Does Getting degree from prestigious institutes ensure that a candidate will give the desire results in achieving corporate goals?

Not at all, it only shows that person has spend sometime to learn a specific field. How much was the learning is always something to find out.

The only indication we can get by the institute's name is how updated is the academics in general, but the learning is individual's matter.

No, not at all. But a prestigious institute may have made him/er ready for challenges.

institutes could impact  candidate competencies and overall personality but at workplace, candidates must use their own competence to prove  themselves.

Attaining a degree from a prestigious institute brushes skills of the candidates. 

the answer is yes absolutely there is a big difference between Prestigious and normal institutes

Not at all some time average students with average education get more excellence than the people with Degrees from prestigious institutes. 

Just an eg- Although your are messi or Ronaldinho, the football doesn't role to the goal itself. They have to tackle many obstacles which come across and then win a goal for the team. Same way its in any work.