What is the Difference between Mpower and Prodigy in 2023-24?
In today’s ever-evolving globalized world, pursuing higher education necessitates financial assistance. Two prominent lenders that cater to the specific needs of international students are Mpower and Prodigy. Both Mpower and Prodigy provide eduloan services tailored to the unique circumstances of students seeking to study abroad. However, understanding the nuances and disparities between these two lending institutions is crucial for students to make informed decisions.
This blog will delve into the key differences between Mpower and Prodigy regarding their loan offerings, education loan stamp duty, and others to equip prospective borrowers to make educated choices about their education loan services!
Mpower vs. Prodigy—Powerhouses of Education Loan Service
While both organizations strive to help students fund their overseas study, they each have distinct delivers that set them apart! Following are the lines of difference between Mpower and Prodigy to choose the appropriate funding and student loan option!
Eligibility Criteria
The eligibility requirements for Mpower and Prodigy are distinct. Mpower’s primary area of interest is offering financial assistance to foreign students enrolled in American universities. In contrast, Prodigy provides overseas education loans to students studying in different nations worldwide without needing a cosigner for qualified candidates. This important distinction gives students who might not have access to a cosigner from the United States new opportunities.
Loan Offerings
Mpower and Prodigy are both largely concerned with providing loans to Indians pursuing higher education abroad. However, their approaches to lending are different. Mpower focuses on unsecured loans; thus, their acceptance does not need collateral or a co-applicant. Prodigy, however, provides both secured and unsecured loans. Unsecured loans can be obtained without collateral, while secured loans need real estate or fixed deposits. This distinction allows aspirants to select the best student loan that fits their needs.
Loan Amount and Interest Rates
Depending on the student’s chosen study and institution, Mpower offers loans from INR 3 lakh to INR 1 crore. Mpower’s interest rates are competitive, starting at 11.5% annually. Conversely, Prodigy offers a bigger range of loans up to INR 3.5 crores. Prodigy student loans are more appealing for larger loan amounts because their interest rates are relatively lower and start at roughly 9.5% annually.
Application Procedure
Mpower and Prodigy have streamlined their loan application procedures to serve student needs better. Students can apply from their homes’ convenience with Mpower’s online application process. Documents, including an entrance letter, the fee schedule, academic transcripts, and bank statements, are required. On the other hand, Prodigy gives applicants the choice of applying directly to one of their partner colleges or completing an online application. In the event of secured overseas study loans, Prodigy could need additional paperwork, such as collateral details. Both platforms attempt to simplify and make the application process user-friendly for students.
Terms of Repayment
Prodigy and Mpower offer various repayment arrangements to consider students’ economic status. Mpower offers a moratorium period that allows students to begin debt repayment six months after the course is completed or they find employment, whichever comes first. They provide payback terms up to ten years long. Prodigy, on the other hand, offers a variety of flexible repayment alternatives, including the option of interest-only payments during the study period and full repayments after completion. Prodigy loans have up to fifteen years of repayment, enabling a flexible repayment plan.
Your Partner in Financing for a Promising Future!
Set out on your academic quest with confidence! When choosing between Mpower and Prodigy to fund your dreams of studying abroad, making an informed decision is crucial. Don’t worry; Eduloans is here to guide you! Our platform provides personalized study abroad counseling and expert advice tailored to your needs. What about stamp duty for education loans? Eduloans has got you covered with comprehensive information on stamp duty requirements. Let us help you explore the benefits of Mpower and Prodigy, ensuring you select the right fit for your aspirations. Trust Eduloans to empower your dreams while navigating the complexities of education financing seamlessly. Start your adventure today!