| For FAQ’s on US
Study Loans |
| Q1 |
Who
is eligible for PARAS study abroad loans? How to register?
What is a registration procedure? |
| Q2 |
Can
PARAS provide any reference? |
| Q3 |
What
is the total amount of loan I can obtain as Loan? |
| Q4 |
What
is the interest rate on the loan? |
| Q5 |
Is
the interest fixed during the tenure of loan? How the Interest
rate will be charged? |
| Q6 |
Is
the loan available for any school / college / University of
the approved countries? |
| Q7 |
The
Loan cheque is issued in whose favour? It is sent to who &
How? |
| Q8 |
What
is the time period I have for repaying loan? |
| Q9 |
Is
there any flexibility in the repayment options? Do I have
the option to defer my interest and principal? |
| Q10 |
Is
there any prepayment penalty if loan is repaid before it is
due? |
| Q11 |
What
will be the EMI? |
| Q12 |
How
long will it take for my loan application to be processed?
|
| Q13 |
|
| Q14 |
In
what installment the loan is disbursed? In what currency the
loan is disbursed & how? |
| Q15 |
Do
I get a loan for my living food and miscellaneous expenditure?
& How? |
| Q16 |
Can
I apply for loan for all the years of my education? Or only
for one year? |
| Q17 |
Can
I pay the interest while studying? Will I earn enough to pay
the interest amount at least? |
| Q18 |
Can
I show this loan as a source of finance at the time of my
visa? |
|
Q19 |
If
I meet your requirements is the loan guaranteed? |
|
Q20 |
If
my school / University/college is not approved or listed on
your website, what do I do? |
|
Q21 |
Am
i as a Canadian Student eligible for Paras loan? Is canadian
Citizen eligible as a Co-Signor? |
|
Q22 |
Is
there any cap on the loan amount being sanctioned through
TPEF? |
|
Q23 |
Is
the interest that I shall pay is deductable under Income Tax
/ Federal Tax laws? |
|
|
| Q1 |
Who
is eligible for PARAS study abroad loans? How to register?
What is a registration procedure? |
| A |
Only Registered student member of foundation is eligible.
Any student from any corner of the world is
eligible for "Paras Loan Services" without any Physical / Collateral /Mortgage security nor any
margin money nor any finance papers from the student & his / her family. (Student from any country of origin
or any nationality can apply) |
 |
| Q2 |
Can
PARAS provide any reference? |
| A |
A)Top
ranked B-Schools of the world have acknowledged and published
PARAS LOAN on their website. E.g:
1) University of
Sheffield - UK
2) Ashridge - UK
3) QISAN Quality International Study Abroad Network -
UK
4) Sotheby's Institute of Art - UK
5) London Business School – UK
6) University
of Chester – UK
7) Reims Management School (REIMS) - France
8) Universitat Pompeu Fabra –Spain
9) INCAE Business School - Costa Rica
10) The University of Western Ontario – Canada
11) Rotman – University of Toronto, Cananda
12)
Schulich
Business School York University - Canada
13)
ESADE
Business School, Spain
14)
University of North Texas, USA
15) SUNY Buffalo, USA
16) Lancaster University & Management School, UK
17) John Hopkins University, USA
18) Copenhagen Business School, Denmark
19) Vanderbilt – Owen Graduate School of Management, USA
20) ESSEC – Business School Paris, Singapore
21) Telfer School
of Management at University of Ottawa - Canada
22) Wright State University
- USA
23) Pacifica Graduate
Institute - USA
24) National University of Ireland - Galway
25) University of Navarra - Barcelona
26) World Education Services - Canada
27) IE Business School - Spain
28)
HKUST - Honk Kong
29) Cornell
University-School of Hotel Administration - USA
30) Rotterdam school of
Management - The Netherlands
B)Testimonial link www.isloan.org/test.htm
|
|
| Q3 |
What
is the total amount of loan I can obtain as Loan? |
| A |
You can obtain a loan for the entire amount of your university
fees payable by you OR the amount finally payable by you
after deducting any scholarships, financial aid etc. received.
(Including tution, living, health insurance, food, books,
etc.) |
|
| Q4 |
What
is the interest rate on the loan? |
| A |
Soft
Term Loans for study abroad in USA, UK, Canada, Australia,
New Zealand etc. & over 40 Countries are (View our website:
http://www.isloan.org/lac.htm)
available @ 5.25% p.a. approx. (as per prevailing Wall street
PLR- (Click
here to check the current Prime Lending Rate
quarterly variable) repayable in 20 years.
|
|
| Q5 |
Is
the interest fixed during the tenure of loan? How the Interest
rate will be charged? |
| A |
It
is quarterly variable as per Wall Street PLR. It will be
simple interest on reducing balance. Unpaid interest gets
accrued. |
|
| Q6 |
Is
the loan available for any school / college / University of
the approved countries? |
| A |
Yes, the Paras loan is
available for majority of the Universities in many
countries. Please click on
www.isloan.org/lac.htm to check whether the country you
desire to go for your study is listed in this page. Further
- to find out your particular University is listed or not,
please register on our website on
www.isloan.org |
|
| Q7 |
The
Loan cheque is issued in whose favour? It is sent to who &
How? |
| A |
The
loan amount will be directly sent to the university financial
authorities in the form of a copayable cheque by airmail.
|
|
| Q8 |
What
is the time period I have for repaying loan? |
| A |
You
can start repaying the loan once you graduate (6 months
moratorium allowed) or even while you are studying. You
have up to 12/15/20 years to repay the loan amount. (Different
Loan programs offer various repayment periods). Please refer
our counselor for repayment details. |
|
| Q9 |
Is
there any flexibility in the repayment options? Do I have
the option to defer my interest and principal? |
| A |
YES!
