Types and Process of Writing Affidavit for Education Loan
An affidavit is an important legal document of every education loan process. It certifies the borrower's pledge to return the loan amount to the lender in accordance with the terms specified. It also functions as a declaration confirming the integrity of the information supplied by the borrower, co-borrower, or guarantor.
This legal document holds utmost importance for education loans, which students have opted to apply for to overcome financial restrictions and cover educational expenses. A notary affidavit for education loan declares that you adhere to the student loan terms and offers transparency to the lending institution about your purpose for the loan. Before you apply for an education loan, know everything about the notary affidavit for an education loan, along with the importance of a gap certificate for an education loan.
What is an Affidavit for Education Loan?
An affidavit for an education loan is a legal document that declares your purpose for taking the loan and adherence to repay the loan with the lender's terms. An affidavit is sworn or declared to be true before a duly authorized authority, such as a notary public or a court officer. It has legal weight and significance since submitting incorrect information in an affidavit may result in fines or even criminal charges of perjury.
You can formally state that you wish to take out a loan to pay for your education by using this affidavit.
What is the purpose of an Affidavit in an Education Loan?
The significance of the education loan affidavit lies in its formal and organized way of reaffirming the borrower's pledge to use the loan for educational purposes. It also reaffirms to follow the terms and conditions established by the lending institution.
Establishing Credibility and Eligibility
Besides loan eligibility, the education loan affidavit confirms the applicant's aim, finances, and commitment to repayment. While filing the affidavit, you must provide complete information in the affidavit to demonstrate your financial management abilities and purpose in higher education. The affidavit helps lenders evaluate the applicant's financial stability, income sources, present obligations, and creditworthiness.
Supporting Documentation
The affidavit serves as essential documentation that supports the details presented in the application for an education loan. It verifies the applicant's educational background, financial position, and repayment scheme. The affidavit also verifies the college, curriculum, and program duration. It gives lenders a complete picture of the applicant's income, expenses, and repayment plans.
Legal Binding
By certifying the facts in an education loan affidavit, the applicant forms a legally binding contract with the lender. This agreement has serious consequences if the supplied information is false or misleading. The affidavit is a legally enforceable statement of the applicant's honesty and commitment to repayment. Hiding important facts might have serious implications like loan denials, financial fines, or criminal prosecution for perjury or fraud.
Format of Education Loan Affidavit
Here is a format and sample of the SBI education loan affidavit format that you must use during the education process:
We, Sri/Smt. _______________________________________________________________, (1) Son/Daughter of _____________________________________________________(Name of Father), aged around ____________ years old.
(2)______________________________________ (Name of Son/Daughter) aged around _________ years old. The following is a solemn affirmation and statement made by the son/daughter of ____________________________________, both of whom reside at ________ _______________________________________________________________________ (Address)
1. That we, the aforementioned deponents, are permanent residents of the address mentioned above.
2. That, during the term ____________________, I, the deponent No. 2, have been chosen to enroll in and/or join the ______________________________________ _________________ course in the College/Institute ________________________________________.
3. That, in order to pursue the aforementioned course, neither of the deponents has taken out an education loan from a bank or any other financial institution.
4. That, individually and collectively, the deponents thus declare that we have never missed a loan payment.
5. That, as deponent No. 1, I now declare that I will reimburse the State Bank of India for any damages incurred in the event that a loan is approved for deponent No. 2, my biological ward.
6. That, in order for a study loan to be approved in the combined names of deponent No. 2 and deponent No. 1, this affidavit must be presented to the State Bank of India (Branch).
7. That, on behalf of deponent No. 2, we, the deponents, hereby certify that she is not getting any funding for this course from the organization or any other source, including scholarships or fellowships.
8. To the best of our knowledge and belief, the facts mentioned above are accurate.
Identified by me Parent/Daughter 1. _______________________________
Daughter/Son (Parent) 2. __________________________
Advocate, City
(Dependents)
SWORN BEFORE ME
1.___________________________
2. __________________________ (City) NOTARY PUBLIC
Gap Certificate for Education Loan
A gap certificate, sometimes called a gap affidavit, is a self-declared document printed on non-judicial stamp paper that validates sudden, short- or long-term breaks from an academic program. The certificate attests to the student's innocence about any illicit activities committed during the gap year and functions as a legal document as well.
For a number of reasons, students who take a break from their regular, ongoing education must get a gap certificate. It includes all the relevant data on the reason behind a student's gap that academic authorities should be worried about.
Gap Certificate Affidavit Format
I, (full name), living at (Residential Address)_______, the son/daughter of _______(Father/Mother/Guardian's Name), certify and affirm the following:
I live at the address given above.
I successfully finished (Degree/qualification)_ from________ (Name of the school, college, university, or institution attended)________ in (Month and year of passing).
Furthermore, I have not enrolled in or attended any other school, college, university, or establishment since I left because of _______ (explanation for the gap)________.
OR
I worked as a (position/designation) at _(Company Name) from _______ to _______ during this time.
The interval between ___________ and _________ was the gap.
I didn't engage in any unlawful or legally forbidden activities throughout the gap time.
No criminal case is currently underway against me in any legal jurisdiction.
The deponent's (student's) signature
Verification:
I thus attest that, to the best of my knowledge, the aforementioned statements are true and correct, and that I have not withheld any relevant information. I accept full responsibility for my admission being canceled in the event that the information I submitted turns out to be false in the future.
The deponent's (student's) signature
Date:
Location:
Apply for an Education Loan with Completely Digital Process with Propelld
Every student aims to enroll in top colleges in India and abroad to get a quality education. However, these dreams are often hindered because of the lack of finances. At Propelld, we are committed to assisting students in fulfilling their educational dreams by removing the barrier to financial access.
We also understand that documentation adds more hindrance to the education loan application process. That is why we follow a completely digital student loan application process that speeds up the approval. Propelld also offers you:
- Super Easy Loan Process: Eliminate the struggle of dealing with extensive documents by filling out your application online.
- Tailored Solutions Beyond Credit Scores: We look beyond the traditional credit scores and ensure that they don't create an issue during the loan application process.
- Income Share Agreement: Focus on your studies, as our agreement allows you to repay the loan only after you complete your education.
Conclusion
Obtaining an academic loan is an essential milestone in pursuing one's academic aims, and an affidavit plays a crucial role in facilitating this procedure. We have examined the significance of a sworn statement within the context of student loans, together with its importance and format.
If you are seeking an education loan, we at Propelld follow a seamless and digital application process. We assign a dedicated financial and loan expert to you who will guide you through the entire process step by step. We will negotiate with the lending and banking partners for better deals and terms.
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