List of 10 Financial Documents Required for Study Abroad Applications

List of 10 Financial Documents Required for Study Abroad Applications

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Aishwarya
Aishwarya Bhatnagar
Study Abroad Expert
Updated on Mar 17, 2025 11:29 IST

Are you applying for admission abroad? Then you must keep some financial documents for studying abroad handy for submission along with the applications. Several financial documents may be required as proof to be attached to admission and student visa applications. To help international students navigate through and understand which documents are necessary and in which format, we have compiled a list of documents with the relevant details. So check it out before you proceed with your applications!

Financial Documents Required for Study Abroad Applications

Studying abroad is a dream that requires extensive planning, various application steps, and long, meticulous documentation. Starting from collecting the transcripts and the scorecards to writing and submitting admission essays/statements of purpose/letters of recommendation to the long application forms, this process does not stop here, and with admissions, a completely different set of paperwork begins for your student visa. An important component of the same is the financial documents. While the specifics might change from country to country and university to university, every document follows a format.

This article will guide you toward the different documents that a study abroad aspirant requires, including samples of formats for financial documents specific to study abroad and basic good-to-know facts. We will start by explaining some of the terms commonly used by Universities/ Consulates for Confirmation of Admission/ Student Visa Applications, respectively.

Check: Can you Study Abroad for Free?

What is Proof of Funds and How to Get it?

One of the basics of Student Visa Applications is the requirement of Proof of Funds or Financial Capacity. For almost all countries (barring a few), students must provide evidentiary proof that they can pay not only the fee but also normal living expenses and others for the duration of their stay in the country. Some universities ask for the same, but only after sending you an admission offer. Irrespective of who asks for PoF, the fact remains that Proof of Funds refers to the proof that the student can bear the cost of studying abroad. This is a prerequisite for obtaining a student visa at many foreign universities. Usually, one can demonstrate his/her proof of funds through his/her letter of support from a sponsor, scholarship awards letters, bank statements, etc. How much would the value of funds depend upon the university/college or country you're targeting? So make sure that you know all the correct financial requirements before you move forward with your application.

Proof of financial support for international students includes two chief components:

1. Fees and other University charges

Students must often pay for this component in advance to confirm their admission offer. Since the payment is made upfront, the proof of this component comprises receipts of payments made. Usually, universities do not require a student to provide proof of future payments. In addition, more often than not, the fees are revised; there is no fixed amount. Even then, universities might request proof of income to ensure that you can pay the fee in the future. This might sometimes require sponsorship letters or an Affidavit of Support. Some universities require proof of funds available for minimum balance requirements in special accounts (e.g., Germany, Netherlands, Canada, etc.).

2. Living Expenses

Most countries have a specified basic minimum living expense requirement. The students are, in turn, requested to provide proof that they have access to the same. Most European countries require liquid funds in the amount specified and available to the student, which is called the statutory fund requirements. In the USA, while no statutory amount is specified in terms of minimum monthly expense, students must provide proof of financial support and/ or capacity to make the payments. Students must provide documentary proof that they have access to that amount for the specified tenure. Again, a country might request proof of funds for one year, while some might ask for fund availability for the entire tenure of the course’s normal duration. Here is a list of some countries and the minimum fund requirements (living expenses) specified.

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Name of the Country

Statutory Fund Requirements for Living Expenses*

Canada

$20,635 for every year of your intended stay

United Kingdom

£1,334 per month for a University situated in London or £1,023 per month for anywhere other than London

Australia

AUD 29,710 per year

Germany

€992 per month of stay 

France

€615 for each month of stay

Netherlands

€1,225 per month for the period of stay

Sweden

SEK 11,214 per month

Ireland

€10,000 as living expenses for every year of stay

*Subject to change








Note for USA: For admissions to Universities in the USA, Financial Proof is requested at the time of confirmation of admission by the universities. Only when proof is provided will the university issue the I-20 formsAlso, as mentioned, there is no minimum requirement, but the University would provide a basic cost, which the student would have to provide proof of capacity. 

