Question 1

What is the interest rate of the Prodigy education loan?

Accepted Answer

The interest rate of the Prodigy education loan starts from 8.47%, which can go up to 13%. Your interest will primarily depend on your credit report and loan history. Contact your Student Cover loan buddy; they will help you understand your interest rate in detail.

Question 2

Is Prodigy Finance an NBFC?

Accepted Answer

Prodigy Finance is an NBFC for education loans and follows the rules and regulations applicable to NBFCs. If you have any questions regarding your Prodigy Finance loan, contact your Student Cover loan buddy, and they will help you with the procedure.

Question 3

Does the Prodigy Education Loan cover living costs?

Accepted Answer

Yes, Prodigy Finance covers the living expenses of students, too. Connect with your loan buddy to know more.

Question 4

What is the APR of Prodigy Finance?

Accepted Answer

The Annual Percentage Rate (APR) of Prodigy Finance starts at 8.47%. Your APR encompasses all the financial costs, including interest rates and other fees, to provide a comprehensive view of your loan's total cost, and each APR is based on individual loan assessments. To know the exact amount, contact Student Cover, and your loan buddy will calculate it.

Question 5

Is there any margin of money for the Prodigy Education Loan?

Accepted Answer

No, the Prodigy Education Loan does not require any margin money. You can learn more about this with Student Cover; contact your loan buddy to find out all about it.

Question 6

What is a collateral loan?

Accepted Answer

A collateral loan is a loan you get by mortgaging one of your properties, in most cases a house. You must submit additional property documents for these kinds of loans.

Question 7

What is a non-collateral loan?

Accepted Answer

A non-collateral loan is a loan that does not require you to submit any property documents to secure it. These kinds of loans are unsecured, so the interest rate is also higher.

Question 8

What are the repayment procedures and tenure of Prodigy?

Accepted Answer

You can repay the Prodigy education loan through EMI, Simple Interest, and Partial Simple Interest. The tenure for the Prodigy loan can extend up to 15 years.

Question 9

What is an EMI?

Accepted Answer

An EMI (Equated Monthly Installment) is a fixed monthly payment made by the borrower or co-borrower as part of the loan repayment process. Each EMI consists of the principal amount and interest, ensuring that the loan is gradually paid off over time in manageable portions.

Question 10

Is Prodigy Finance good?

Accepted Answer

Yes, Prodigy Finance is a reliable source for getting a good loan. The company has been in the industry for more than 17 years and has helped more than 43,000 students go abroad. To learn more about Prodigy education loans, contact Student Cover.

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