When it comes to financing your higher education, it’s important to choose the right lender. In this article, we will compare two popular lenders in the market – Prodigy Finance and HDFC Credila. Both these lenders offer loans specifically designed for students, but they have their own unique features and benefits.
About Prodigy Finance
Prodigy Finance is a global fintech platform that provides loans to international students pursuing their education abroad. They offer loans for various programs, including MBA, engineering, and other postgraduate courses. Prodigy Finance has a unique model that takes into account the future earning potential of students, rather than relying solely on credit history or collateral.
Features and Benefits
Prodigy Finance offers competitive interest rates, flexible repayment options, and no collateral requirement. They also provide loans to students from over 150 countries, making it a popular choice among international students. Additionally, Prodigy Finance has partnerships with leading universities and business schools, which allows them to offer exclusive loan terms and benefits to students studying at these institutions.
About HDFC Credila
HDFC Credila is a subsidiary of HDFC Ltd., one of India’s leading financial institutions. They specialize in providing education loans to Indian students for studying in India and abroad. HDFC Credila offers loans for various courses, including undergraduate and postgraduate programs.
Features and Benefits
HDFC Credila offers loans with competitive interest rates, flexible repayment options, and no upper limit on loan amount. They have a simplified loan application process and provide quick loan disbursal. HDFC Credila also offers customized loan solutions based on the student’s financial needs and course requirements.
Both Prodigy Finance and HDFC Credila offer competitive interest rates. However, the specific rates may vary depending on factors such as the course, loan amount, and repayment tenure.
Loan Amount and Repayment Tenure
Prodigy Finance offers loans up to 100% of the cost of education, with repayment tenures ranging from 7 to 20 years. HDFC Credila, on the other hand, offers loans with no upper limit on the loan amount and flexible repayment options.
Prodigy Finance considers the future earning potential of students as the primary eligibility criterion, whereas HDFC Credila evaluates factors such as academic performance, co-applicant’s income, and collateral.
Loan Disbursal Process
Prodigy Finance has a quick loan disbursal process, with funds being directly transferred to the university or the student’s bank account. HDFC Credila also ensures timely disbursal of funds.
Choosing the right lender for your education loan is crucial, as it can have a long-term impact on your financial well-being. Both Prodigy Finance and HDFC Credila offer competitive loans for students, but they have their own unique features and benefits. It’s important to carefully evaluate your options and choose the lender that best suits your needs and financial situation.
Whether you opt for Prodigy Finance or HDFC Credila, both these lenders aim to support students in achieving their educational goals by providing hassle-free financing solutions. Make sure to thoroughly research and compare the terms and conditions of each lender before making a decision.