Being a student eager to apply for studying abroad, it is natural to have a wide range of questions regarding your Visa. Among such questions, the one that gets highlighted the most is “proof of funds.” The complete comprehension of proof of funds will not saturate until you get a wholesome grasp of what it really is.
At the most rudimentary level, proof of funds refers to reassuring the country you are visiting that you are financially capable of affording your trip to that particular country. Now, this reassurance can be provided by showing that you have access to a particular sum of liquid cash. This sum is essentially determined by the embassy of the country you are visiting. You will have two deciding factors in fixing your required sum of the fund. The deciding components being – tuition fee and other educational charges, and living expenses of the country. It is needless to say that the asking sum of the fund will be different in different cases.
Apart from educational charges and living expense, there are other factors as well, that loop in, e.g.
- The country you are a citizen of – the financial status of your country will indirectly reflect your credibility.
- If you are a holder of any particular scholarship program.
- If you have already booked a return ticket – it reassures the country that you have no intention to extend your stay, as well as, you can afford your way back home.
The most direct way to acquire precise information would be to get in touch with the embassy promptly, however, the process could get time-consuming and tedious. A more convenient way would be to check out the trusted sites related to abroad education loan.
A generalized asking sum for proof of funds with different nations:
- Canada: 10,000 Canadian Dollars yearly
- Australia: 19,830 Australian Dollars annually
- Ireland: 7000 Euros per year
- UK: 11,385 Pounds per year ( London,) 9,135 Pounds per year ( other than London.)
- Germany: 8,040 Euros yearly
- France: 7,380 Euros per year
- Netherlands: 10,344 Euros per year
- Sweden: 7,974 Swedish Kronas per year
Documentations for proof of funds
There are varying requirements for proof of funds. Most often, more than one variety of documents could equally suffice as proof of funds. You must remember that, when you provide your proof of fund, the valuation of your entire asset is irrelevant. The embassy wants to get proof of the liquid asset you can access without difficulty.
The documentation will mostly depend on the nature of the financing. Are the expenses self-financed? Or is it sponsored? Or is it going to be on loan? Strictly depending on these questions, you will need to furnish your documents.
Self-financed: In case of a self-financed visit, you could provide your bank statement. A letter from the bank stating the nature of your account and details on existing balance and transactions could also help. CA certificates of both your actual assets and liabilities are yet another proof against your funds. Your assets will include both your current and fixed assets. Statement of your tax returns and pay slip will also work as well. In the case of a scenario where you are going to work alongside studying, then you could provide your employment letter as well.
Sponsored Fund or Education loan: In case of a sponsored fund, all the documents as mentioned above will work but not of self, but the sponsor. However, you might be required to deliver GPF/EPF statement that will confirm the embassy that you have the complete ability to withdraw money from the account your sponsor will deposit the fund into. Apart from your ability to withdraw you must also furnish an affidavit from your sponsor on a notarized stamp paper.
Finally, in case of a loaned funding, firstly you will have to furnish your loan approval letter. Additionally, you might need to attach loan grant ability and your property evaluation report. This property evaluation report will include pictures of the property, real estate specifications and the proof of ownership.