Application Process for Prodigy Finance Student Loans
Getting financial support is an essential step for international students looking to study abroad, and Prodigy Finance has a plan if you're looking for a simple student loan. It is an entirely online, easy process of doing it in 6 distinct steps that does not require a student to sit and wait for an offer from the university which will help them in planning their studies and finance.
Discover Your University on Prodigy Finance
Find your chosen university on the Prodigy Finance platform. Confirm your university qualifies to apply for loans by searching on the website directly or browsing a list of partner universities.
Register and Get a Loan Quote
After sign up, this is the first step that you will have to enter your ID correctly along with basic information. When you give out this information, they instantly provide a home loan offer to your pre-approval with the interest rate, general principles such as estimated funds and repayment period. Once you accept the quote that will give you 14 days to decide.
This is only after acceptance when documents need to be uploaded for our review. You do not be offered a place at university to apply, which is key. Applying early gives you an idea of how much loan you qualify and the variation in interest rates by different universities, this allows better planning for applying to university and financially preparing. You can submit as many applications as you want and no documents need to be provided at this stage.
Upload Documents for Review
Then, in line with the basic information you entered before, it will ask for supporting documents to prove their authenticity (admission letter / passport / and personal credit report). The entire process is online and only entitlement details are uploaded. Average timeline for review is 2-3 weeks from submission to completion.
Just remember it all depends on the information you filled in the application form; for an instance, if your declared that you do not have any job or income then obviously a salary certificate will not be asked from other bank statements.
Required Documents to be verified:
1. Proof of Identity (the first page copy of Passport).
2. Document with Address in your name only utility bills, bank statements or rental documents.
3. Admission proof admission letter/admission confirmation email.
4. Credit record.
Additional documents that relate to application information:
1. Salary certificate (if relevant).
2. Bank Introductory Letter (if declared deposits in the application).
Get Approval and Apply for a Visa
After the review is completed and approved, you will receive a loan confirmation letter. This letter specifies the amount of study funds Prodigy Finance will provide for you, which can be used as proof of funds for your visa application and university enrollment.
Sign the Agreement on Campus and Receive Fund Disbursement
You should arrive at your university one week before the start of the semester and log in to the system to sign the final electronic agreement with Prodigy Finance. Prodigy Finance will coordinate with the university to confirm your tuition and living expenses, and directly disburse the funds in US dollars, British pounds, or euros (depending on the university's location) to the university before the payment deadline.
If there is remaining living expenses after paying the tuition, the university will transfer the balance to you quarterly, monthly, or per semester, depending on the university's policy. If you have any questions about living expenses, you can contact the university's financial aid office at any time.
Repay the Loan After Graduation
No repayment is required during your studies. You will start repaying the loan in monthly installments from the 7th month after graduation. Additionally, you can make early repayments at any time without incurring any additional fees.
