What Qualifies as proof of Funds for student visa process
Ever been in a situation where you have to fill out long meticulous forms, produce dozens of documents, and then wait for them to get approved?
If not, that sums up the international student visa process for you.
Imagine if you make one tiny mistake after all that hard work and now you have to go through the entire process again.
Good thing you just have to imagine it and not go through it, because the internet has landed you on the right page.
Read this full piece and get details on everything about proof of funds for the international student visa process.
Table of Contents
● What Qualifies as Proof of Funds for Student Visa Process?
● List of Financial Documents Required for Student Visa Process
○ Bank Statements
○ Scholarship Letters
○ Sponsorship/ Affidavit of Financial Support
○ Loan Approval Letter
○ Bank Letters
○ Property Evaluation Report
○ Loan Capability Certificate
What Qualifies as Proof of Funds for Student Visa Process?
Every country has different requirements for international students of different nationalities. There is no standard list that applies to every country.
So, we have curated a list of documents for you that are more or less common for the visa process in all countries.
1. Bank Statements
You will have to provide your bank account statements for the past set period of time. For instance, for Canada Study Permit, you need to submit your bank statements for the past four months.
For the US Study Visa, on the other hand, you will have to submit your bank statements for the past three years.
Other than the set duration, here are some things that you must get clarity on as these are country-specific formats.
● Some countries specifically require the saving account statements of the student, whereas some require statements of the person supporting the student.
● Usually, the Current Account Statements are not accepted. So, you have to confirm whether your destination country requires your Saving or Current Account Statements.
● The scanned copy of your statements should be duly signed and stamped by your bank. It shouldn’t be an e-mail attachment or a digital copy produced through Net-banking.
2. Scholarship Letters
● If you have availed a scholarship, this document is a must for you.
● You can use your scholarship letters to prove your financial capacity.
● Whether it’s a scholarship provided by an institute/ university or a government grant, you will have to attach a copy of the official document with your Visa application
3. Sponsorship/ Affidavit of Financial Support
This particular document is not strictly a proof of funds. However, if your program is being sponsored by someone, you can produce an Affidavit of Support to validate your financial capacity.
Some universities in the US and Australia as for this document along with other financial documents.
This is basically a notarized document proclaiming that another person will be sponsoring your education along with the living expenses. While providing this document, keep a few things in mind:
● You may have to attach the Proof of Income/ Bank Letters of the sponsor along with this document.
● Often, direct blood relatives are required to provide this affidavit. Your parents, spouse, grandparents, maternal and paternal aunts, and uncles can provide this, but a distant relative can’t.
● If your aunt or uncle is providing the document, the affidavit has to clarify the reason behind their sponsorship along with claims of sufficient funds.
4. Loan Approval Letter
If you have taken a loan, you can easily collect a Loan Approval Letter from your bank and use it as proof of funds.
But before you submit the document, keep in mind that:
● It must be duly signed and stamped by the bank
● It must clearly specify the loan amount along with your name
● Must have a specified date of amount disbursement
● Must mention that the loan has been fully sanctioned after meeting all the terms & conditions.
5. Bank Letters
● These are the documents that are provided by your bank mentioning important information like the nature of your account, balance, etc.
● All these letters must be duly signed and stamped by the bank.
● To reflect the account balance, the document must also clarify its conversion in the currency of the country of your choice along with the conversion rate. (For eg. Account Balance = ₹ 12,00,000, equivalent to US $ 25,875.02 at a conversion rate of US $ 1 = ₹ 77.29.
● Bank letters reflect Fixed Deposits (FDs) helped by sponsors as well. Certain countries do not accept FD amounts. So, you will have to check with the official authorities on that.
6. Property Evaluation Report
● If you are looking to study in New Zealand and Australia, you might have to produce this document.
● You will need to submit this document if you have taken a student loan against your property.
● A competent authority like a financial institution or your bank prepares this comprehensive report.
● For this report, you will need details like images of the property, size, specifications, and ownership documents.
7. Loan Capability Certificate
● This is not a Loan Approval Letter, however, somewhat similar. Many universities in the US as for this certificate to issue form I-20.
● As the name suggests, this document is provided by the bank proving that you are capable of getting a loan for your education.
● The certificate must include information like your name, loan eligibility amount, etc.
● Just like every other bank-issued document, this one should also be duly signed and stamped.
Other than these documents, you can also provide an EPF or GPF statement confirming withdrawal availability, a CA Certificate, etc.
All these documents to just begin the process?
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