To meet German visa requirements, international students must open a blocked bank account that proves they have sufficient financial means to support their living expenses during the visa period. We’ve partnered with Expatrio, a trusted provider authorised to offer these accounts to international students moving to Germany.
If your loan includes living expenses, the funds will be sent to your blocked account with Expatrio, and you’ll use this account confirmation as part of your visa application.
When will I receive the living expenses in my account?
After your loan has been finalised and your loan agreement is signed by both you and Prodigy Finance, we’ll disburse the funds to your Expatrio blocked account. Once you arrive in Germany and your visa is approved, you’ll need to activate your blocked account with Expatrio. After activation, your living expenses will be released in monthly instalments. You can also arrange for Expatrio to send these monthly transfers to a local German bank account of your choice.
What will happen if the German visa is declined?
Expatrio undertakes to return the funds, subject to their terms and any fees that they may charge. The customer is responsible for informing us and Expatrio immediately if the visa application is declined and must instruct Expatrio without delay to return the funds to Prodigy Finance. Once you have given the instruction to Expatrio to return the loan funds, we have arranged with Expatrio that the loan funds will be returned to Prodigy Finance, to ensure that we can apply this as an early return as soon as we receive it to ensure that you do not incur unnecessary interest. Please note that you will be liable for the interest that has accrued on the funds from disbursement to the return is received.