New international loan programme for INSEAD MBA students, funded by Prodigy Finance

INSEAD recently announced a new international loan programme for INSEAD MBA students, funded by Prodigy Finance.  Prodigy Finance was founded in 2006 by three INSEAD alumni who experienced first-hand the challenge many international students face in securing loans for their MBA. Their innovative model is based on community funding  – individual alumni, recruiting companies, and educational foundations fund loans for MBA students.  After a successful two-year pilot during which they provided loans for 180 INSEAD MBAs of more than 35 nationalities, the programme is now open to all accepted INSEAD MBA participants.

Key points about the loan programme:

• No co-signer is required and most nationalities are covered (around 150).
• The interest rate varies based on individual applications. Current average APR is 7.5%
• Grace period of 18 months (study period plus six months) followed by a seven year term.
• No penalties for early settlement.
• 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.

To find out further information and apply online, visit http://www.prodigyfinance.com/INSEAD