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Preparing documents for your study abroad application is the most jittery and challenging task for every student and their parents as well. Well, the list of documents is too long and while trying to keep everything perfect, you might miss out on something. For relief, we have listed the names of financial documents along with what they are to help you in preparing them. The nine financial documents which you have to prepare are as follows:
Bank account statements - Foreign universities and immigration authorities want to see whether you have sufficient funds and savings to sustain yourself throughout the course of your study. For this purpose, they require you to showcase your or your parents’ bank account statements. You can find the minimum fund requirements on the official websites of different countries.
Loan Approval/ Disbursement Letter - This financial document is only for those students who have applied for a student loan. So, if you have applied for a student loan, then you are required to obtain a loan disbursement letter which has been obtained from the bank’s letterhead and clearly specifies the loan amount, and its terms and conditions.
CA Certificate - Being an external signing authority, a chartered accountant, who knows well about the assets and funds of the student or sponsor can issue a letter specifying all the underlying assets and liabilities. CA signs and stamps the certificate in their own format.
Affidavit of Support/ Sponsorship - The affidavit of sponsorship validates the financial support that you have received. This affidavit clearly specifies the name of the person who will be sponsoring your education and bearing all the living expenses. The person can be your parent, spouse, relative, etc.
Scholarship Letters - The scholarship letters entail the information about the scholarship that you have received. It generally specifies the amount of scholarship, the name of the entity that granted it, and other terms and conditions associated with it.
Bank Letters - A bank letter is a letter that specifies the savings and funds of the students or sponsors in the desired country’s currency in terms of the ongoing exchange rate. Most countries demand bank letters so as to be accurate with the amounts.
Loan Capability Certificate - Generally, universities in the USA ask for this certificate from the students seeking admission to their university. This capability certificate is given by either banks or financial institutions confirming their willingness to grant you the loan if you secure admission to the university.
GPF/ EPF Statement - Some nations do accept the funds in your guardian’s provident fund or your parents’ provident fund account. In such a case, the authority designated with the duty to disburse the amount should clearly specify the amount present in the provident fund account and the limits of the amount that can be withdrawn.
Property Evaluation Report - Students have to submit this report along with a loan approval letter only in case they have procured the student loan against some property. This property evaluation report specifies the relevant details about the property, its ownership, pictures, size, price, etc. Generally, this document is asked in countries like New Zealand, Australia, etc.
Apart from these nine important financial documents, there are many other documents that you need to submit along with your study abroad application. You can find that detailed list in edumpus’s blog section.