Students are zealously preparing to turn their study abroad dreams into reality after the pandemic. If you are also planning to study abroad, you must know that the student visa application process is as important as the university application process. So, ensure you have all your important documents in place for a smooth application experience. One of the important documents for the study visa application process is Proof of Funds. Here’s everything that you must know about the proof of funds.

What is Proof of Funds?
Every study abroad destination will require you to provide evidence that you can bear the cost of education in your host country. You are expected to cover airfare, tuition fees, accommodation costs, study material expenses, cost of learning devices, living expenses, and other education-related expenses when you apply for a student visa. So, this ensures that you stay and study in your dream study abroad destination without running out of finances to continue your higher education.

Please remember that the cost of education and proof of funds requirements will vary from country to country. So, you need to ensure you meet the requirement of the respective country to get your student visa. For instance, if you aspire to study in Canada, you have to arrange 1 year’s living expenses and deposit them into the G

Which documents are accepted as proof of funds?

1. Account statements
   The financial institution will provide you with account statements that you can share with the student visa authorities. These statements have to be duly stamped and signed by the financial institution. Ideally, you need to share 6 months account statements. However, every country may prescribe a different period. Also, some countries will accept the account statement issued in your parent’s name, but some may require the statements to be issued in the student’s name.
2. Letter provided by the education loan provider
   Nowadays, most students aspire to fund their education independently without depending on their parents. Hence, they choose to opt for a student loan which is a perfect way to finance their education without liquidating their family savings. The education loan provider will give you proof of funds once your loan is approved. So, your loan approval letter or the disbursement letter from your student loan provider will act as proof of funds to secure a student visa.
   
   The letter issued by the education loan provider will include important information such as the loan amount, the student’s name, the co-borrower’s name, and other important details. It should be duly stamped and signed by the respective student loan provider. At Avanse Financial Services, we offer proof of funds to our student fraternity to allow them to enjoy a seamless student visa application process.
   
   So, this is all about the Proof of Funds that you must know to be ready for the student visa application. If finance-related worries keep you from achieving your study abroad aspirations, you can opt for an education loan. At Avanse Financial Services, we cover the holistic cost of education, including travel expenses, accommodation costs, study material expenses, cost of learning devices, living expenses and other education-related expenses. If you want more information, please remember we are just a call away. All the best!