Tips for International Students: Best Proof of Funds

Tips On What Works Best As Proof Of Funds For International Students

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Education Loan Documentation

Here are some essential documents to include:

1. Loan Sanction Letter: This letter from your bank or financial institution confirms that your education loan has been approved. It should clearly state the loan amount and repayment terms.
2. Loan Repayment Statement: Providing a statement that demonstrates how you plan to repay your education loan can strengthen your application. Include details such as the repayment tenure and monthly instalments.
3. Bank Statements: Submitting your bank statements for the past six months shows a consistent flow of funds into your account and gives authorities confidence in your ability to support yourself during your studies.

Fixed Deposits and Savings Account

Another way to prove your financial stability is by providing evidence of fixed deposits or a high balance in your savings account. Here’s what you need to know:

1. Fixed Deposit Certificates: If you have invested in fixed deposits, include certificates that clearly state the maturity date and the total amount invested. This demonstrates a long-term financial commitment.
2. Bank Statements: Presenting bank statements for your savings account that reveal substantial funds can strengthen your case. Aim to maintain a healthy balance over an extended period leading up to your visa application.
3. Investment Proof: Apart from fixed deposits, investments such as mutual funds or stocks can also act as proof of financial stability. Include relevant documents that prove ownership and value.

Tip: With the Niyo card, you can conveniently manage your savings and investments through the Niyo app. You can also head to https://niyo.me/education_loan to speak to a professional and ensure easy access to funds wherever you are studying.

Sponsorship Letters and Affidavits

If you have a sponsor who will be financially supporting your education abroad, sponsorship letters and affidavits can be valuable evidence. Consider the following:

1. Sponsorship Letter: This letter should be written by your sponsor, clearly stating their relationship to you, their commitment to supporting your education financially, and their capacity to do so.
2. Affidavit of Support: An affidavit is a legal document in which your sponsor swears under oath that they will provide financial support for your education abroad. This document adds credibility to your application.
3. Financial Documents of Sponsor: It is important to include proof of your sponsor’s financial capability, such as bank statements or employment letters that verify their income and assets.

Scholarships and Grants

Here’s what you need to consider: Niyo also launched scholarships for Indian students, check out the Niyo app for open scholarships.

1. Scholarship Award Letter: Include official documentation that confirms the scholarship or grant you have received. This letter should clearly state the amount, duration, and any terms and conditions.
2. Scholarship Disbursement Proof: If you have already received a portion of your scholarship, provide evidence of the disbursement, such as bank statements reflecting the credited amount.
3. Scholarship Endorsements: Some scholarships require a letter of endorsement from your educational institution. Make sure to include this if applicable.

Proof of Income and Employment

If you are planning to work part-time or have a source of income during your studies abroad, it’s essential to provide proof of employment or income. Consider the following:

1. Employment Offer Letter: If you already have a job offer or plan to work while studying abroad, include an offer letter from your employer stating your position, salary, and working hours.
2. Pay Slips: If you are currently employed and earning an income, submit pay slips that show your regular earnings. This demonstrates financial stability and the ability to support yourself financially.
3. Tax Returns: In some cases, providing tax returns from previous years can strengthen your application by showing a consistent source of income.

Key Takeaways

• When providing proof of financial support as an international student, consider education loan documentation, fixed deposits and savings account statements, sponsorship letters and affidavits, scholarships and grants documentation, as well as proof of employment or income.

• Maintain a healthy balance in your bank accounts for at least six months leading up to your visa application.

Remember, providing proof of funds is an essential part of the visa application process. By following these tips and ensuring you have all the necessary documentation, you can confidently showcase your financial stability and secure your dreams of studying abroad.

Download the Niyo app today and experience the convenience of managing your finances while studying abroad!