Education Loan for Abroad Studies – Prodigy Finance
Sharing information regarding collateral-free / unsecured loan. If looking for a secured loan from Prodigy Finance then look at the end of the post.
I faced difficulty in gathering data during my research and it took time to understand which is the best bank to get the loan from, so sharing this bit so that it becomes easier for people who are about to apply for a loan. I hope it helps.
Rate of Interest – Around 7.5%
Processing Fee – 2.5%
1. The interest period starts post 2Y +6m.
2. Nothing to be paid during education. No max limit.
3. Amount is calculated based on profile and admit. The processing fee is added to the loan amount and does not need to be paid upfront therefore adding up to your total loan amount and increasing the interest.
4. No pre payment penalty. Interest on the amount used and not on sanctioned amount.
5. Sanctions loan only for top 100 engineering and business schools. Personal Review – They’ll give you an estimate of how much amount is required per year and how much they can provide you. You’ll have to show that you have the remaining funds and only then you can avail of the loan. The interest rate seems to be low but they have a high processing fee which is getting compounded. Additionally no offices and no tax benefit because its an international lender. You’ll have to mail for your queries. So on the whole, I didn’t ring it as an ideal option.