Guide to Financial Requirements for Student Visa: Documents, Bank Balance

Students who wish to study abroad generally start so by searching for suitable universities and courses. Financial documents are mandatory to establish the economic ability of international students studying while studying abroad. Each country requires different financial documentation to acknowledge the financial ability of the students. In the below-mentioned article, the candidates will get to know the details about the financial requirements for a student visa, types of documentation and country-wise document checklist.

Different Types of Documents Required for Student Visa

In order to study abroad, the first thing that international students require after receiving an offer letter from a university is a student visa. Each country recognises a student visa with a different term and follows its own unique application forms too. Refer to, in the USA, the student visa is referred to as the F-1 and the J-1 visa and to apply for this, the students must fill out the I-20 forms. In Canada, the CAS letter is filled out to get the Tier 4 student visa and so on. Below mentioned is the tabulation of all student visa-related required documents for studying abroad:

S.No	List of Documents	Particulars
1	Bank Documents	Account Statements (Minimum: 4 months Maximum: 24 months)and Official Bank Letter
2	Statement from a CA	Attested Proof of all the assets by a Chartered Accountant (CA)
3	Income Tax Statements	Income Tax Return statements for the current financial year
4	Letter of Sponsorships (or scholarships) for Indian students	Individual Sponsor Bank Statements Scholarship Award Certificate/LetterProof of Scholarship TransferIdentification document of the sponsoring authoritySponsor Consent letter by Individual/InstitutionNOC from the Scholarship Provider
5	Investments and Savings Record	Insurance Policies and Mutual Fund ReportsLatest Gold Investment Equity Investment Records (Shares, Debentures, Bonds, etc.)Postal Savings Statements
6	Proof of Employment	Income Computation StatementTeaching Assistantship/Doctoralship or Research Associate LetterSalary SlipsEmployment Letter
7	Bank Deposit Certificates	German Blocked Account Statement for GermanyGIC Certificate for Canada
8	Documents of Health Insurance	OSHC Certificate for AustraliaEHIC for the countries like Germany, France and Other EU Nations

Also Read: What is a Student Visa and How to Apply?

Country-wise Financial Requirements for Student Visa 

The students who want to study abroad for their higher education must know the living cost in their preferred countries. To clear the student visa requirements students must have a minimum amount to fund. The students who are applying to study in Canada then the student must know that the visa financial requirements of the students include a bank deposit of CAD$ 10,000 (INR 6.0 lakhs) to the GIC program. For students who want to study in the United Kingdom, the requirement for a student visa is that they need to deposit at least GB£ 11,385 (INR 11.5 lakhs) for full-term students. Australian student visa financial requirements include a deposit of at least AUD$ 20,290 (INR 10.1 lakhs) as living costs and 1-year college fees as applicable. In the USA, the student applying for the visa financially is twice the number of expenses as mentioned in one’s I-20 form. Below mentioned are the country-wise financial requirements for a student visa:

Financial Requirements for Student Visa in the UK

The candidates applying for the UK must have a valid visa for at least 12 months from the date of their application. The money totally depends on where the student is studying. The students will either need:

• £ 1,334 (INR 1.3 lakhs) per month (for up to 9 months) for courses in London.
• £ 1,023 (INR 1.03 lakhs) per month (for up to 9 months) for courses outside London.
• The candidates must have this money for at least 28 consecutive days. The end date of the 28-day period must be within 31 days of the date you apply for your visa.

Documents Required for the UK

The students who want to study in the United Kingdom for higher education, the documents required are mentioned below:

1. Proof of finances

• Bank Letter for the proof of available sufficient funds
• Deposit Certificate – GIC (Guaranteed Investment Certificate)

2. Self-Funding Proof of accounts

• Letter of consent if the candidate is using their parent’s account
• Bank statements of candidates’ parent(s)

3. Consent Letter

• Unconditional Consent Letter issued by the Government or the International Scholarship Agency 
• Conditional Consent Letter in Case of Partial Sponsorships

4. Scholarship Provider Consent and NOC
5. Bank Account Statement (not older than 31 days)
6. Education Loan Documents

• Loan Agreement Letter
• Loan Sanction Letter
• Bank Approval Letter for the usage of funds

g) Sponsorship/Scholarship documents

• Sponsor letter along with the official stamp of the sponsor institution/individual
• Consent Letter
• Unconditional Consent Letter from Government or International Scholarship Agency
• Conditional Consent Letter, in case of Incomplete Sponsorships

h)  Certificate of Scholarship Award

Financial Requirements for Student Visa in the USA

If the student will be in the United States on an F-1 visa, then the existing financial resources must clearly cover a 12-month academic term. The student must be prepared to prove that their further years of study will be covered as well. If the student will be in the United States on an M-1 visa, their financial resources must cover their entire 12-month (or shorter) study term. Tuition fee alone (the fee to attend school) can be high in the United States, ranging from about $5,000 (INR 4.10) a year at public or state schools to around $50,000 (INR 41.0 lakhs) a year at prestigious private colleges or universities. Graduate and professional schools – even public ones can be even more expensive.

