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Visa, passport, letter of admission, etc are the list of documents required to study abroad. But are study abroad aspirants aware of the specific financial documents required for studying abroad?

We believe not completely. So, ensure that you are not tangled in the last-minute rush or hassles, and have your informed preparation in place we have specifically summarized what financial documents are required for studying abroad.

So let鈥檚 get started.

9 Financial Documents Required for Studying Abroad

Studying abroad has been an aspiration for many Indian students. The major benefits of studying abroad like high ROI and job prospects, the opportunity to experience innovative education systems, etc have greatly influenced the young generation鈥檚 ability to dream of high.

However, studying abroad could only be your reality when you demonstrate the ability to meet the proof of funds or financial capacity. At many universities abroad this is a considered factor for eligibility, which can be proved through bank letters, scholarship letter, loan acceptance letters, etc.

The comprehensive list of financial documents required for studying abroad includes:

1. Bank Statements

What financial documents are required for a student visa? Applicants who wish to apply for a student visa or university compulsorily need to provide their or their sponsors鈥� bank account statements for the mentioned (specific) period in the university or consulate's specified format, however, it is typically around 6 months.

• The statements should be of saving account as statements of current accounts are not accepted.
• Check with country specific requirements for example, in Sweden, funds must be in the student's personal account only.
• The statements should be original, scanned copies that have been duly attested by the bank.
• Adhere to university-specific period requirements (if any).

2. Affidavit of Sponsorship

An affidavit of support or sponsorship is a validation of financial support, confirming their ability to support the student鈥檚 education abroad.

• The affidavit must compulsorily state the sponsor relation with the student and their financial capacity.
• The affidavit needs to be a notarised document on stamp paper and should only be provided by a close relative parents, or spouse,
• This affidavit is a common practice in countries like the USA, Australia, etc.
• This affidavit needs to be backed by the sponsor鈥檚 documents like proof of income, bank letter, etc.

3. Scholarship Letter

If a student has successfully gained a scholarship then he would need to attach the scholarship letter as evidence of his financial capacity.

• For students who have received university-specific scholarships, the letter is provided by the university or institution itself.
• If you have secured a government scholarship, then ensure to attach a copy of the provided grant documents.

Also Read:

• International Scholarships for Indian Students
• Insights About The Scholarships For Abroad Study

4. Loan Capability Certificate

A loan capacity certificate is different from an approval letter. This is an often practice by universities in the USA without which they do not issue student鈥檚 I-20. This is a letter by the bank that certifies their acceptance that they will be providing a loan in case the student gets admitted to the abroad university. The loan capacity certificate should include the following

• Student details
• Willingness and promise of the bank to grant a loan
• Amount of grant (eligibility)
• Should be on Bank Letterhead, and must be duly attested.

Also Read: How to Secure an Education Loan without Collateral?

5. Loan approval Letter

Students availing of a student loan for study abroad would need to provide a loan approval letter as their proof of funds. You can get it from the bank through which you have applied for the loan for your abroad studies.

• The letter should only be on the bank鈥檚 letterhead, and duly attested
• The loan details should be clearly mentioned in the letter along with the promise of disbursement of the amounts as and when specified.
• Ensure that the provided approval letter aligns with the university requirements to be eligible.

Also Read:

• Best Education Loan for Abroad Studies
• Government Education Loan for Study Abroad

6. Bank Letters

This is the official letter provided by the bank to specify the student/ sponsor account details i.e. the nature of the account, bank balance, etc. The bank letter must include the following details:

• Account holder鈥檚 name
• Details like kind of account, relationship tenure, etc.
• Balance in the account (details with the converted amount in the respective currency and the conversion rate).
• Bank letters can also include details about fixed deposits held with them. However, the eligibility of FD amount is country-specific

7. Property Evaluation Report

These are mandatory financial documents for student visa if the student has availed of a collateral student loan. Visas for countries like Australia, New Zealand, etc mandated to attach Property Evaluation Report along with their Loan Approval Letter. The bank or the respective financial institution provides the reports. The Property evaluation report has the following data

• Property details (location, size, and other specifications)
• Pictures of the property
• Proof of Ownership of the evaluated property

8. CA Certificate

Few countries also require students to provide a CA certificate - which is prepared by a certified CA specifying the details of actual assets and liabilities of the student or sponsor. The certificate includes:

• Current assets details (i.e. of bank accounts, fised deposits, shares, etc.)
• FIxed assets (land, gold, properties, etc)
• The document must be duly attested and the format should be aligned with country-specific visa requirements

9. Tax Documents

Tax documents serve as a strong demonstration for proof of funds to support your study and stay in the foreign country, as ITR specifies the person鈥檚 available funds summary. This is also a crucial document for availing student loans for study abroad.

What Documents are Required to Apply for a Student Visa?

While every country has its own specific requirements for applying for a student visa, the generic list of documents required to apply for a student visa from India include:

• Valid Passport
• Filled in Student Visa Application Form
• Passport Size Applicant Photos
• Language Proficiency Test Score (IELTS, TOEFL, etc.)
• Standardized Test Scores (SAT, ACT, GRE, GMAT, etc)
• Proof of Admission
• Statement of Purpose
• Proof of Funds Documents
• Updated Resume
• Birth Certificate
• Marriage Certificate (if any)
• Health insurance Document
• Other documents (as per specified)

Fulfill Your Study Abroad Aspirations With 成人每日大赛 Assistance

While preparing the required documents for your application for a student visa it is important to understand that missing even a single document could lead to your visa rejection reason. Hence forth it is suggestive to seek guidance from study abroad experts like 成人每日大赛, who would ensure all your visa and admission requirements are mapped and met.

Book Your Free Consultation, for personalized assistance with the student visa application process, interview preparation, document sorting, IELTS or TOEFL training, and much more