For the last couple of years, Prodigy Finance has been conducting a pilot loan programme with INSEAD. Now, after the successful pilot, the company has opened applications to all accepted INSEAD students.
Prodigy Finance was started by three INSEAD alumni in 2006 to solve the problem experienced by many international MBAs in funding their education. Their innovative model is based on community funding – individual alumni fund MBAs. The alumni receive a commercial return on their funds and MBAs are able to fund their loan requirements in a community-friendly way. So far they have funded around 180 students at INSEAD and are now scaling this up to cover the whole class. Funding per class is limited though so they cannot guarantee meeting every request.
You can read further details about the Prodigy INSEAD loan programme at http://www.prodigyfinance.com/web/Insead.aspx?l1=40&l2=10 but the key points are:
The interest rate varies based on each application (many factors go into this decision including the amount of credit information available in the applicant’s home country). Their current average APR is 7.5%.
An application fee of 1.25% is charged by Prodigy ONLY on successful applications.
Maximum loan size is capped at tuition, although loans will be resized based on the applicant’s individual profile. Current average loan size is €30 000.
If you wish to apply for a loan, you can go directly to www.prodigyfinance.com.
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