I am a US resident (on work visa so considered a resident for tax purposes) and I want to send some money to my parents in India. The money will an interest free loan to help them out and they will probably pay it back in a year or two. Do I have to pay tax if I send in excess of the exempt amount? Any insight would be appreciated.

There is no "exempt" amount.

If you transfer more than $100,000, you will need to complete Form 3520 to explain the source of the money. Otherwise, there is no tax liability incurred.

To be sure that the IRS will NOT consider the loan to be a gift (and thus require that you file a "gift tax" return), draw up a promissary note for your parents to sign so you have some documentation to prove that the money transfer is in fact a loan.