Categories: Studying AbroadVISA

Student Visa Requirements – Financial Document Checklist

Student Visa Requirements – Study abroad applications for any student generally start with college and course hunting. Some of the documents that students remain cautious about are their academic applications, student visa application documents and scholarship forms. Financial documents become a necessity in this process to establish economic ability of students for studying in a foreign country. Each country has its unique financial documentation requirements. Here we provide you with a detailed guide for documentation regarding student visa financial requirements to study abroad.

Student Visa Requirements – Financial Documentation Challenges and Solutions

While applying for a student visa to study abroad, financial documents play a very critical role. Students generally have to coordinate between universities and immigration offices to get their student visa. This leads to hassles of extra paper-work and repeated visits to embassies and admission offices. Generally, application assistance for International Study in USA, UK, Germany and other countries is provided by both private and academic institutions. In this article, you would learn about the country-specific student visa financial requirements for study abroad visa, and details of their timeline and source institution.

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Student Visa Requirements – Types of Documentation

To study at premier international institutions, students are required to get a student visa. Each country has its own kind of student visa and separate application process. There’s I-20 Form, F-1 and J-1 Student Visa for studies in the USA. There’s CAS Letter and Tier 4 Student Visa in Canada. And then, there is Subclass-500 student visa for Australia.

All these visa documents are linked to students’ ability to stay in the country and pay for their expenses. Every country requests incoming international students to submit financial proofs to get a student visa. Financial proofs should cover the minimum academic/non-academic expenses incurred by a student for studying abroad. This includes tuition fees, living expenses, health insurance, etc., which students can pay via international scholarships for study abroad, education loans or sponsorship programs. Here is a categorization of all student visa financial requirements to study abroad.

Types of Student Visa Financial Requirements to Study Abroad

S. No. Category of Financial Documents Particulars of Student Visa Financial Documents
1. Banking Documents
  • Account Statements (Min: 4 months, Max: 24 months)
  • Bank Letter – Official Letter
2. Investment and Savings Records
  • Equity Investment Records (Shares, Debentures, Bonds, etc.)
  • Latest Gold Investment and other Metal Deposit Evaluation
  • Postal Savings Statements
  • Insurance Policies and Mutual Fund Reports
3. CA Statement
  • Attested Proof of all assets by Chartered Accountant
4. Proof of Employment
  • Salary Slips
  • Income Computation Statement
  • Employment Letter
  • Teaching Assistantship/Doctoral Assistantship/Research Associate Letter
5. Income tax Statements
  • Income Tax Returns (IT-Returns) statement for the latest financial year
6. Bank Deposit Certificates
  • GIC Certificate for Canada
  • German Blocked Account Statement for Germany
7. Letter of Sponsorship or Scholarship for Indian Students
  • Identification documents of sponsoring authority
  • Bank Statements of Individual Sponsor
  • Consent letter of Sponsor (Individual/Institution)
  • Scholarship Award Certificate/Letter
  • Scholarship Transfer Proof
  • NOC from Scholarship Provider
8. Health Insurance Documents
  • OSHC Certificate for Australia
  • EHIC for Germany, France, and other EU Nations

Student Visa Financial Requirements – Country Wise Document Checklist

The cost of living in many countries for students are fixed by federal governments and immigration departments. Students are, thus, required to have a minimum amount to fund in any accepted form to clear the student visa requirements. Australian student visa financial requirements include a deposit of at least AU$20,290 as living costs and 1-year college fees as applicable. Australia even has strict rules of accepted banks which provide education loans to study abroad in India. Canada student visa financial requirements include a bank deposit of CA$10,000 to the GIC program. UK student visa requirements call for a deposit of at least GB£11,385 for full-term students. In USA, the student visa financial barrier is twice the amount of expenses as mentioned in one’s I-20 form.

Students can prove their financial viability in multiple ways as approved by respective immigration departments of foreign nations. Here is a list of documents to satisfy the Student Visa Requirements of various countries.

USA Student Visa Financial Requirements

  • Payment receipt of SEVIS Fee for USA Student Visa Application
  • Proof of Liquid Assets
    • Original copies of Financial Investments
    • Investment Account Statements
      • D-Mat Account Statements
      • Mutual Fund Account Statements
      • Interest Statements of Cash Deposits (FD/RD/Postal Savings, etc.)
    • Government Deposits
      • PPF/EPF Statement Copy
      • Government Savings Scheme Statement
    • Proof of Non-Liquid (Immovable) Assets
      • Land inspection certificate issued by competent authority (Municipality, City Development Authority, etc.)
      • Land Sale Deed and Owners’ Agreement
      • Commercial Asset Statement (Infrastructure, deposits, non-tangible assets)
    • Income tax returns (at least of last 3 years)
    • Proof of Employment
    • Scholarship or Sponsorship Certificates
    • CA Statement of Assets and Liabilities
    • Bank Statements (at least of last 6 months)
    • Education Loan Documents
      • Loan Agreement letter
      • Loan Sanction letter
      • Bank Approval Letter for usage of funds


