PR & Visa

Financial Proof For Student Visa Interview: USA, Canada, UK, Germany & More

Financial Proof For Student Visa Interview: USA, Canada, UK, Germany & More

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Know the required proof of funds and financial documents for F1 visa. Along with financial proof of funds required for Canada, UK, Germany, Australia & New Zealand.

GyanDhan

Ananya Ghai

Updated on: 23 Oct 2023

 

When applying for a study visa, one crucial aspect that often comes into play during the interview process is providing financial proof of funds. Financial proof of funds is a requirement to ensure that visa applicants possess sufficient financial resources to support themselves during their stay in the destination country.


The visa interview is a crucial step in the process of pursuing higher education abroad. Its successful completion is essential for finally embarking on the journey to study at your desired university. Let’s delve into the financial proof for visa interview requirements for each country.

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Proof of funds for a USA student visa

To obtain an F1 student visa, you must provide 6 - 9 months old bank statements for a US visa convincing financial proof of funds to support your education and living expenses.

It is crucial to provide an amount equal to or exceeding the I-20 requirement when presenting your financial documents. This amount should cover the tuition fees and living expenses for the first year of your university program. Remember that proof of financial support is a significant factor in obtaining your F-1 visa. For example, the amount mentioned in your I-20 is USD 25,000 for the first year. Then, you need to show an amount close to USD 38,000. 

Did you know, when presenting bank statements for a US student visa, it is necessary to demonstrate a minimum funding amount covering one year of tuition fees and living costs for international students in the USA. Additionally, meeting the financial requirements for the F-1 visa entails providing supporting documents, such as proof of funds indicated in the I-20 form.

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Proof of funds for a Canadian student visa

Canadian Student visa requirements are quite simple. The financial support proof for the Canadian student permit is as follows - 

  1. list items Guaranteed Investment Certificate of CAD 10,000.
  2. list items Proof of first year’s tuition fee receipt.
  3. list items Proof you paid housing fees (on-campus or off-campus).
  4. list items Proof of funding paid from within Canada, if you have received a scholarship or are in a funded program.
  5. list items Bank statement of the last 4 months proving that you have funds for subsequent years of education.
  6. list items If you have taken an education loan, then the sanction letter should show the amount you can receive.  

*For Designated Learning Institutes (DLIs) outside of Quebec, the amount to be shown above will increase. 

Proof of financial support to be shown for DLIs within Quebec - Students should have the financial capacity to cover the following:

  1. list items Tuition fees
  2. list items Transportation costs (to and fro the country of residence)
  3. list items Settling-in expenses for the first year - CAD 500
  4. list items Living expenses for the duration of the stay - For the year 2021, living expenses for students 18 and above are set at CAD 13,134.
  5. list items Health and Hospitalization insurance cost.
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Proof of funds for a German student visa

Proof of funds to study in Germany is quite simple. Students have to open a Germany-blocked account (Sperrkonto) and deposit €11,172 for living expenses in that account. This is irrespective of the type of university you will attend, that is, public or private. Education is free in public universities, even for international students. So, there won’t be any added expense apart from the nominal semester fees of 300 to 400 Euros, depending on the course and the program. However, if you are admitted to a private university, then the expenses would be higher, and you will have to show that you have paid the requisite fees. 

Proof of financial support for the German Student visa:

  1. list items A blocked account with the amount set by the Government.
  2. list items Submitting documents of your parent’s income and financial assets
  3. list items Scholarship award, if any
  4. list items Bank guarantee in case of an education loan  

Did you know that education is free in public universities, even for international students. So, there won’t be any added expense apart from the nominal semester fees of 300 to 400 Euros, depending on the course and the program. However, if you are admitted to a private university, then the expenses would be higher, and you will have to show that you have paid the requisite fees.


 

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Proof of funds for an Australian student visa

The Australian Student Visa - Subclass 500 Student Visa permits students to stay up to 5 years in the country. The actual length of the stay is determined by the duration of the program and course. The visa fee is AUD 650. To submit the proof of financial support for the Australian Student visa, you can show the - 

  1. list items Deposits of money from a financial institution, an education loan sanction letter,
  2. list items Government loan
  3. list items Scholarship amount.

→ If your course duration is less than 12 months, then show proof for the entire amount. If it is more than 12 months, then use the first 12 months as proof of financial support. If you have paid any amount, deduct it and then show the amount. You will have to present the receipt or Confirmation of Enrollment to show that you have paid the amount. 

→ The living cost is set at AUD 21,041 for a student. If a family member is accompanying, then the cost will vary. 

→ In the amount you need to present, add the travel cost of AUD 2,000. 

