Understanding the financial requirements for your journey is essential for a smooth transition to studying abroad. At Passage, we simplify this process by offering flexible loans without the need for co-signers, guarantors, or physical collateral. Instead, we require a cash collateral contribution, which ensures transparency and trust.
What is Cash Collateral, and When Should I Pay It?
The cash collateral is the money you send to Passage upfront as your contribution towards funding your journey. Only after the cash collateral is received by Passage will you receive the proof of financial support you need to apply for the visa.
You are expected to send the cash collateral in the weeks after being approved for the loan.
This cash collateral amount will be used to reduce your future cash payments.
Every month, a portion of the cash collateral will be applied to your monthly payment.
If you do not get a visa, the cash collateral will be returned to you within a couple of weeks.
When to Pay: Once your loan request is approved, you have a maximum of 2 weeks to pay the collateral amount.
Refund: If your visa application is unsuccessful, refunds are processed within 4 to 6 weeks as per Passage’s Withdrawal Policy.
Tip: Use the Passage Loan Estimator to:
Get an estimate of your required cash collateral.
Understand your repayment schedule and total costs.
Frequently Asked Questions (FAQ) about Loans and Payments
This FAQ section provides clear answers to common queries about loan repayment, interest rates, cash collateral, tuition payments, and cost of living disbursements. Designed to help applicants navigate the loan process with confidence, it covers everything you need to know about managing your loan at Passage.