Studying abroad is a dream for many Indian students. To accomplish this dream, students have to go through an intensive application process, from preparing for entrance exams to submitting academic transcripts. It also requires students to collect a range of documents and apply before the deadline. However, it doesn’t stop here, once these formalities have been completed, we have the next step that involves a new set of paperwork necessary for the student visa. One such pertinent document is the Evidence of Financial Support. All international students must provide proof that they can financially sustain themselves and pay for their course tuition in the desired country. In this blog, we will focus on evidence of financial support and what documents can be presented as evidence of financial support.
This Blog Includes:
What is Evidence of Financial Support?
The first essential document needed for student visa applications is Evidence of Financial Support. Almost all countries require proof of financial support from the students to find out whether or not they have required financial funds to pursue studies abroad. It acts as evidentiary proof of whether a student can bear the cost of studying abroad and meet the cost of attendance at a university. The cost of studying abroad includes a number of expenses-
|Types of Expenses
|Lectures, seminars and tutorials, field trips, access to the library, computer facilities, campus services, students’ union membership & graduation ceremony service
|Living Expenses: One- Time
|Flight cost, Application fees, Test fees & miscellaneous expense
|Living Expenses: Recurring
|Food, Accommodation, Travel cost & miscellaneous expense
Documents Accepted as Evidence of Financial Support
There is no standard list of documents that would be required by countries abroad. As the application process for the countries varies, so do the student visa requirements and accordingly the list of documents that are required as proof of funds. Every country’s student visa and university requirements list a separate set of acceptable documents that act as evidence of financial support. Candidates can submit more than one proof (unless a specific account/ deposit is requested) that can be combined with another. Here is a list of acceptable documents:
Bank Account Statements
This is the most common document for evidence of financial support that universities and visa applications require for admission. However, there are certain points that must be noted by the students –
- The tenure of the bank statement must be clearly specified as asked by the university.
- The bank statements should be a scanned copy duly signed and stamped by the respective bank.
- The statement submitted must be of the person specifically asked for. If a university asks for the evidence of support of a parent/ guardian or spouse, then the statement should be of the person’s savings account.
- Universities and Visa offices generally accept savings account bank statements.
(Note: Current Account Statements are generally not accepted. However, it is always best to confirm before submitting the same.)
Loan Approval Letter
In certain cases, students can also submit a loan approval letter as evidence of financial support. The letter by the bank must specify the approval of the bank and the amount given to the student for her/his course of stay for higher education abroad. Here are a few pointers that a student must keep in mind:
- The letter should necessarily mention “The Loan of Rs. _____________ has been fully sanctioned and all terms and conditions are completed except disbursement.”
- The letter should be duly signed and stamped by the respective bank.
- The amount of loan and the student’s name must be clearly specified in the letter.
- The letter must include a promise to disburse the amount as and when specified
Scholarship Approval or Grants Letters
If students have been awarded a scholarship, that can also be submitted as evidentiary proof of financial support. This letter is usually provided by the University/Institution granting the scholarship. In the case of governmental grants, a copy must be submitted as proof.
As the name suggests, this certificate is prepared by a Chartered Accountant. This document essentially covers the list of assets and liabilities held by the student. This includes both current and fixed assets. The document must be signed by a certified CA and submitted to the university as evidence of financial support.
Affidavit of Support/ Sponsorship
Affidavit of Support is not evidence of financial support rather a validation of financial support that has been provided to the student. Affidavit of Sponsorship is submitted along with a Proof of Income and/or Bank Letters. An Affidavit of Support or Sponsorship is basically a legal and notarized document on a stamp paper which specifies that another person (parents/ spouse/ relative) is willing to sponsor your education by paying for (or can afford) your fees and living expenses. This legal document directly binds the other person to take charge of all financial responsibility for the cost of studying for the student. Here are a few pointers that a student must keep in mind:
- The Affidavit of Support can be provided by a distant relative and direct blood relations. Spouses are also considered acceptable.
- It should be on the stamp paper that is available at the local courts.
- When the sponsorship is from an uncle/ aunt, the document should mention the reason for their sponsorship and also claims that they have enough funds to bear their own/ family unit expenses
Loan Capability Certificate
Another document for providing evidence of financial support is Loan Capability Certificate. As the name suggests, this certificate is issued by banks claiming that they are willing to provide a loan if the student gets admitted to the university abroad. The loan capability certificate must include the following –
- Amount of loan
- Student’s name
- Willingness of the bank to grant the loan
- It should be signed by the bank
These letters issued by the banks specify the nature of the account held by the student and the balance in the account. These letters must be provided by banks and can be used as evidence of financial support. Here are a few pointers that a student must keep in mind:
- The letter must have the name of the person/ persons who hold the account with the bank.
- The letter must specify the kind of account (savings/ current/ joint).
- The years for which the person has held the account in that bank must also be mentioned in the letter.
- The letters must also mention the balance in the account/s with its converted amount and the rate of conversion used.
This was all about the documents for evidence of financial support. These documents are essential to the study abroad application process; they must be verified by the embassy and must not be tampered in any form. If you are applying to study abroad then contact our LeverageEdu experts to make the application process more fun and less arduous! Sign up for a free session today!