UK Student Visa Requirements – Documents

  • Bank Account Statement (not older than 31 days)
  • Proof of finances
    • Bank Letter – Proof of available sufficient funds
    • Deposit Certificate – GIC (Guaranteed Investment Certificate)
    • Education Loan Documents
      • Loan Agreement Letter
      • Loan Sanction Letter
      • Bank Approval Letter for usage of funds
    • Self-Funding Proof of accounts
      • Letter of consent (if using a parent’s account)
      • Bank account statements of parent(s)
    • Sponsorship or Scholarship documents
      • Sponsor letter (with official stamp of sponsor institution/individual)
      • Consent Letter
        • Unconditional Consent Letter from Government or International Scholarship Agency
        • Conditional Consent Letter in case of Partial Sponsorships
      • Scholarship Award Certificate
      • Scholarship Provider Consent and NOC

Source: UK CISA (UK Council for International Student Affairs) Website

German Student Visa Financial Requirements

  • German Blocked Bank Account Proof (if applicable)
    • Accounts registered via Fintiba Bank or Sutor Bank, Germany
    • Account opening statement and balance statement (Meldebescheinigung)
    • Student registration certificate (Immatrikulationsbescheinigung)
  • Verpflichtungserklärung – Letter of commitment by local German resident (if applicable)
    • Bank Statements of Guarantor
    • Affidavit (attested letter) by German resident who has committed toward paying the applicant’s tuition and living expenses
  • Letter of Declaration by Parents (if applicable)
    • Bank account statements of parents’ account (6-12 months)
    • Letter of consent for paying tuition fees and living expenses
    • Income tax statements and asset evaluation statement of parents
  • Scholarship Certificate or Letter of Sponsorship (if applicable)
    • Scholarship award letter to study in Germany with clear details of finances
      • Amount of scholarship
      • Name of awardee
      • Description and contact information of scholarship provider
      • NOC from scholarship provider for usage of funds
    • Letter of Sponsorship from competent Government or Academic Institution
      • Original copy of the sponsorship letter
      • NOC from requisite authority
      • Teaching assistantship, research associate acceptance letter, employment contract/letter
    • Health insurance cover proof
      • Original health insurance certificate
        • Valid for at least 6 months
        • Coverage of at least €30,000
      • Nomination letter of insurance policy
      • Bank account details of the linked account
    • Receipt of German visa application fee


Canada Student Visa Financial Requirements

  • Canadian Bank Account Statement (if funds for studies transferred to Bank in Canada)
  • Education loan proof of funds
    • Copy of loan agreement
    • Letter of consent/NOC from a recognised and accepted bank
  • Bank Statements of student or parents (4 -8 months)
  • Statement of paid tuition fees and accommodation
  • Letter of Sponsorship
    • From employer (including employment contract or letter)
    • From Canadian individual/organisation (including consent letter)
    • Or from Indian institution (academic/professional/government) including specific details about sponsorship program, tenure and terms
  • Guaranteed Investment Certificate (GIC) of min. CA$10,000 (excl. application fees) (if applicable)
  • Bank draft against minimum proof of funds required to study in Canada (convertible to Canadian Dollars)
  • Scholarship or Fellowship Proof
    • Scholarship award letter/certificate
    • Fellowship (TA,DA,RA) Approval Letter
    • Linked bank account statement to scholarship fund
  • Proof of Canadian visa application fees (receipt)

Australian student visa financial requirements

  • Statement of account paying tuition and living expenses (Indian or Australian)
  • Education Loan documents
    • Education loan sanction letter and agreement
    • NOC for usage of funds
  • Proof of other funds (PPF, Insurance Policy, Post-office, Mutual funds, etc.)
  • Scholarship financial documents
    • Scholarship award letter (incl. details of amount and tenure)
    • NOC for usage of scholarship funds
  • Sponsorship of student funds
    • Affidavit of relationship with sponsor
    • Asset and income evaluation statements of sponsor or applicant
    • Visa history of the sponsor
  • Acceptance Advice of Secondary Exchange Students (AASES) form for (secondary exchange students)
  • Overseas Student Health Cover (OSHC) Certificate from a registered medical institution in Australia
  • Bank account and investment statements
    • Copy of savings, fixed deposits, recurring deposits statements
    • Mortgage letter for education loan taken against property
  • Genuine Temporary Entrant Visa application fees proof


All the student visa requirements mentioned above are for financial proofs of a single applicant. Students moving to respective countries with spouse, children or parents are required to submit additional financial proofs in some situations. Clear detail of all such rules is available at respective immigration department websites of these countries.

Obviously, only financial student visa requirements are not enough to get an applicant their student visa. To get more details about other documents required to study abroad, students can read more articles from Buddy4Study website. We hope that the given information helps you to apply for a student visa and secure admission at premier foreign institutions. Happy Learning!

Published by
Ankur Gupta