I grew up in the city of Guwahati, Assam, located in north-eastern India. I have completed my MBA from EDHEC Business School, Nice in 2018.
Shortlisting School and Programme
An engineer doing an MBA sounds very cliché, but after completing my bachelor’s, I knew that I did not want to pursue the same subject further. Higher studies had always been on my agenda, so I started researching possible courses and found that an MBA best met my requirements. I was very clear about my criteria for the MBA, it should help me with both theoretical and practical exposure in and out of the classroom.
Having a clear view of requirements and expected outcomes from the program helped me to narrow down and shortlist schools.
Financing my studies on my own through a collateral-free merit-based loan
The biggest challenge that I came across was funding my studies. I come from a family with limited income, so couldn’t meet the loan requirements from traditional banks. I neither had property to mortgage nor could provide a high-income source as a guarantor.
As I was firmly against putting additional financial pressure on my family, I started researching other alternatives and found out about Prodigy Finance and its collateral-free loans which are based on individual students’ merit. Thus allowing students like me to be free from factors beyond one’s control in getting an educational loan.
The benefit of a collateral-free merit-based loan was that the loan decision would be based completely on my profile. Further, there would be no need for me to provide a mortgage or guarantor, and the rates of interest would also not be exorbitant considering I would be the one to repay the loans shortly after I finished my studies.
Paperwork and Formalities
As an applicant, the paperwork involved in a typical student loan application was very overwhelming. For me, it was very difficult to arrange all the paperwork from my hometown as I was living in a different city. In comparison, Prodigy Finance’s application process was quite easy and completely online so I could track the status of my application in real-time. Additionally, they also helped to validate my school as they have a select list of global best schools and universities as partners. Having my preferred school on their list helped to confirm its authenticity.
I joined EDHEC where the loan amount was directly transferred from Prodigy Finance to the school.
Graduation and Repayment
The MBA has connected me to classmates from across the world and truly made me feel global. I graduated in 2018 and am currently working as a Project Manager with the Center for Creative Leadership and I love what I do.
I started repaying my loan 6 months post-graduation. Similar to most lending institutions, Prodigy Finance has a 6-months post-course completion period before the first installment must be paid. The payment experience is hassle-free, as I get an immediate confirmation once the funds are deposited in Prodigy’s account. Their app has a “repayment calculator” feature that allows me to plan and preview my future payments. Prodigy Finance app reflects the statements which are also sent via email every month. In my experience, 60-65% of the installment is counted against the principal and the rest against interest. The process is very easy and secure as they have multiple payment methods recognized, be it direct bank transfer or via third-party transfer platforms.
Return On Investment
Return on investment (ROI) is indeed a big factor while deciding to study abroad. However, it depends very much on individual perspective. For example, in Europe, the benefits and work-life balance are much higher as compared to other countries. In terms of the overall experience and job satisfaction, the ROI has thus been higher for me.
When I look back at my journey of overcoming the odds, pursuing an MBA from my dream school without allowing finances to become a burden for myself or my family, it makes me feel proud. Courage was essential in attempting the application, and merit-based collateral-free financing models like Prodigy’s was a push in the right direction that helped me overcome the insecurities and discover my own leadership story.