Documents Required for the USA

The students who are applying for higher studies in the USA will require certain documents as follows: 

1. Proof of Liquid Assets
   1. 2. Original copies of Financial Investments
   2. Investment Account Statements
   3. D-Mat Account Statements
   4. Mutual Fund Account Statements
   5. Interest Statements of Cash Deposits (FD/RD/Postal Savings, etc.)
2. Proof of Non-Liquid (Immovable) Assets
   1. Land inspection certificate issued by competent authority (Municipality, City Development Authority, etc.)
   2. Land Sale Deed and Owners’ Agreement
   3. Commercial Asset Statement (Infrastructure, deposits, non-tangible assets)
3. Education Loan Documents
   1. Loan Agreement letter
   2. Loan Sanction letter
   3. Bank Approval Letter for the usage of funds
4. Government Deposits
   1. PPF/EPF Statement Copy
   2. Government Savings Scheme Statement
5. Payment receipt of SEVIS Fee for USA Student Visa Application
6. Bank Statements (at least of the last 6 months)
7. Income tax returns (at least for the last 3 years)
8. Scholarship or Sponsorship Certificates
9. Proof of Employment
10. CA Statement of Assets and Liabilities

Financial Requirements for Student Visa in Canada

Tuition fees in Canadian universities vary by institution and province, but the cost is generally more affordable when compared to other countries around the world. Technical and medical courses are more expensive than art courses. On average, the tuition and fees range from CAD 7,000 (INR 4.20 lakhs) to CAD 35,000 (INR 21.04 lakhs) per year for an international student.

Documents Required for Canada

The students who are applying for higher studies in Canada will require certain documents which are as follows: 

1. Education loan: proof of funds
   1. Copy of the loan agreement
   2. Letter of consent/NOC from a recognised and accepted bank
2. Statement of paid tuition fees and accommodation
3. Canadian Bank Account Statement
4. Letter of Sponsorship
   1. Issued by the employer which includes employment contract 
   2. Issued by a Canadian individual/organisation which includes a consent letter
   3. Or from an Indian institution (academic/professional/government) which includes particular details about the sponsorship program, time-tenured terms
5. Bank draft against minimum proof of funds required
6. Proof of Canadian visa application fees (receipt)
7. Scholarship Proof or Fellowship Proof
   1. Scholarship award letter/certificate
   2. Fellowship (TA, DA, RA) Approval Letter
   3. Linked bank account statement to the scholarship fund

Also Read: USA Student Visa

Financial Requirements for Study Visa in Australia

To have an Australian student visa, the candidates need to show a minimum bank balance of AUD$ 59,000 (INR 32.38 lakhs) for a university course and AUD$ 40,000 (INR 21.95 lakhs) for a vocational course. The students can present proof of this fund through bank statements, loan approval statements from a financial institution, or a scholarship award certificate.

Documents Required for Australia

The students who are applying for higher studies in Australia will require certain documents which are as follows: 

1. Education Loan documents
   1. Education loan permission letter and agreement
   2. NOC for the handling of funds
2. Scholarship financial documents
   1. Scholarship award letter (incl. details of amount and tenure)
   2. NOC for the usage of scholarship funds
3. Acceptance Advice of Secondary Exchange Students forms for secondary exchange students
4. Bank account and investment statements
   1. Copy of savings, fixed deposits (FD), recurring deposits statements
   2. Mortgage letter for an education loan taken against the property
5. Proof of other funds 
6. Overseas Student Health Cover (OSHC) Certificate from a registered medical institution in Australia

FAQs

For candidates who want to study abroad and want to take admission to the top universities then the above blog has covered the Financial Requirements of a student visa. If you want to ease your study abroad journey, build a preparation plan with Leverage Edu’s Leverage Live Classes and call us at 1800-572-130.