admin fee is fixed at 5%. The amount equivalent to a 5% fee depends on the loan amount. The variable interest rate is calculated with the admin fee, fixed interest rate, and the 3-Month term CME Term SOFR.

The GoStudy partnered Prodigy non collateral education loan EMI is calculated on the basis of this variable interest rate.

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

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

The Prodigy education loan without collateral through GoStudy covers all the tuition expenses plus the living costs. So, anyone taking a loan from Prodigy won't have to worry about paying any sort of school fees until the end of their course. Prodigy also helps students with living expenses. Even after taking a loan, students cannot focus on their studies because they have to earn to sustain themselves in a foreign land.

Prodigy Finance covers 150 different countries and provides unsecured education loans to students for higher students. These are;

  • USA
  • Canada
  • UK
  • France
  • Germany
  • Australia
  • Singapore
  • Italy
  • Switzerland
  • Denmark
  • Netherlands
  • Ireland
  • Spain
  • Poland
  • Belgium
  • Hungary
  • New Zealand
  • Ireland

To study in 150 countries, students can take a Prodigy education loan without collateral through GoStudy to get admission to over 850 schools. The minimum loan amount is $15,000, and the maximum loan amount depends on the university's fee structure and potential living expenses. Until today, Prodigy Finance has given more than $1.5 billion worth of education loans to students.

This is the best part about the Prodigy education loan without collateral through GoStudy that they are taking care of the borrowers and securing the right education. It's like having someone at your back while you go and explore the world.

Following are the lists of the Costs Covered by Prodigy Education Loan Without Collateral 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

Prodigy Finance is not just handing out loans to students; they are helping them build great careers. The Prodigy unsecured education loan for abroad without collateral through GoStudy is meant to remove financial bottlenecks for high-potential students. They are allowing these students to gain the world's best education. More than giving the required funds, Prodigy Finance is also educating, inspiring, and encouraging students to pursue their studies.

The students will become a part of a dynamic community consisting of schools, institutions, investors, partners, and NGOs coming together to help breed the next generation of intelligent people.

To get the Prodigy education loan without collateral through GoStudy, the students need to satisfy a basic set of requirements.

The student must be looking to study abroad.

The student must come from a list of countries that Prodigy supports.

At present, there are only a handful of countries that Prodigy supports. Also, in the supported countries, a few US states and Canadian provinces are also excluded. Hence it is essential to get in touch with the requisite personnel to identify the eligible countries and states.

After satisfying the first two requirements, there's a list of documents the students need to submit for the Prodigy unsecured education loan through GoStudy.

  • Proof of Identity
  • Proof of Address
  • School Admission Letter
  • Credit Report
  • Income Statement
  • Scholarship or Sponsorship Letter

These are the basic documents required from your end. After submitting these documents, your application for a Prodigy education loan without collateral through GoStudy will be considered.

At the time of filling out the application, if you don't have the admission letter, you can still go ahead. But the Prodigy education loan without security through GoStudy will be finalized after getting the admission letter.

Collateral for Prodigy Education Loan Through GoStudy

Collateral means something that a borrower can pledge in exchange for funds from the lending institution. Banks often require collateral to give out loans to borrowers. Where most financial institutions require collateral, students taking loans from Prodigy don't need to pledge any security.

Prodigy education loan without collateral through GoStudy is this financial institution's best offering. While there are other banks and institutions offering loans without collateral, Prodigy does so without any strings attached.

Having said that, there is a caveat to this entire situation. In some cases, Prodigy Finance might ask the borrower or student to submit proof of family savings or contributions they intend to make for funding their studies.

When asked, the borrower might be asked to submit the following;

Official savings account statements for sharing the existing funds in the account. The amount in the savings account must be equal to or greater than the amount listed on the application form.

If another person is trying to help the students get a Prodigy education loan for abroad without security through GoStudy, they need to share their savings.

The exact reason for when and why this information is required is not available to public knowledge. It depends on the application and the present circumstances. So, while you can get a Prodigy unsecured education loan through GoStudy, some conditions are involved in specific cases.


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Prodigy Education Loan Without Collateral Abroad University List Through GoStudy

As we have discussed, 850 schools are included in the list for which a student can take a Prodigy education loan without collateral through GoStudy. At present, the 850 schools reside in 18 eligible countries, states, and provinces. More schools and countries might be added later, but as of now, any student can only secure funds for studying in eligible institutions.

Below is the List of the top 50 abroad Universities accepted by Prodigy education loan.

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

Co-Applicant for Prodigy Unsecured Education Loan Through GoStudy

Essentially, borrowers taking the Prodigy unsecured education loan through GoStudy do not need a co-applicant. The co-applicant is a general requirement for students taking a loan because not every student has a lot of funds. Also, they might not have a well-paying job. So, the bank or the lending institution needs another person to join the borrower to ensure their funds will be paid back.

However, Prodigy Finance believes in providing assistance to students in getting life-changing education. Moreover, most of their student borrowers come from emerging markets. These are the students with big dreams and high spirits but a shortage of funds.

More than 63% of the students come from families that earn less than $40,000 per year. So, financing a world-class education for these families is not easy. To serve the interests of these students, Prodigy is giving education loans without collateral.

