prodigyfinance wrote:
Hi all,
I work for
Prodigy Finance and thought it'd be helpful to clarify/answer some questions here. Funding for MBA loans is contingent on: 1)your acceptance into INSEAD, 2) a conditional loan offer and the right supporting documentation, and 3) fundraising from alumni, friends of the school, and "impact investors." So some applicants in the past have unfortunately been placed on hold for somewhat lengthy periods of time. We apologise for that inconvenience. That said, now that
Prodigy is in its eighth year, we are gaining momentum in our fundraising efforts--and are pleased to be funding 20-25% of each year's INSEAD class.
Regarding max loan sizes and representative rates, these may change slightly each year, so it is best to check our website. Currently, the max rate for a full-time MBA at INSEAD is 62,500 EUR. The interest rates vary (6.5-12%). We do our best to ensure our rates are internationally competitive.
Lastly, I would like to say that
Prodigy's co-founders are all INSEAD grads who experienced firsthand the difficulty of getting an international loan. So we have shaped our company (and customer service) specifically with premium business schools in mind.
I hope this information helps. Good luck with your b-school and loan applications!
Cheers,
Charlie and the
Prodigy Finance team
Hi Charlie,
I am glad to have someone here from
Prodigy Finance. Welcome!
I would like to know the process of lending, because its timing may seriosly impact a student's decisions. I expect that there might be some problems.
For example: INSEAD's R1 deadline for class matriculating in Sept-2015 is September 24th, 2014. The decision date is November 28th.
The AdComs asks applicants to comit
a deposit amount equal to 7,000 EUR (huge chunk of cash if compared to US MBA) to reserve a sit about
4 weeks after offer of admission was issued, so it is December 26th (4 weeks after decision notification which is November 28th).
There is a risk that after being accepted and reservation amount is paid, an applicant would not be able to get financing from ProdigyFinance. So ultimately, he/she may comit 7,000 EUR and at the end find out that financing is not available, which means he/she looses
7,250 EUR (application fee and deposit).What an ordinary accepted applicant should do?
1) Contact the ProdigyFinance team after decision date, which is November 28th and within 4 weeks get his/her request approved and a guarantee to have an available funding? Well, and then decide whether to pay or not the commitment deposit.
2) Contact the ProdigyFinance team before/after applying, and if accepted to INSEAD, by that time have a ProdigyFinance decision (total loan amount and rate%) and then to decide if he/she has sufficient funding to pursue the degree and commit 7,000 EUR deposit.
I wwould like to see a streamlined process and would NOT like to loose money due to different obstacles and stringent requirements of the school.