Still, have questions related to the Financial documents required? Get help from Shiksha Expert Counsellors - Sign Up Now

 

 

List of 10 Financial Documents Accepted as Proof of Funds







There is no standard list of documents that would be required by countries abroad. As the application process for the countries varies, so do the student visa requirements and the list of documents required as proof of funds. Every country’s Student Visa/ University requirements list a separate set of acceptable documents. Here is a list of what financial supporting documents can be and samples wherever necessary. Also, more than one proof (unless a specific account/ deposit is requested) can be combined with another.

1. Bank Account Statements

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Simple enough, the universities/ Visa Consulates might require you to submit your/ your sponsors’ bank account statements for a specific period. Again, the formats are plain and simple. How to show bank statement for student visa? In order to show bank statements, students should remember that:

  • The statements should be of the person specifically required. For instance, if a university accepts the support of a parent/ guardian or spouse, then the statement should be from the person’s savings account. Some countries, like Sweden, require the funds to be in the student’s account, and accordingly, the student should keep a check on them. (Note: Current Account Statements are generally not accepted, so it is always best to confirm before submitting the same.)

  • It should be a scanned copy of statements in original and not e-mail statements, duly stamped and signed by the bank. With net banking, getting a statement is often a click away. However, to prove financial capacity, the bank statement must be original, on the bank’s letterhead, stamped and signed by the bank. Ensure that it is not handwritten. 

  • Try to submit recent bank statements that are not too long. Plus, check the required format based on the country of admission for the application submission. 
  • Should specify the tenures required. Universities/ visa consulates often ask for 6 months' bank statements (the tenure may vary).

Also, read about J Form: Study Abroad with Indian Agricultural Income

2. Loan Approval/ Disbursement Letter

Students can also provide a Loan Approval Letter as proof of funds. This is easy enough to get from the bank you have applied for a loan. While the banks might have a set format, the letter conveys the bank's approval to loan the student a specific amount for his higher education abroad. Here are a few things a student should keep in mind:

  • The letter should be on the bank’s letterhead, duly signed and stamped

  • The letter should specify the amount of the loan and the student’s name

  • Should include a promise to disburse the amount as and when specified

  • Should mention, “The Loan of Rs. _____________ has been fully sanctioned, and all terms and conditions are completed except disbursement.”

Read: Indian Banks offering Education Loans for Studying Abroad 

Download the guide on this page for sample formats of the Loan Approval Letter.

3. Scholarship Letters

If you have been given a scholarship, the student can also attach the scholarship letter as evidence of financial capacity. The University/ Institution that grants the scholarship often provides this letter. In case you have received a Governmental Grant, you are required to attach a copy of the same as well. ReadStudy Abroad Scholarships

4. Affidavit of Support/ Sponsorship

Strictly speaking, an Affidavit of Support is not a Financial Document but rather a validation of financial support being provided to the student. Since the document is often asked for by universities in the USA and Australia, along with financial proof, we have included it on the list.

An Affidavit of Support or Sponsorship is a notarized document on a Stamp Paper (often of INR 10 or INR 20 denomination), which mentions that another person (parents/ spouse/ relative) would be sponsoring your education and paying for (or can afford) your fees and living expenses. The signed document directly binds the person to accept all financial responsibility for the student's study cost. The Affidavit of Support is often supplemented with Proof of Income and/or Bank Letters. Things to keep in mind

  • A distant relative cannot provide an affidavit of Support. Direct blood relations are often required, including parents, maternal/ paternal uncles/ aunts, and grandparents. Spouse is also acceptable.

  • It should be notarized and on stamp paper. This is available at the local courts.

  • Suppose it is from an uncle/ aunt. In that case, the document should mention the reason for their sponsorship claim that they have enough funds to bear their own/ family unit expenses even after providing the sponsorship/ support to the student. A student should always check that this is acceptable to the university.

Note:

Students applying to European universities should note that the sponsorships are quite different in European countries. Most countries do not accept support documents. They, however, accept sponsorships from people who reside in that country. For instance, if you are applying to Universities in France and an uncle is staying in France and is willing to take care of your expenses, then the student must provide a “Letter of Sponsorship”. These are standard formats often available to students by the Visa issuing authority for that country.

