Article is written for prospective Indian students
While the personal interview with the immigration officer in the embassy is by far the most important step, you must finish, without proper financial documents to prove your ability to pay for your education, no matter how good you perform in the interview, your application for admission will be denied. Again it’s part of the process, lot of times visa officer may not look in your financial documents!
Financial proof that validates sufficient funds to support the student throughout his course of study is thus the most important document which is mandatory to obtain a study visa. Creating the asset value statement must be done with care as it should highlight all of your families (immediate family i.e. mother or father or sibling)assets and funds with their estimate in U.S dollars.
POSSIBLE FINANCIAL SPONSORS:
A student can be financially sponsored through 3 ways namely,
- STUDY LOANS FROM BANKS: Loans up to 15 lakhs are offered by various banks. Certain banks require an account to be created before issuing the loan. Choosing the banks with best interest rates will serve beneficial for the student. Documents are needed from the respective banks for the same.
- SPONSORS FROM FAMILY MEMBERS: This includes any earning member of the family. Joint sponsors are also available in which both the father and the mother can sponsor the child’s education. The sponsor’s salary and job details along with the proof of relationship with the student are required. The value of the assets belonging to the student can also be used to show financial support. While they do accept sponsorship from other family members’such as aunts and uncles, this is frowned upon!
- SCHOLARSHIPS AWARDED BY THE UNIVERSITY ALONG WITH THE ADMITS: In this case, the Universities take responsibility for funding the education of the student throughout his study period. This will be mentioned on the I-20 form which is issued as proof of the student’s admittance into the University. Despite this sponsor, the student is advised to have sufficient bank balance for his accommodation and stay period in the United States.
DOCUMENTS REQUIRED FOR THE FINANCIAL STATEMENTS:
- Rs 20 or Rs 5 stamp paper.
- Bank passbooks and statements showing recent transactions.
- Letters from the bank confirming fixed deposits and savings.
- Salary proof of the person sponsoring you.
- Proof showing the estimate of shares possessed.
- CA statement.
- Official letter from the sources of funding confirming the same.
- Affidavit of support forms for respective Universities must be downloaded and completed by the respective bank officials.
- Proof depicting the summary of all your assets and their estimated worth in U.S currency.
CREATING THE ASSET VALUE STATEMENT:
This statement along with your other bank statements completes the financial criteria required by your course of study. Many visas have been rejected due to lack of sufficient funding which makes this document mandatory while applying for the visa. All the following assets along with their estimate must be put forth while creating the summary statement. The assets include:
a) Properties and lands owned.
c) Jewelry and Furniture
d) Bank accounts, fixed deposits, liquid funds and current savings.
e) Sources of total income including stocks and bonds.
The format can be any one of the standard formats suggested and must be printed on Rs 50 or Rs 20 stamp-paper.
It must include the applicant name, his address, and assets owned.
The document must be created to show sufficient funds for both the years of study.
The form must be signed by the applicant and authorized by the Notary Public.
These statements must be made ready to submit when asked as it shows that a student is financially secure during his education period in the United States removing any doubts about his eligibility for the visa.