12 % until the person has repaid the loan in fullī.

For eg: If the rate of interest is 12% during the time you took the loan, interest rates will remain the same i.e. It remains persistent throughout your repayment tenure. It is also known as flat rate as the interest you pay on your loan amount does not change over time. Fixed interest: As the name suggests, the interest rates are fixed and are not changed with the change in the market factors. How is your Prodigy Finance interest rate determined?īefore understanding how Prodigy Finance calculates their interest rates, let’s first understand the types of interest:Ī. Prodigy Finance provides education loan for abroad studies without any collateral or co-applicant on the basis of the student’s academic profile, their future earning potential, and the country they decide to study. As soon as Prodigy Finance had raised $240 million in equity and debt funding in August 2017 they transformed into a commercial lender. Prodigy Finance was launched in 2007 by providing student loans to the students who experienced difficulty in financing their education. Therefore, students find International lenders like Prodigy Finance as a very lucrative option as they offer a comfortable loan process but do students ever wonder what this comfort might cost them? Read this article to gain a deeper insight on how Prodigy Finance Vs Indian banks works and which one is expensive. International loan lenders like prodigy finance are one of the progressing banks and have never failed to attract customers with their best service elements like easy registration procedure, online documentation process, easy sanction of loans, etc.

So, students who intend to study abroad and are primarily planning to take an education loan often get caught up between choosing Indian banks or preferring International lenders like Prodigy Finance. Soaring expenses on education have become a big hurdle for students and the majority of them are looking for an education loan with reasonable interest rates either from Indian banks or from any International lenders.

Does prodigy cost money