There is a great amount of flexibility as per various repayment
options, which are very flexible and designed to suit your
needs, so that you are not unduly burdened. (Ask our counselors
for details.) |
|
| Q10 |
Is
there any prepayment penalty if loan is repaid before it is
due? |
| A |
NO.
There is no such penalty levied. On the contrary you may
earn some bonus/ incentives. |
|
| Q11 |
What
will be the EMI? |
TOP |
| A |
|
|
| Q12 |
How
long will it take for my loan application to be processed?
|
| A |
The loan application will be processed in approx. 4/8 weeks
if the application & all paper work is accurate and
CO-applicant's documents and credit history is satisfactory. |
|
| Q13 |
Is there any collateral involved? Or any Physical Mortgage/
security/ Margin Money required? What is the financial involvement
of my guarantor/co-signor from abroad? Does he have to pay
any sum? |
| A |
NO.
But this is on case-to-case basis depending on student’s
academic profile, GMAT/GRE/SAT score, Resume, Financial
& family background, and name & ranking of your
university, country of your study etc. For this reason only,
student needs to register http://www.isloan.org/reg2.asp
to enable this foundation to do pre screening and then decide
on conditional & successful approval or otherwise of
a particular loan application. (A valid & creditworthy
US guarantor/co- signor may be required.) An adequate income
& credit history of a person to guarantee your loan
helps in expeditious and favorable decision. Your guarantor/co-signor
has not to pay a penny nor you or your Co-signor has to
give any margin money or physical mortgage/security etc.
(Refer our counselor) US H1 visa holders are not acceptable
as co-signor. Only US citizen or US green card holders are
eligible & acceptable. |
|
| Q14 |
In
what installment the loan is disbursed? In what currency the
loan is disbursed & how? |
| A |
USD
or CAD or UK £. A successful loan application is sent
to your niversity for certification & For Payment schedule
as desired by our university. On receipt of this certification,
loan is disbursed in the installment as specified by your
University. |
|
| Q15 |
Do
I get a loan for my living food and miscellaneous expenditure?
& How? |
| A |
Yes, this again is sanctioned as per the general average
expenditure required the living & food by a student
to be certified by your university. However this will be
paid to your university only who in turn will reimburse
the required amount towards these expenditure to you. |
|
| Q16 |
Can
I apply for loan for all the years of my education? Or only
for one year? |
| A |
You
can apply for one academic year only at a time. However
you can get the loan for every year for your
entire education, including Phd or research. |
|
| Q17 |
Can
I pay the interest while studying? Will I earn enough to
pay the interest amount at least? |
| A |
Yes,
Ideally you should generally pay your interest regularly.
(so that it does not get compounded.) Yes, most of the universities
and countries allow you to do on campus jobs or part time
job, internship or work/study program which allow you to
earn enough to pay off the interest regularly.
|
|
| |
Can
I show this loan as a source of finance at the time of my
visa? |
| A |
This
depends on the rules and regulation of Visa requirement
of each country. (Ask our counselors for details.)
|
|
| |
If
I meet your requirements is the loan guaranteed? |
| A |
Yes.
It is guaranteed. These are loans (and not scholarship)
so there is no quota system. Any number of eligible students
can avail PARAS STUDY ABROAD loans.
|
|
| |
If
my school / University/college is not approved or listed
on your website, what do I do? |
| A |
Please
contact us by email on info@isloan.org
or by phone and mention the name of your university/s (with
the URL) for furthere action. Please note that this approval
process is very simple and fast. We encourage you to pursue
your school approval process with us & with your school. |
|
| |
Am
i as a Canadian Student eligible for Paras loan? Is canadian
Citizen eligible as a Co-Signor? |
| A |
Yes.
Only Canadian Students can apply with their own signatures
& or with Canadian Citizen as a Co-Signor.
Canadian Citizen also acceptable as Co-Signor but only for
Canadian resident student.
|
|
| |
Is
there any cap on the loan amount being sanctioned through
TPEF? |
| A |
Yes,
upto US$ 65,000 per Co-Signor (However, you may still apply
for additional amount if required by you. Please refer our
counselor for details)
|
|
| |
Is
the interest that I shall pay is deductable under Income Tax
/ Federal Tax laws? |
| A |
Interest
payment is generally deductable from income / federal tax
of your respective country. Therefore students are strongly
encouraged & advised to pay the interest while studying.
This will serve dual purpose of tax benefit & avoiding accrual
of interest. Refer our counselor for more details.
|
|
| TOP |
