Proof of Funds (financial capacity) for UK student Visa
Studying in UK requires meticulous planning and preparation wherein acceptance of application to any university is just the beginning. Once you are accepted, a different checklist of requirements need to be fulfilled. One of the most important paperwork is the financial documents. While the specifics change depending on the college and region you are studying, these essentially show whether the student has sufficient financial capacity to study in UK.
The student must provide proof that they can cover:
- Course Fees : For a full year or duration of the course, whichever is less
- Living expense: For 9 months or duration of the course, whichever is less. However the amount varies depending on whether the student is living in London or any other part of the UK.
Financial proof can be in the form of:
- Bank statement in student’s name or parent/legal guardian or a joint account statement: If the account is in the parent’s name, additional documents should be submitted to show proof of relationship and confirmation that the student has permission to use such funds. Financial statement of any other person shall not be accepted. The required funds should be held in the bank account for a minimum period of 28 consecutive days. The bank statement should be original, not be more than 30 days old as on date of submission and should be properly signed and sealed by the bank.
- Financial sponsorship from government or any approved international organisation, company or university: Letter of confirmation must be provided by the sponsor on their official letter headed stationary along with their stamp. The letter must show in detail the name and address of the student, address of sponsor, amount of money granted as scholarship and the duration of sponsorship.
- Education Loan: A loan approval letter from a regulated financial institution can also be submitted as proof. It must clearly specify the students name, amount sanctioned and that all terms and conditions are fulfilled for release of funds. The letter on the bank’s letter head should not be more than 6 months old as on date of application and should be signed and stamped. Loan accounts held in parent/ guardians name cannot be used for this purpose.
The above mentioned are just a few examples of financial evidence.
For expert advice on documents to be submitted, the format of the above documents and other approved sources of financial proof, contact a professional consultant.