In cases where a co-applicant is required, generally, the financial institution accepts the students;

  • Parents
  • Parents-in-law
  • Spouse or Partner
  • Siblings

What are the Eligibility Criteria to Get Prodigy Education Loan for Abroad without Security through GoStudy?

Satisfying the eligibility criteria is the first step in taking any loan from Prodigy or any other institution. Prodigy has set three basic conditions for any potential borrower student to fulfill.

The student must agree to get admission into one of the eligible schools. Prodigy has provided a tool on its website for students to check whether the course they want to pursue from a particular university is included in the accepted list.

To get the Prodigy education loan without collateral, the student must agree to study abroad. This essentially means they must be willing to migrate to the country where the foreign school is located.

The student must belong to one of the countries that Prodigy supports. At present, Prodigy only supports students coming from 18 countries, including India. Don't get confused with the information given above stating that Prodigy education without collateral through GoStudy is applicable in 150 countries. There's a difference between these two facts.

Prodigy will support a student's education abroad in over 150 countries. This means a student can take up a course in 850 schools in these eligible 150 countries.

In the 18 countries, the fact is that the Prodigy unsecured education loan through GoStudy is provided to students who are nationals of the eligible countries.


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Documents Required for Prodigy Education Loan Without Collateral Through GoStudy

The Prodigy education loan without security through GoStudy application form must be submitted online. While submitting, take care to gather and upload the following documents.

  • A valid passport (photocopy) is in a readable format.
  • Address proof document wherein the address must match the stated address in the application form.
  • An email or letter from the school in which the student has been accepted. The letter or email must have the student's name.
  • Credit report stating the credit history of the borrower.
  • Evidence shows that the student is employed in a full-time or a part-time job. The acceptable evidence is three months' salary slips and corresponding bank statements.
  • Official savings account statement (this is only required in some cases).
  • Letter of scholarship or sponsorship (if applicable).

Besides these documents, you might have to submit additional documents to secure a Prodigy education loan without collateral through GoStudy. But that will depend on the application status and circumstances.

Process and Procedures for Prodigy Unsecured Education Loan Through GoStudy

Prodigy Finance is not a simple financial institution; they are an organization on a mission to support and fund excellent education. The organization works in accordance with the UN Sustainable Development Goals. Through its platform, Prodigy Finance wants to support access to quality education. They wish to reduce inequalities across the globe and create decent work and economic growth opportunities.

Education is one of the ways to ensure the completion of these goals. Prodigy education loan without collateral through GoStudy is one of the ways to get a high level of education without worrying about money. The process to get a Prodigy education loan for abroad without security through GoStudy is as follows;

The students must start by creating an account on the Prodigy Finance website.

Apply to get funds by filling in some details about yourself and receiving a customized quote. The quote for every school is different, and the students can apply to get funds for other schools.

Next up, to avail of a Prodigy education loan for abroad without collateral through GoStudy, the student must upload their documents.

Prodigy Finance will then work to match the student's application with the community of investors. The student will get a loan sanction letter if the application gets approved or matched.

After finalization, the student has to sign the application digitally. As soon as the student enters the campus, the money will be transferred.

It can take up to five days to complete the process for a Prodigy education loan without collateral.

Prodigy Education Loan Without Collateral Sanction and Disbursement Through GoStudy

Loan sanction means when the application is approved, which is represented by a sanction letter. This is the document that will contain all the loan details, details of the student, loan purpose, tenure, interest rate, and other details.

Furthermore, with the tenure and interest, the sanction letter will also include details about the moratorium period and repayment schedule. It can take up to five days for the loan to be sanctioned by Prodigy Finance.

As for disbursement is concerned, it means when the loan amount is transferred to the beneficiary's account. In this case, the tuition fee is directly transferred on a pre-decided date. The living funds, on the other hand, are disbursed to the student's account directly.

Moratorium Period for Prodigy Finance Education Loan Without Collateral Through GoStudy

The moratorium period is the time span for which the borrower does not have to pay the loan back. Once the moratorium period ends, the repayment period starts. For a Prodigy education loan without collateral through GoStudy, the moratorium period is set at six months.

Day one of these six months starts after the end of the course duration. So, if the course has a runtime of three years, the six month moratorium period begins after three years.

Prodigy Education Loan Without Collateral Repayment Through GoStudy

With the Prodigy education loan for abroad without collateral through GoStudy, the repayment tenure can be extended up to 20 years. The exact number of years also depends on the borrower's application and other details. While calculating the EMI for repayment, which is to be paid every month like clockwork, Prodigy Finance considers the following;

  • Interest Rate
  • Admin Fee
  • Variable Rate

So, in the repayment, the borrower is paying back;

  • Principle amount
  • Admin Fee
  • Simple interest

GoStudy Partnered Prodigy Education Loan Without Collateral EMI Exemption under Section 80E of the IT Act

Section 80E of the IT Act provides students with relief in terms of a deduction on the overall EMI, but only in the case of a student loan. So, if a student is paying a Prodigy education loan without collateral through GoStudy, they can claim a deduction in the EMI according to the act. Besides the student, their parents, spouse, children, and legal guardians can also claim this benefit.


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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