How To Make An Affidavit for an Education Loan: Procedure, Format and Required Documents

How To Make An Affidavit for an Education Loan involves drafting a sworn declaration confirming identity, income, parental responsibility, and loan repayment intent. The affidavit is written on stamp paper, signed by the applicant or parent/guardian, and attested by a notary. Banks and NBFCs require it when financial documents are missing or insufficient. Submitting a properly drafted affidavit helps establish credibility and ensures faster education loan approval.

What Is an Affidavit for an Education Loan? 

An affidavit for an education loan is a legally sworn statement submitted to a bank, NBFC, or government lender to officially confirm details such as a student’s identity, family income, parental/sponsor responsibility, repayment intent, or explanation of missing documents or gap years. It is executed on stamp paper and notarized, helping lenders verify facts, reduce risk, and speed up education loan approval and disbursal. Read our guide explaining what an affidavit is.

When Do Banks Ask for an Education Loan Affidavit? 

Lenders request an affidavit for an education loan when gaps, inconsistencies, or certain commitments need formal, legally verifiable clarification beyond standard documentation. [1]

• Parent/guardian income proof unavailable: When the co-borrower's income is difficult to substantiate using standard documents such as salary slips or IT returns.
• Clarifying financial responsibility: To officially commit the parent/guardian as the co-borrower or guarantor.
• Gap in employment/income: If there is a break or gap in the student's or co-applicant's academic or professional history.
• Clarifying sponsorship for students: To confirm the student is not receiving dual funding (e.g., from another scholarship or organization) for the same course.
• Confirming funds for abroad studies: Often required to prove the source of margin money or additional funds needed for overseas education.
• Supporting documents are missing: When specific financial documents (e.g., specific salary slips or IT returns) are temporarily incomplete or unavailable.

Types of Education Loan Affidavits and Their Purpose 

There are several types of affidavit certificates that a bank may request, each serving a unique purpose to verify the applicant's background and commitments. [2]

Documents Required for Education Loan Affidavit 

To execute a legally valid affidavit for an education loan, the affiant must present the notary officer with specific identification and supporting proof related to the loan application. [3]

• Identity proof (Aadhar, PAN, passport) of both the student and co-applicant/guarantor (the affiant).
• Address proof of affiant (e.g., utility bill, voter ID).
• Student's admission letter (to verify the course and institution details).
• Income proof (salary slips, ITR, bank statements) related to the financial details declared in the affidavit.
• Relationship proof (e.g., birth certificate) if the co-borrower/guarantor is the parent.
• Property documents (if the affidavit relates to collateral being pledged).
• Photographs (passport-size photos of the affiant).

How to Make an Affidavit for an Education Loan? 

Creating an affidavit is a five-step process. This outlines how to make an affidavit for an education loan. [4]

Step 1: Draft the Affidavit

The affidavit must be clearly drafted in the first person ("I," "my"). The document should include full personal details, the loan amount, the name of the course and institution, and a solemn declaration of the facts (e.g., financial support, no other loan) in numbered paragraphs. 

Step 2: Use the Correct Stamp Paper

The drafted affidavit must be printed or typed onto non-judicial stamp paper of the appropriate value. This value is determined by state law, typically ₹10 or ₹20 for basic affidavits, but sometimes higher depending on the loan amount or specific state requirement. Utilizing services that provide an e-affidavit can simplify this step.

Step 3: Attach Required Documents

The affiant must ensure all supporting photocopies such as ID proof and relevant financial documents are attached to the affidavit as annexures before visiting the notary.

Step 4: Visit a Notary Public

The affiant(s) must personally visit a Notary Public or Magistrate. The affidavit must be signed in front of the notary after they verify the affiant's identity. 

Step 5: Get the Affidavit Notarized

The notary, the one who can notarizes the affidavit, then completes the attestation process by adding their official seal, signature, and registration number, making the document legally valid and ready for submission to the lender.

AFFIDAVIT FOR EDUCATION LOAN

I, [Full Name of Student],
son/daughter of [Father’s Name],
aged [Age] years,
resident of [Full Address],

do hereby declare and affirm as follows:

1. That I have applied for an education loan from [Bank/Financial Institution Name] to pursue higher studies in [Course Name] at [College/University Name].
2. That the total course fee and related expenses amount to [Amount in Words and Figures].
3. That I will use the loan strictly for educational purposes, including tuition, books, accommodation, and other necessary expenses.
4. That I will repay the loan according to the terms and conditions agreed upon with the lending institution.
5. That all the information provided herein is true and correct to the best of my knowledge and belief.

Place: [City]
Date: [DD/MM/YYYY]

Signature of Student: ____________________
Name: [Full Name]

Cost and Processing for Education Loan Affidavit 

The stamp paper used for an affidavit for an education loan commonly costs between ₹20 and ₹100, depending on the state and specific requirements. Notarization fees charged by the Notary Public typically range between ₹50 and ₹200. If professional drafting assistance is used, charges may vary from ₹200 to ₹500. The total processing time is highly efficient; with all documents ready, the drafting, printing, and notarization process can often be completed within 1 to 2 hours, making same-day completion highly feasible. [4]

Is a Notarised Affidavit Mandatory for Education Loans? 

Yes, most traditional banks, including public and private sector lenders, require notarization for the affidavit for an education loan to ensure authenticity and legal enforceability. However, some newer Non-Banking Financial Companies (NBFCs) may, in limited cases, accept digitally signed affidavits for initial processing. 

How NoBroker Can Help with Education Loan Affidavits?

Securing the required legal documents quickly and correctly is simplified with expert assistance. NoBroker provides bank-specific education loan affidavit pdf formats, ensuring the document meets all lender requirements. We assist with proper drafting in accordance with lender guidelines, arrange stamp paper procurement, and connect you with verified Notary Publics for efficient, legally compliant attestation. By using our service, you ensure the affidavit for education loan is accurate and ready for submission, streamlining your entire loan application process.