Download the guide on this page for a sample format for the Affidavit of Support.

5. Bank Letters

Simply put, these letters mention the nature of accounts held by the student/ sponsor in the banks and the balance in the account. As suggested, these are provided by the bank and should be duly signed and stamped on the bank's official letterhead. Here is what all the bank letters should include

  • Name of the person/ persons who hold the account with the bank

  • The kind of account (savings/ current/ joint) and the tenure of the relationship (years for which the person has held the account in that bank)

  • Balance in the account/s with its converted amount and the conversion rate used. Ex. Savings Bank (Balance as of 31st October 2016) INR 800,000, equivalent to US$ 11,928 at a conversion rate of US $1 = INR 67.07

Note: A Bank Letter can also state the Fixed Deposits (if any) held by the sponsor. Not all countries accept FD amounts, so students must check the individual financial documents that are acceptable as proof of funds for their respective countries.

Download the guide on this page for a sample format for Bank Letter.

6. Loan Capability Certificate

This is a bit different from a Loan Approval Letter and is often asked by universities in the USA at the time of admission, without which they would not issue I-20s (in case you have suggested you would require a loan to fulfil the fund requisites.) This document, as the name suggests, is a “Capability Certificate”, given by banks / financial institutions which suggests that they would be willing to provide a loan to the student should he get admitted to the University Abroad. Here is an example template of the same:

Again, things the Loan Capability Certificate should include the following things clearly,

  • Name of the student

  • Willingness and the prima facie promise of the bank to grant a loan

  • Amount of the loan eligibility

  • Again, it should be on the bank’s letterhead, duly signed and stamped

Download the guide on this page for a sample format for the Loan Capability Certificate.

7. CA Certificate

Some countries also require what is commonly referred to as a CA Certificate. Prepared by a certified CA, the document specifies the actual assets and liabilities held by the student/ sponsor. This essentially includes the current assets (like a bank balance, fixed deposits, shares, bonds, etc.) and fixed assets (land, property, gold, etc., with an estimated value of the same). The document must be signed and stamped by the CA. Again, there is no fixed format, and the CAs usually have their own formats.

Download the guide on this page for a sample format CA Certificate.

8. Property Evaluation Report

This is more common for Australian and New Zealand Visas. If a student has applied for a Student Loan and the same was procured against property, the student must also attach a Property Evaluation Report alongside the Loan Approval Letter. This is a comprehensive report prepared by a competent authority (the bank/ financial institution in case of a student loan). Here is what all the Property Evaluation Report usually includes

  • Property pictures

  • Size of the property and specifications

  • Ownership proof of the property being evaluated

Banks have their formats, and you need not worry about the same. A simple mention of the same to the lending institution would suffice. CAs can prepare the same for this at times.

9. GPF/ EPF Statement confirming the ability to withdraw

Many countries also accept the funds in your/ parent/guardian’s Provident Fund Account. These are official statements issued by the Provident Fund Disbursing Authority, clearly stating the number of funds available in the account and the ability to withdraw. If there is a variation in the amount the person can withdraw, the letter should mention the amount that can be withdrawn. Here are the things you should keep in mind

  • The statement should be on the Provident Fund Disbursing Authority’s Official Letterhead.

  • It should specify the name of the employee/ account holder and the student's name. Since the document is only valid if it is a parent, the relationship should also be mentioned.

  • It should specify the total amount available along with the withdrawable limits.

  • The letter should clearly state that the withdrawals are “non-refundable/ permanent” in nature.

  • The name and contact details of the signing authority, along with the stamp, should also be mentioned.

Download the guide on this page for a sample format for PF Letter.

10. Tax Details

Submission of tax details is equally important for financial evidence for student visa abroad. The reason is that tax returns show the financial capability of the applicant or his/her family. Plus, through tax returns, the admission committees can easily assess if applicants can sustain themselves while studying abroad on a student visa. Also, the tax returns will showcase the applicants can take care of their tuition and living costs abroad without much ado. Thus, this is why tax returns are strong financial evidence for student visas abroad. 

