What you need to know for your University of Navarra - IESE Business School loan
- No co-signer, collateral or guarantor required
- 150 nationalities eligible
- Loans available for current and incoming international students
- No up-front fee
- 6 month grace period after classes end for full-time programs
- No fees for early repayment
- Get a provisional loan decision within 5 business days
What programs are supported?
How much can I borrow?
- Up to 80% of Cost of Attendance (as provided by the school)
- Minimum loan size is €15,000 or $15,000
- All loans disbursed directly to the school in accordance with tuition due dates
- Loans are available in EUR or USD
- If your total payments to the school exceed the amount of tuition due, the remaining amount will be disbursed directly from the school to your local bank account.
What is my rate?
- 5.25% - 6.75% (fixed) over the 3-month Euribor or USD Libor base rate (variable). Rates are dependent on individual applicant profiles.
- See below for representative APR and representative example. Why is APR important? Details here.
Are there fees?
- Fee of 2.5% of the loan amount (minimum of $500 or €500) is added to the loan amount and fully amortised.
How do I repay the loan?
- The loan is repaid in monthly payments after your grace period has ended.
- For full-time students the grace period is 6 months after classes end.
- For part-time students the grace period is 3 months after the last disbursement.
- The repayment period is either 7 or 10 years, depending on your programme and application.
- There are no fees or penalties for early repayment!
- What are my repayment options?
Is there a deadline to apply?
- No, but try to submit an application at least one month before the loan needs to be disbursed to your school to ensure timely disbursement.
- Prodigy Finance has an agreement with IESE to send funds to the School three times per academic year, once in October, once in January and once in May. If loans are not finalized and signed before the corresponding deadline (one week before disbursement date), money will be transferred to IESE in the next disbursement date (i.e. If October disbursement is missed, funds will be sent to the school in January)
Are there nationalities Prodigy Finance cannot lend to?
- Yes, unfortunately. While Prodigy Finance is able to lend to students from 150 nationalities, here is a list of the currently restricted nationalities.
- Spanish citizens and permanent residents of Spain are ineligible. In addition, non-permanent residents who have lived and worked in Spain for one or more years prior to study are also, unfortunately, ineligible for funding at this time.
Would you like to hear from our current students who are using Prodigy Finance loans to fund their studies? There are quite a few in this video and you can get in touch with a few of them through our Ambassadors programme.
- The below provides an example of a Prodigy Finance EUR denominated loan for the MBA programme.
Loan size: €40,000
Interest rate: 6.5% over 3-month Euribor (Libor varies over the duration of the loan. As of October 08, 2017 it is 0.00%)
Representative APR: 7.99% variable APR, factoring in all fees and the effects of compounding interest.
Fees: Administrative fee of 2.5%, or €1,000. This fee will be added to the total loan amount and fully amortised for a total credit of €41,000.
Duration: Repayment period of 7 years, plus the study period of 21 months and a grace period of 6 months = 111 months.
Total amount payable: € 60,168.27
Amount of each monthly repayment: €716.29
- The below provides an example of a Prodigy loan for the MBA program.
Loan size: $40,000
Interest rate: 7.50% over 3-month US Libor (Libor varies over the duration of the loan. As of October 8, 2017 it is 1.356%)
Representative APR: 9.54% variable APR, factoring in all fees and effects of compounding interest.
Fees: Administrative fee of 2.5%, or $1000. This fee will be added to the total loan amount and fully amortized for a total credit of $41000.
Duration: Repayment period of 10 years, plus the study period of 21 months and a grace period of 6 months = 147 months.
Total amount payable: $ 73,169.25
Amount of each monthly repayment: $ 609.74
Please note the following when you consider taking your loan: Loans denominated in a currency other than the currency of your tuition and/or the currency of your post-Master degree salary, may be affected by fluctuations in foreign exchange rates. Prodigy Finance is not responsible for any differences in amount that these currency fluctuations may cause, and does not benefit from any currency appreciation or depreciation.