Is Prodigy finance better than Indian banks?

Is Prodigy Finance trustworthy? Yes, prodigy finance is trustworthy. It has helped many Indian students who are looking to study abroad. But, we always recommend Indian banks over international lenders like Prodigy finance as what looks better on the surface may be different when we look beneath the surface.

What is the interest rate for Prodigy Finance?

Prodigy Finance loan calculator 8.7\% Prodigy Finance fixed margin (fixed rate of interest) 8.9\% annual simple fixed margin plus a variable base rate (3-month USD LIBOR of 0.2\% as of 1st January 2021)

Is Prodigy finance a bank?

Launched in 2007, Prodigy Finance is a UK based financial institution that has revolutionised the education loan process while maintaining the highest quality of service. They help the students, on the basis of their academic profile, get study abroad education loan without any collateral or co-applicant.

What is the interest rate for education loan in Indian bank?

Key Highlights of Indian Bank Education Loan

Eligibility Criteria	Students who have secured admission
Loan Tenure	Up to 15 years
Loan Amount	No cap
Interest Rate	Base Lending Rate 8.50\%
Processing Fees	Nil

How good is Prodigy Finance Quora?

I work at Prodigy Finance and can confirm that we’re a credible, trustworthy lender that has funded over 14500 students from 132 countries. We have good relationships with more than 500 schools that we support around the world.

What is the interest rate for Prodigy Finance Quora?

The rate of interest – Starting off with the rate of interest as Prodigy finance fund in USD its 9.66\% rate of interest when converted to Indian rupee is equivalent to around 15\%. Plus you get a floating rate of interest with Prodigy finance. Currency fluctuation with INR depreciation.

Is Prodigy Finance reliable Quora?

How much loan can I get from Prodigy Finance Quora?

Since your tuition and living will be paid in USD, you’ll need to borrow an additional INR 7 lac to fund your education. This means your actual loan terms for a seven year loan term are: Initial loan amount = INR 40 lac. Additional cost = INR 7 lac.

Does Prodigy give loan for Canada?

Prodigy Finance supports international students from 150 countries attending top schools globally. Over the past 10 years we’ve funded over $500 million to more than 10,300 students from more than 120 countries. 1. Additionally, we support a select number of engineering programmes in Canada and Europe.

How is Prodigy interest calculated?

The formula for simple interest is: Outstanding principal balance x (margin + base) /365 x the days since your last transaction or days in the monthly cycle.

Is education loan a good idea?

They are most useful when it comes to courses at premier institutions that cost a lot. Parents can afford to send their children for higher education and students can also pay for their own education. These loans can be funded by jobs that they get after completing the course.

What is the maximum loan amount for Prodigy Finance?

Note: Prodigy Finance maximum loan amount that you’ll qualify for is based on your individual application, while the minimum loan amount is USD 15,000. Prodigy Finance education loans have simple interest while the student is studying.

What is the processing fee of Prodigy Finance in India?

The processing fee of Prodigy Finance is 2.5\% of the loan amount i.e for an average loan for US of INR 40 lacs, your processing fee will be INR 1 lac. Whereas Indian banks charge a processing fee between zero (nil) to INR 10K max plus property legal opinion and valuation charges of INR 7K for a loan amount of up to 1.5 Cr. 4.

Why does Prodigy Finance include APR in loan information?

Many mature financial markets have introduced the inclusion of APR to promote greater transparency; Prodigy Finance is regulated in the UK and where the FCA have made it is a legal requirement to include APR in loan information. There are multiple costs to a loan product. The most prominent of them is the interest rate.

What are the pros and cons of using Prodigy Finance?

Prodigy Finance has its advantages such as hassle-free online process with no co-applicant and no collateral required. Primarily, students approached WeMakeScholars for a loan from Prodigy Finance when they don’t have collateral and no co-applicant.