Q:   How long does Hertfordshire University take to reply?
A:

After applying to Hertfordshire University UK, the applicants are going to receive an initial decision about their application within 2-3 working days. After the submission of the application and documents, the applicants are required to pay their tuition deposit. Then, complete the Sponsorship interview and the financial declaration. International students are required to pay a deposit of £5,000 before registration. The balance can be paid in line with the liability dates related to the year and entry of the semester.

Q:   How can I get admission in the University of Manchester?
A:

The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses: 

The Undergraduate Application Process:  

Step 1:  You can apply through the UCAS common application portal.

Step 2: Go to the website and select the course you are interested in.

Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.

Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements. 

Check out:  tips to improve your SOP

Step 5: You can track the application's progress through your given credentials by UCAS. 

Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.

Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.

The Postgraduate application process: 

Step 1: Select the postgraduate course you are interested in from the University of Manchester.\

Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.

Step 3: Complete the online application by providing your personal information.

Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course. 

To make your admission better, check out the following: How Admission Officers Evaluate your application. 

Step 5:  If your application is successful, you will receive an offer from the University of Manchester. 

Q:   What are the English language test scores required at the South Wales University?
A:

The English language test score required at the Univerisyt of South Wales are mentioned in the table below for the international applicants whose first language is not English

Exam

Minimum Scores

IELTS

6.0 with at least 5.5 in each band

TOEFL

72 overall and a minimum of 18 in reading, 17 in listening, 20 in speaking and 17 in writing

PTE

a score of 59 overall and 59 in each component.

Q:   What is the minimum IELTS score for the UK?
A:

The minimum IELTS score required for studying in the UK ranges from 6.0 to 6.5. Most undergraduate programs require a minimum score of 6.0, while postgraduate courses often require at least 6.5. However, there are some 5.5 IELTS band score accepting universities in UK for foundation or pre-master's courses.

Q:   What rank is Bournemouth University in the UK?
A:

The Bournemouth University ranks highly as part of UK-wide rankings given by a number of notable ranking platforms. Shiksha ranks it #59 as part of its the latest popularity rankings. An unofficial source ranks BU, #105 as part of its National University Rankings for 2025, while another major college/university ranking platform ranks it #56 as part of its UK University Rankings 2025.

Some of its streams are also ranked by Shiksha, as given below:

StreamShiksha Popularity Ranking
Engineering#85
Business & Management #85
Mass Communication#27
Nursing#31
Arts#50
Law #65
Science#72
Accounting #90
Q:   Is Essex University good for an MBA?
A:

Essex University is among the top business and management universities in the UK that offer quality education to international students. It ranks at 61 in the UK by the 'Complete University Guide' for Business and Management studies. The university offers an MBA programme at a low cost for international students. Applicants can complete the first year of education of the MBA programme from INR 17 L to INR 27 L. Therefore, yes the university is good for an MBA in the UK.

Check the list of Top Ranked MBA Universities in the UK

Q:   Which specializations can I find in the programs offered at H.R.H. The Prince of Wales Institute of Engineering and Technology?
A:
H.R.H. The Prince of Wales Institute of Engineering and Technology offers various courses like After 10th Diploma in Engineering stream. H.R.H. The Prince of Wales Institute of Engineering and Technology has specializations such as Agriculture & Farm Engineering, Civil Engineering, Electrical Engineering, Electronics & Communication Engineering, Instrumentation Technology, Mechanical Engineering, Automobile Engineering.
Q:   How to prepare for UK 10th board exam 2025?
A:

Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.

  • Know the exam pattern
  • Make a proper time table as per the syllabus
  • Solve previous year question papers
  • Make short notes of important formulas and theorems
  • Revise regularly
  • Figure out weaker areas and learn them well

With proper planning and hard work, students can easily clear the UK 10th board exam.

