Prodigy Finance remains committed in removing financial barriers for prospective international students by offering co-signer and collateral-free loans. However, as we pride ourselves in providing flexible student loans, we are now offering the option to add a co-signer to your loan if you are a student residing in India!*
How does a co-signer loan work?
A co-signer loan is a type of loan that allows you to apply with the help of a co-signer – usually a family member - who agrees to share responsibility for repaying the loan. By having a co-signer, you may be more likely to qualify for better terms, such as a lower interest rate, especially if you’re new to credit or have a limited credit history.
Selecting the co-signer loan option, will require that fixed in-school payments are made during the study and grace periods. You and your co-signer will be responsible for making monthly payments, depending on your loan amount, while you are studying. These payments will start after the first disbursement is made to your school.
The loan will appear on both your credit report and your co-signer’s. Any missed payments can impact both of your credit scores, so it’s important to be confident you can manage your loan payments on time.
Benefits of having a co-signer
- Qualify for more favourable loan terms, like a lower interest rate
- Begin building your own credit as you or your cosigner make on-time payments, which can set you up for future financial opportunities.
- In-school payments that will reduce the estimated monthly installment once you enter the repayment period (6 months after your classes end).
How do I apply for a co-signer loan?
To qualify for a co-signer loan, visit our website, simply register an account, and apply for a loan. Once you complete the application, if you are eligible for our co-signer option, you will receive 2 provisional offers - a standard, non-co-signer loan offer and a co-signer loan offer.
To be eligible to apply for a co-signer application, you must meet the following requirements:
- Both the customer and the co-signer must be residing in India
- The co-signer must be under 65 years of age at the time of applying
What supporting documents will a co-signer need to provide?
In order to get your application verified, you will be required to provide supporting documents that verify the information declared in your application. Your co-signer, will also be required to provide the following supporting documents :
- Proof of identity
- Proof of residence
- Proof of income
- Credit bureau report
Once you and your co-signer’s documents have been successfully verified, your application will be considered to be matched to available funding on a weekly basis.
Signing the loan agreement
Once your loan agreement has been prepared, you and your co-signer will be required to digitally sign the agreement. Once all parties have signed the loan agreement, we will start the process of disbursing the funds directly to your school.