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Paras Educational Fund - loans for international students

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Manager
Manager
User avatar
Joined: 03 Dec 2011
Posts: 112
Location: Azerbaijan
Schools: LBS '14 (M)
GMAT 1: 660 Q46 V35
GMAT 2: 690 Q44 V40
GPA: 4
WE: Corporate Finance (Energy and Utilities)
Followers: 14

Kudos [?]: 34 [0], given: 25

Paras Educational Fund - loans for international students [#permalink] New post 10 May 2012, 06:09
Funding options for international students are quite limited nowadays however there is still an option quoted on many schools' websites - Paras Educational Fund (http://www.isloan.org)

They are offering 7-9% loans payable in 20 years with grace period during study+6months. Paras is working with international students from ANY country - their key requirement is a US citizen or a green card holder as a co-signor.

There is not much information on the web - I couldn't find any representative recent feedback. Seems like people are either praying or blaming them on different forums but as all accounts are with very few posts info doesn't look very trustworthy. If there is anyone with adequate personal experience on Paras - please share info as it might be extremely helpful for B-School applicants.

In the meantime as I started application with them I'll also share my personal experience.
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Manager
Manager
User avatar
Joined: 03 Dec 2011
Posts: 112
Location: Azerbaijan
Schools: LBS '14 (M)
GMAT 1: 660 Q46 V35
GMAT 2: 690 Q44 V40
GPA: 4
WE: Corporate Finance (Energy and Utilities)
Followers: 14

Kudos [?]: 34 [0], given: 25

My personal experience with Paras [#permalink] New post 10 May 2012, 06:27
I started an application with Paras last week. Entering your schools/GMAT/IELTS you get "preapproved". Then you pay a small amount (~$10) for registration and become eligible for unlimited communication. Some observations so far:
1) email communication is not very effective. phone calls are better but it's fairly difficult to get them answered. However when you finally reach them they are patient/answering all questions clearly etc.

2) amounts in $ quoted at the web-site are using some wierd exchange rates. As a result upfront payments they're requiring for the loan processing seem to be inflated. "Paperwork with co-signor" fee is quoted to be RS11000 or $300 when in fact it is $200. Lessons learnt: pay your fees in RS

3) My fee payment was stopped by risk management department requiring some additional info for fraud prevention. Paras mentioned that transaction has failed and requested to redo however it hasn't - it was simply pending verification. Provided verification documents, got my transaction approved, and my loan application finally started. Lessons learned: read everything carefully and be patient. My redo of transaction might have led to double-payment.

4) Received additional form to fill with basic info - a person living in US was required as a reference. This is NOT a co-signor, I wonder why they need this data at all, but be prepared. As they told me, they do not plan to contact that person re myself - think it's for advertisement purposes.

5) they sent simple and clear form to my co-signor cc myself, so far everything seems to be logical and transparent.

London Business School confirmed that they have not had any experience with them so far, however they quoted them at the website. Feels like being a guinea-pig ;)
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Intern
Intern
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Joined: 05 Oct 2012
Posts: 1
Followers: 0

Kudos [?]: 0 [0], given: 0

Re: Paras Educational Fund - loans for international students [#permalink] New post 05 Oct 2012, 08:42
Hey

This was the only genuine post I could find on Paras Foundation. Waiting to hear the rest of the experience. Please share.
Intern
Intern
avatar
Joined: 03 Oct 2012
Posts: 32
Schools: Said (A), Judge (M)
Followers: 0

Kudos [?]: 10 [0], given: 7

Re: Paras Educational Fund - loans for international students [#permalink] New post 19 Nov 2012, 06:50
Laman, if you're still around, how did this experience turn out?

Does anyone else have experience with Paras?
Intern
Intern
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Joined: 08 Oct 2013
Posts: 1
Followers: 0

Kudos [?]: 0 [0], given: 0

Re: Paras Educational Fund - loans for international students [#permalink] New post 08 Oct 2013, 05:26
Few of my friends recommended paras foundation and I applied with them for NYU-Stern Business School. I got my loan sanctioned and 1st installment will be disbursed on 31st October, 2013. I have no complaints about them.
Re: Paras Educational Fund - loans for international students   [#permalink] 08 Oct 2013, 05:26
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