The 9 types of financial documents that every study-abroad applicant should know about!

New York. Paris. Melbourne. Montreal. And the list goes on. Which is your dream study destination? To make this dream come true, it isn’t enough that you just study, you also need to plan ahead. Although the specifics of the application process may vary from university to university and country to country, the overall procedure remains same.

The application process starts with the collection of the transcripts, then goes on to submission of the admission essay, LOR, and of course- the application forms. Next comes the preparation of the financial documents. Here’s a quick look at what kind of documents you will need to produce to provide as proof of funds.

Learn how to write a statement of purpose.

Proof of Funds

You will need to prove that you will be able to pay the tuition fee and living expenses for the entire duration of your studies abroad.

A quick look at what kind of living expenses you will be looking at abroad…

• United Kingdom - £11,385 per year
• Australia- AUD $ 19,830 per year
• Canada- CAD $10,000 per year
• Germany- €8,040 per year
• France- €615 per month
• Ireland- €7000 per year
• The Netherlands- €862, 50 per month
• Sweden- SEK 7,974 per month

The financial documents that are accepted internationally – 

1. Bank Account Statement

The Visa Consulates or universities may need you to submit your sponsor’s or your bank account statements for a particular period.

2. Loan Approval/ Disbursement Letter

You may also need to produce a loan approval Letter which should be available for you at the bank you have applied a loan from.

3. Scholarship Letter

If you’ve received a scholarship, you can also attach the scholarship letter, which is provided by the University. If you’ve received a Governmental Grant, you must attach the copy of that along with your application form. 

4. Affidavit of Support/Sponsorship

An affidavit of support is a validation of the financial support that you have. And it's often required by universities in the USA and Australia. This notarised document should clearly mention that another person (sponsor) will be sponsoring your education and paying your fees and living expenses.

5. Bank Letter

A bank letter may be produced, mentioning the nature of the account and its balance. This must be printed in the bank’s letterhead and must be stamped.

6. Loan Capability Certificate

As the name suggests, this is a certificate given by a financial institution/ bank stating that they would be willing to offer you a loan for your higher education abroad.

7. CA Certificate

You will need to submit a CA certificate that covers both, your current assets (such as shares, bank balance and bonds) and fixed assets (such as gold and property). This document must be approved by the CA.

8. Property Evaluation Report

This report (usually a requirement for countries like New Zealand and Australia) is a comprehensive one that usually includes pictures of the property, specifications and the size of the property, along with a proof of ownership. This report can be prepared by banks, financial institutions or CAs.

9. GPF/ EPF Statement

The funds available in your guardian’s or parent’s Provident Fund Account are also accepted by many countries. The Provident Fund Disbursing Authority must clearly state the amount of funds present in the account and the amount that can be withdrawn.

So these, in a nutshell, are the kinds of documents you need to produce to prove your financial stability in order to study abroad.