Also Read:

Student Visa for USA

Student Visa for Canada

Student Visa for UK

Student Visa for Australia

Student Visa for Germany

Student Visa for Singapore

Student Visa for France

Student Visa for New Zealand

This was all about the financial supporting documents for international students aiming to study abroad. In case applicants wish to get more details, they can get in touch with us in the comments below. Those seeking admission-related assistance can sign up for free Shiksha Abroad Counselling, and our team of experts will get back to you. 

Financial Documents FAQs

Q. When can I apply for a student visa?

A. We get lots of questions regarding this and usually, students think that they apply for a student visa directly. However, this is not the case as you can only apply for Student Study Visa after securing an admit from an university. The university would send you an acceptance mail/letter and along with it, the necessary documents you need to procure and their fee structure. You will receive a payment link for the acceptance fee. After paying the acceptance fee, you can file for a student visa. As it is a lengthy process, you are advised to keep all documents ready once you have paid the acceptance deposit to the university. It is important to remember that you cannot apply for a visa unless you pay the acceptance fee to the university.

Q. What are some Visa preparation tips?

A. Getting acceptance from your dream university is just a battle half won. The rest of the effort goes into filling for a visa and preparing for the interview. Along with preparing your financial documents, you can start preparing for your visa interview. To get help with visa interviews, read Interview Tips for Student Visa.

Q. Are bank statements verified by the embassy?

A. Yes, indeed. It is a crucial part of your documentation and thus, the bank statements should not be tampered with. Your bank statements can be sent for verification at any point. If the Embassy feels that it requires to be checked, then your bank statements will be under scrutiny until complete verification. Thus, it is advised to avoid sending fake or forged financial documents to the Embassy.

Q. In case of missing financial document, how to procure it?

A. In case of a missing financial document, applicants can raise a query or request and ask for the required documents In case of an emergency where the applicant cannot go to the respective institution to procure the financial document, applicants can raise a query for e-document which can be easily mailed to the applicant after a couple of background checks. Thus, there are various ways of getting the financial document and applicants can also get them in lesser timeframe than expected. 

Q. Can I submit fake financial documents for visa or admission and later submit original copies?

A. Applicants should abstain from resorting to unfair means like submitting fake copies of the financial documents. These are risky steps which should be avoided at all costs by anyone who is filing a visa or admission application abroad. The consequences can be very severe, from hefty fines to banishment from the country. Thus, applicants should ideally submit original document copies only and avoid submitting fake copies of financial or any other document that may be required at some point of time.

Q. What is proof of funds for study abroad?

A. Proof of funds for study abroad are a set of financial documents that are supposed to be submitted along with the applications to prove that applicants can fund their study and living costs. Some of the commonly accepted documents abroad are as follows:

About the Author
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Written by
Aishwarya Bhatnagar
Study Abroad Expert

Aishwarya is a professional Writer currently working as a Study Abroad Expert in the Editorial Team at Shiksha. She has over 5 years of experience and is skilled at creating Online Content with leveraged knowledge i... Read Full Bio

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Comments

(108)

C

COLLINS KEPLER

2 years ago

I am from Africa, Ghana and I want to study in India but unfortunately In is not part of the listed countries

Reply to COLLINS KEPLER

Hello Collins. You can reach out to our study abroad counsellors and get free advice regarding all your queries.

m

moses oleagbo

2 years ago

Hi, as a Nigerian want to submit the bank statement to the US school, will it be a Nigeria bank account with naira balance or US account

Reply to moses oleagbo

Hello Moses. We suggest you reach out to the respective US school which requires you to submit the bank statement.

32465491
Akash Hire

2 years ago

Hi Mam, I was planning to take an educational loan for both the college fees as well as living expenses in Ireland. Can we show the loan as funds for the visa process

Reply to Akash Hire

R

Rehan Mohiuddin

3 years ago

Do I have show the savings in my account or my parent account? Can you please help with this?

Reply to Rehan Mohiuddin

M

Mohd Ilyas

3 years ago

Can I submit loan letter to CQU uni. Brisbane as financial proof which is unsecured means non collateral

Reply to Mohd Ilyas