Financial Documents Required for Study Abroad Applications
Planning to study abroad is not a new or strange thing nowadays, in fact, it is becoming more and more common because of the range of opportunities people experience while at it. Every third person I know is studying abroad.
Well, this dream to study abroad is accompanied by extensive planning, various steps of application and a long scrupulous documentation. From selecting a university or your dream destination to study to collecting scorecards, the process just does not stop there. The right financial documentation is also of utmost importance.
Therefore, one needs to know the samples of formats for financial documents specific to study abroad.
The list of documents that are accepted internationally (some changes can be there depending upon the country’s requirement) are mentioned below.
List of Documents required for study abroad applications:
1. Bank Account Statement – The University may need you to submit your bank account statements for a specific period. The student must clearly specify the tenure required. Often, universities or visa consulates ask for 6 months’ bank statements.
2. Loan Capability Certificate – As the name suggests, this document is given by banks/financial institutions that provide a loan to the student so that he gets admission in the specified University abroad.
3. Loan Approval Letter – Unlike Loan Capability Certificate, the letter is given by the bank you have applied loan for. The letter conveys the approval of the bank of loaning the specific amount to the student for his/her higher education abroad.
4. Scholarship Letter – In case you have been granted a scholarship, the student can also attach the scholarship as an evidence of financial capacity. The letter is generally given by the authorities of University.
5. Affidavit of Support/Sponsorship – An affidavit of support is a validation of the financial support you have. It is more commonly required by the universities of USA and Australia. It should clearly mention that the other person will be sponsoring your education and living expenses.
6. Bank Letter – Bank letter mention the nature of accounts held by the student/sponsor in the banks as well as the balance in the account. These letters are printed by the banks duly signed and stamped by the Bank’s official.
7. CA Certificate – You need to submit your CA certificate mentioning both, your current assets(such as shares, bank accounts,etc.) as well as fixed assets (such as property, gold, etc.). The document is prepared by a certified CA and the format usually vary.
8. Property Evaluation Report – This report is more common for countries such as Australia and New Zealand. The report is an inclusive one that usually includes property pictures, size of the property and specifications with the proof of ownership. The property evaluation report can be prepared by banks, financial institutions and CA’s.
9. GPF/EPF statement – The funds available in your parent’s or guardian’s provident fund are also accepted by many countries. The Provident Fund Disbursing Authority must clearly state the number of funds present in the account along with the ability to withdraw.
10. Other necessary documents (may vary from country to country) include evidence such as insurance policies or premium receipts, income tax documents, post office savings proof, and certificates of investments in NSC and KVP.