University of North Carolina, Chapel Hill, asks for a financial certificate, where not only the first year expenses have to be shown but also a pledge that I can bear the expenses for the whole course. I can afford to show 37000$ for a year, but my concern is should I have to show 37000 * 5 = 185000$ which amounts to around 8.3 million Rupees. If I pledge that I can bear this expense, does that mean I need to show evidence for that amount? Also will such evidence for full course expense be mandatory required for visa purposes?
Bank Balance and I-20
To get I-20 you are required to show bank balance through bank statement of financial affidavit form that covers your first year graduate school expense. In your case it will be $37,000.
I suggest you read the following posts
Affidavit is the pledge you have make, stating that you have sufficient funds to bear the expenses for duration of your course. If you don’t get financial aid, then you have to pay from your pocket (or through student loan). Since you are applying for PhD, you shouldn’t have any problem in getting some form of funding.
If university doesn’t provide their affidavit form, you can get an affidavit in India using the Stamp paper and get it signed by a notary public.
It’s not required to get affidavit for all teh schools you apply. So, get one original affidavit and make photocopy and have that attested by same notary and send that affidavit along with other application documents.