Is registration mandatory?
Yes, registration is mandatory.
How to register? What is a registration procedure?
Registration can be done online on our website.
Please use the following link: www.isloan.org/registration
How do the USD loans work?
In case you are applying for US, you may be eligible for our unique loan product that is unbeatable.
Following are the features-
1. USD denominated loans
2. Without collateral
3. Interest rate at around 5.5% to 7% p.a.
4. Repayable generally over up to 5-10 yrs or more.
5.Anybody who is US Green Card Holder or US Citizens can be your co-signor/Co-borrower- blood relative not necessary
6. Funds directly disbursed to the University as per I-20 including tuition fees, living expenses, food, etc.
4. Is there any option where I could get a loan without collateral for my studies abroad?
Yes. There are collateral free loan options available for both undergrad and postgrad studies for the USA. Please get in touch with our counselor for more details.
5. Can a non-Indian student apply for loans with Paras Education for studies in USA?
Yes. We can assist non-Indian students for their education loans. Please register and write us an e-mail for further information.
6. What is the interest rate on the loan?
Paras Education Loans are available at interest rate starting from 5.5-7% p.a. for USD loans. The interest rates are subject to country, course, co-signor profile, student academic profile, etc. Please get in touch with a Paras Education representative.
7. Is the interest fixed during the tenure of loan?
Interest rate is quarterly variable and floating – it is linked to 3 months US LIBOR or Wall Street Prime Lending Rate.
8. How the Interest rate will be charged?
Only on the amount disbursed on reducing balance. Both fixed & variable interest rate options are available
9. To whom will the funds be sent at the university?
The loan is disbursed either to the University directly. The University will then deduct its tuition fees and reimburse the rest to the student.
10. What is the time period I have for repaying loan?
You can start repaying the loan once you graduate (6 months moratorium is allowed). You also have the option of making interest payments prior to your graduation. You have up to 10 to 15 years to repay the loan amount (Terms and Conditions apply).
11. Is there any flexibility in the repayment options? Do I have the option to defer my interest and principal?
YES! Repayment options are flexible and can be designed to suit your requirements, so that you are not unduly burdened.
12. Is there any prepayment penalty if loan is repaid before it is due?
13. Do I get any bonus or incentives, if I repay my loan well in advance?
Yes – as per the Terms and Conditions of the loan.
14. Do I Save anything if I am regular in my installments and do not make any default?
Yes – as per the Terms and Conditions of the loan.
15. How long will it take for my loan application to be processed?
The loan application will generally be processed in up to 1-2 weeks (TnC apply).
16. Can I have multiple co-signors?
Yes. You can have two or more co-signors.
17. Do I get a loan for my living food and miscellaneous expenditure? & How?
Yes – this is sanctioned as per the general average student expenditure as certified by your university. However, this amount will be disbursed directly to your University which in turn will reimburse the required amount to you for your living expenses, food, etc.
18. Can I pay the interest while studying? Will I earn enough to pay the interest amount at least?
Yes, we recommend that you pay your interest regularly so that it does not get compounded. Most universities allow you to do campus / part-time jobs which help you to pay off the interest regularly.
19.Can I show this loan as a source of finance to get my I-20 or at the time of my visa?
Yes, As soon as your loan is approved, Paras Education Services will issue a loan sanction letter which will help you to get your I-20 as well as you can use it for your Visa. This is great relief and help for you. Please refer to our Counselor.
20.If I pay my interest payment every month regularly or at least $100/- to $200/- every month, what benefit do I get?
You develop your own credit history – which will help you when you want to apply for any loans in the future.You may get some bonus for making all payments in a timely fashion.
You develop a habit of saving and becoming responsible for financial matters.
21.Can I get my earlier loan consolidated or refinanced at a cheaper rate of interest?
Yes, subject to terms and conditions. Please refer to our counselor.
22. Any benefit for regular interest payment?
Yes, if you make your payments regularly for 24 to 36 months without any default, there is an option to get your co-signer relieved. There is no EMI. But you can make your interest payments at any intervals. Please refer to our counselors
23.Any benefit for auto debit?
Yes, if you choose auto-debit, you may get 0.25% reduction in your interest rate (subject to Terms & Conditions)
24.How can I make repayment?
When you are in US, you can make payment by your international credit/debit card or from your bank through ECS or through Flywire (www.flywire.com).
If your family wants to remit from India, they can remit from any bank under the A4 form. Please refer to our counselors for more details.
25.How disbursement of loan amount is done?
Disbursement of the funds will always be done as per the amount & date certified by your University & not as per your instructions. Paras Education Services will not be responsible if more or less amount is disbursed per semester, because we have to follow your University’s instructions only for disbursement. Please note & understand this very carefully. If still in confusion, Please discuss with our counselor.
26.If my fees are due and not paid by me, can I get help from you and will you give me an extension and sanction letter?
Yes, we can do this. Please get in touch with our counselor. (TnC apply).
27. What is the paperwork? What are the documents required?
Ans: – Since this loan is not based on any physical mortgage, security or Collateral, proper paperwork from the student and co-signer is of importance. Especially from co-signer, documents may be asked by the auditors and the cosigner will have to comply with, as and when asked for.
Some important tips to save money for repayment of interest and principle:
a. Try to save minimum $300 per month.
b. Share an apartment. (It’ll save you at least $10,000 each year)
c. Minimize eating out
d. Delay buying a car until you have paid off your loan.
e. Minimum cab rides and parking fees
f. Use the time in vacations to work the allowed 40 hours per week. These extra $$ earned during the off times can go a long way in reducing your loan quickly.
g. Try and live close to your workplace to minimize petrol/parking, if at all you have to buy a car.
h. You can get your loan consolidated or refinanced at a cheaper rate of interest whenever you get such chance.
i. Be very watchful of your expenses, spend every penny wisely. Always remember that you are in a debt. While purchasing something always ask yourself, “do I really need to buy this??”
f. If you open an account with your lender’s bank, you can get another 0.25% reduction in the interest rate.