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Prodigy Finance is a global financial technology (fintech) lender that provides education loans to international students — especially for master’s, MBA, law, engineering, public policy and similar postgraduate programs abroad. It differs from traditional banks by using alternative credit-assessment models rather than requiring collateral or a co-signer.
Here’s a simple breakdown of the typical process:
When the loan amount is larger, or when the course/institution doesn’t qualify under the “collateral-free” category, UBI requires collateral (or a third-party guarantee / property / securities) — making the loan a secured one. Here’s how that works:
| Factor | Effect |
|---|---|
| Institution / Course Category (Premier / Category A / Tier-I vs. Regular) | Premier institutes often eligible for collateral-free loans (up to a limit) |
| Loan Amount / Loan Quantum | Lower loan amounts → likely no collateral; Higher amounts → collateral required. |
| Purpose (Abroad vs Domestic studies, or special schemes) | In some special/abroad-education schemes, unsecured up to a certain limit; beyond that secured. |
| Co-applicant / Guarantor and Creditworthiness | Even unsecured loans require a co-applicant; their income & credit profile decide unsecured eligibility. |
| Collateral Security Offered (if any) | If property or securities are offered, banks may sanction higher secured loan amounts with better interest margins. |
This is a special loan scheme for students admitted to top institutions in India.
| Eligibility Parameter | Requirement / Condition |
|---|---|
| Nationality | Indian citizen (for student and co-applicant) |
| Admission | Admission secured in recognized institution (India or abroad) via merit/entrance or approved process |
| Courses Covered | UG / PG / professional / technical / management / other recognized courses |
| Age Limit | No strict minimum/maximum age (flexible) |
| Co-applicant / Guarantor | Parent/guardian/spouse (if married) — Indian national, satisfactory credit history if required |
| Scheme / Security Condition | For small/approved loans — may be collateral-free; for larger/abroad/expensive loans, security/collateral may be required |
| Documents / KYC / Admission Proof | Identity & address proof, admission letter, academic records, co-applicant financial documentation, etc. |
| Loan / Scheme Type | Approximate Interest Rate (p.a.) |
|---|---|
| Unsecured / Small Loans (up to ~₹ 40 lakhs, no collateral) | ~ 9.75% |
| Secured / Larger Loans (with partial collateral) | ~ 9.50% – 9.75% |
| Fully secured loans (full collateral) | ~ 9.25% |
| “Premier Abroad” Education Loan (up to ₹ 40 lakhs) | ~ 9.30% – 9.55% |
| “Premier Abroad” Education Loan (above ₹ 40 lakhs) | ~ 10.80% (with collateral) |
| Loans for premium medical courses (up to ₹ 40 lakhs) | ~ 10.30% – 10.55% |
| Some smaller/student-level loans (very small amounts) | Historically quoted between ~ 8.40% – 10.05% |
Check the required documents for the applicant, co-applicant, and collateral (if applicable).
| Documents | Applicant | Co-Applicant / Parent / Guardian | Collateral (If Applicable) |
|---|---|---|---|
| Proof of Identity | Aadhaar, PAN, Passport, Voter ID, Driving License | Aadhaar, PAN, Passport, Voter ID, Driving License | – |
| Proof of Address | Aadhaar, Passport, Utility Bills, Bank Passbook | Aadhaar, Passport, Utility Bills, Bank Passbook | Property Documents |
| Proof of Admission / Bonafide Certificate | Admission Letter, Bonafide Certificate | – | – |
| Academic Records | 10th & 12th Mark Sheets, Graduation Mark Sheets | – | – |
| Income Proof | – | Salary Slips, Form 16, ITR, Bank Statements | – |
| Collateral / Security Documents | – | – | Property title deed, Encumbrance certificate, Property tax receipt,Valuation report (bank may arrange) |
| Passport-size Photographs | 2–4 photos | 2–4 photos | – |
| Loan Application Form | Filled Loan Application Form | Co-applicant signature if required | – |
If you plan to study abroad and need financial support — using UBI’s education loan (possibly via PayStudy) can make foreign education much more accessible:
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