What is the Necessity of Proof of Funds During Student Visa Process?

Getting a student visa involves lot of documentation on part of the student. Although the process has been made simpler due to online application through specialized portals, the documentation criteria remain as stringent as ever and careful attention needs to be paid while submitting the documents to the consular/visa office.rnAmong the various types of documents including previous academic records, transcripts, admission offer letter, etc., the most stringent criteria under evaluation by the visa authorities demonstrates financial sufficiency covering the student’s stay in the country for the duration of the Study Abroad Student Visa validity period. This article throws light upon what the proof of funds entails while applying for a visa. rnWhat is meant by the proof of funds?rnThe entire point of asking for proof of funds is to reassure the visa authorities of the country you are planning to study in, that you are self-sufficient in financing:rn1. Your college tuition fee and,rn2. The Living Expense rnNo country desires to admit candidates who are insufficiently funded during the tenure of their study, since it may lead to unlawful activities on part of the student, according to the visa authorities. rnThe best way by which the visa authorities ensure the financial sufficiency of candidates is by inspecting the liquid assets of the individual or his financer.rnSince only the liquid assets will serve the purpose of giving the proof of funds, it is pointless to present the data regarding valuation of property or other assets which are not covered under liquid assets. What exactly needs to be shown proof of funds? rnAs mentioned earlier, liquid assets give the accurate idea about financial sufficiency. Depending on whether you are self-funded or have taken the help of an organization, such as a bank, for your funding, the documentation differs accordingly.rnSelf-fundedrnFor those who don’t need the help of an external agency for financing the overseas education, the proof of funds that need to be shown includes the following documents:rn1. Statement of savings accountrn2. Relevant Bonds, FDs, PPFs or policies that demonstrate readily available (liquid) assetsrn3. Statement of tax returns and pay slips are also requiredrn4. Details on any Scholarships receivedrnSponsored CandidatesrnThose who have opted for overseas education loans need to show a loan sanction letter covering the amount specific to that particular country where the student wishes to study. The sanctioned amount must cover the tuition fee as well as the living expense during the student’s tenure of stay in the country. If the loan has been sanctioned against a collateral, the asset valuation report of the property also needs to be demonstrated.rnIt also helps if you already have your return ticket booked for your country, post-your course completion. This reassures the visa authorities that you do not plan to overstay and that you have sufficient funds for your return journey. To advise you comprehensively regarding Student Visa Requirements, and provide complete assistance with overseas education loans, it is advisable to contact the best study-abroad consultants in your city. To advise you comprehensively regarding Student Visa Requirements , and provide complete assistance with overseas education loans, it is advisable to contact the best study-abroad consultants in your city. Related URL: Comparing Student Visa Processes for the US, UK, and Canada