Affidavit Format of Education Loan – Uses of Affidavit For Education Loan

Affidavit Format of Education Loan: An affidavit for an education loan is a legal document that serves as evidence of the borrower’s commitment to repay the total loan amount to the lender, bank, or financial institution as per agreed terms and conditions.

This affidavit will have all the information of the borrower’s personal details, like name, address, and other contact information. To know everything clearly about the Affidavit, delve deeper into the article as we have explained the requirements of the Affidavit, its uses, and its format.

Format of Education Loan Affidavit

Here we will explain the complete format of the education loan affidavit so that you will understand the complete form and can fill it out easily.

Personal Details: In this section, an affidavit must contain the borrower’s personal details completely, like full name, address, contact details, and parents’ details. This information is needed to establish the borrower’s identity and ensure proper communication.

Proof of Admission: Here, the borrower should fill in the complete admission details of course name, university, or institute name. A co-borrower or guarantor provides additional financial security for the lender.

Default Consequences: The first deponent and second deponent must clearly say that they have not defaulted on any loan before, as single or as combined. And even should tell them they have not obtained any loan before.

Declaration: The co-borrower should declare that you are responsible for the first deponent in the loss of anything in the education loan. This will approve the study loan in the bank.

Execution: Finally, the affidavit should be signed and dated by the borrower. Even the co-borrower if you have.

Sample Affidavit Format of Education Loan For Collateral

I, (1) Mr./Ms. ___________________________________________ Son/Daughter of ___________________________________(Father’s Name/ Mother’s Name), aged about ____________years

(2)________________________________________________ (Father’s Name/ Mother’s Name), aged about _________years, Son/Daughter of ____________________________________, both residing at ________________________________________________ (Address) in ____(State) do hereby affirm and declare as follows:

1. We, the above-mentioned deponents, are permanent residents of the above-mentioned address.
2. I, the first deponent, have been selected for admission and/or have joined ____________________________ Course in the College/Institute ____________________ from the session ____________________.
3. We, both the deponents, confirm that we have not obtained any education loan from any bank or financial institution for the aforementioned course.
4. We, both the deponents, confirm that we have not defaulted on any loan granted to us individually or jointly.
5. I, the second deponent, declare that I will indemnify_________ (Bank’s Name) in the event of any loss caused by granting any loan to the first deponent, who is my natural-born ward.
6. This affidavit is required to be presented before the ________(Branch of the Bank)________(Bank’s Name) in (Name of the state) for the approval of a study loan in the names of both the first and second deponents.
7. We, the deponents, state that the first deponent is not receiving any scholarship or fellowship from the institution or any other source to undertake this course.
8. The aforementioned facts are true to the best of our knowledge and belief.

Identified by me 1. _______________________ Son/Daughter(Student)

1. _______________________ Father/Mother

(DEPONENTS)
SWORN BEFORE ME

NOTARY PUBLIC, (NAME OF THE STATE)

Sample Affidavit Format of Education Loan For Non-Collateral

AFFIDAVIT

I _________ son/daughter of _________ resident of _________, do hereby solemnly affirm and declare as under:-

1. That I am a citizen of _________.
2. That I am going to pursue/pursuing _________ full-time course _________ from _________.
3. That I and my other Brother [s] & Sister [s] named _________ and _________ have not taken any education loan from any bank/Financial institution.
4. That my date of birth is _________, _________.
5. That I confirm my Father’s Real name is “_________”, which is on all his Legal Documents.
6. If any chance the information I am giving to the organization is not true, I will take all the responsibilities.
7. That I declare that the information furnished above by me is true to the best of my knowledge and belief and no information has been concealed by me.

DEPONENT

VERIFICATION:-

Verified at _________ on this _________, _________, that the contents of this affidavit are true and correct to the best of my knowledge and belief and nothing has been concealed therein.

Uses of Education Loan Affidavit

As an education loan affidavit is useful for many purposes, here we are going to look at the uses of an education loan affidavit.

• Normally, lenders will use the affidavit to assess the creditworthiness of borrowers, whether they are able to repay the loan or not.
• In case there is any disagreement between the borrower and lender then the affidavit will work as the reference to resolve the matter in court.
• This affidavit will be used as evidence that the borrower agrees to all the terms and conditions of the loan which ensures the smooth disbursement process.
• Signing this affidavit by the borrower, the lender will be assured that the borrower is serious about their financial obligations.

FAQs on Affidavit Format of Education Loan

1. What is education loan affidavit?

An education loan affidavit is the legal documentation asked by the bank lender or financial institution to provide an education loan. It is the declaration made by the student and their parents about the loan amount and repay it on time.

1. Who needs to sign the education loan affidavit?

The education loan affidavit must be signed by the borrower and sometimes by parents or guardians. It totally depends on the requirements of the lender.

1. What amount of stamp paper should I use for the education loan affidavit?

You can draft the affidavit on Rs.10/- stamp paper for an education loan.

1. How to fill out the affidavit form for an education loan?

Fill out the education loan affidavit by filling in the details like the borrower’s name and address, loan amount, repayment period, interest rate, and collateral if it is needed.

Key Outcomes

We hope that the information provided on the Affidavit format of the education loan is helpful for you. Fill in all the details by reading them carefully and thoroughly as it is very important to the borrower and the lender.

Get in touch without a site to know about similar letter articles like Demand Letter for Education Loan, Education Loan Letter, and many more. All these education loan articles are available at student education loan at learncbse.com website.