Apart from this, you need to provide evidence that you have genuine access to the funds:

  1. list items In the case of an education loan, the most genuine form of evidence is the proof of disbursement of funds. You can apply for a loan via GyanDhan to get your funds disbursed before your visa is approved.
  2. list items In case you are depositing money directly, explain their source.
  3. list items In case someone is providing you with funds, then explain your relationship with them, their identity documents, and evidence of financial support they have given to you.
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Proof of funds for a New Zealand student visa

The Government of New Zealand has officially stated the money students need to show as proof of financial support for the student visa. It is as follows - 

  • list items Study fees - Most students pay the entire study fee. Estimated study fees for different levels of study are - Diplomas/Certificates - a two-year diploma in engineering will cost around NZD 18,500. Bachelor’s degree - fees will range from NZD 22,000 to NZD 32,000. Postgraduate degrees - fees will range from NZD 26,000 to NZD 37,000.
  • list items Diplomas/Certificates - a two-year diploma in engineering will cost around NZD 18,500.
  • list items Bachelor’s degree - fees will range from NZD 22,000 to NZD 32,000.
  • list items Postgraduate degrees - fees will range from NZD 26,000 to NZD 37,000.
  • list items Living expenses - NZD 15,000 for the first year of study, or NZD 1250 for each month if your program of study is less than 36 months.
  • list items Approved medical and travel insurance.
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Proof of funds for a United Kingdom student visa

You must have enough funds to pay for your tuition fees and living expenses. The amount you need to show depends on - 

  1. list items Course fees
  2. list items Duration of your course
  3. list items Whether you have already paid some money to your sponsor
  4. list items Where you are studying
  5. list items Accommodation

The proof of financial support for the UK Student visa is as follows:

  1. list items Course fee - receipt of the fee paid for the course, or funds to pay for the course for at least 12 months,
  2. list items Financial requirement - you should have enough money to support yourself. The amount depends on where you will be living - £1,334 per month (for up to 9 months) for courses in London £1,023 per month (for up to 9 months) for courses outside London
  3. list items £1,334 per month (for up to 9 months) for courses in London
  4. list items £1,023 per month (for up to 9 months) for courses outside London
  5. list items If you are staying at a residential independent school, you need to pay the boarding fees. The amount you need to pay will be mentioned on your CAS.
  6. list items The living expenses have to be with you for at least 28 consecutive days.  

If you are relying on an education loan to fund your UK education, then your sanction letter should - 

  1. list items Be dated no more than 6 months before the date of visa application
  2. list items Loan amount is to be stated clearly
  3. list items State that you have access to the funds and that there are no conditions on the release of the loan amount.  

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Documents accepted as financial proof

Documents required for visa financials are not standardized. Each country has its own unique application process, including specific requirements for student visas and proof of funds. Therefore, the necessary documents may vary depending on the country and its visa regulations.

However, GyanDhan has compiled a list of documents that can be used to depict financial proof.

  1. list items Bank statements
  2. list items Sanction or disbursement letter
  3. list items Sponsorship affidavit
  4. list items Bank letters
  5. list items Property evaluation document
  6. list items CA report


Presenting convincing financial proof of funds is crucial for a successful visa interview. By following the guidelines outlined in this comprehensive guide, you can demonstrate your ability to support yourself financially during your stay abroad. Securing an education loan for studying abroad is a major decision, and selecting the appropriate lender plays a vital role. It is essential to make a well-informed choice by carefully assessing the loan terms and services provided by various lenders. 

To make an informed decision, GyanDhan can help you select the best lender for your abroad education loan. We ensure that you receive the most competitive education loan available and therefore we start your loan process with multiple lenders. Not only this we also help students throughout their abroad education loan journey which goes from evaluating one’s profile and then selecting the best lender for you followed by constantly following up with the bank and intervening if any hurdles come up. So don't let this opportunity slip away and check you  loan eligibility now with GyanDhan. 

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Frequently asked questions

How many funds are required for a Canadian student visa? 

The Canadian government provides guidelines on the minimum amount of funds you must show for your study permit application. The minimum amount required for living expenses is CAD 10,000 per year (in addition to your tuition fees). 

Is loan sanction letter enough for a visa?

A loan sanction letter alone is generally not sufficient for a visa application. While a loan sanction letter demonstrates that you have been approved for a loan, it does not provide comprehensive proof of your financial ability to support yourself during your stay in a foreign country.

How old should a bank statement be for a visa interview?

In many cases, a bank statement that is within the last three to six months is considered acceptable for a visa interview.

How much bank balance is required for a US student visa?

There is no said minimum bank balance while applying for an F-1 visa in the USA, however, USD 10,000 should be reflected in the previous 6-9 months of statements.

How old bank statement for a US visa?

Applicants are required to submit atleast 6 - 9 months old bank statements for a US visa.