A lot of us dream to study abroad, but when the question of financing arrives, several students have to take a step backwards. Most of the time, this happens due to not knowing the right way to display the funds. Most students are unaware that I-20 proof of funds can be shown from 2-3 sponsors together. A lot of confusion prevails in this area, and several fall prey to it and skip their dream to go to the US.
If you are someone confused with the question- “How much bank balance is required for a US visa?”, you are at the right place! This blog will make you aware of all the financial documents for I-20, along with relevant details on the minimum bank balance for US student visa!
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How Much Bank Balance is Required for US Visa?
There is no fixed minimum bank balance for US student visa, but one should have 10,000 USD and above to get F-1 visa.
Who can Sponsor My Education Abroad?
The F-1 visa proof of funds can be sponsored by several entities like:
- Parents: First resort is always your Father or Mother.
- Relatives: Blood relatives are also allowed to be your sponsor. So the form needs to mention how they are linked to you. So grandparents, immediate uncle's aunt from both maternal and paternal side can support you along with cousins also.
- A mix of both: You may have Parents + Relatives making it 2-3 sponsors as well to show the entire one-year cost.
Note: It is always preferred to have your sponsors from India and not the USA. If overseas but not in the USA it is still ok.
Suggested: Who can Sponsor for your US Visa?
US universities and embassies accept only liquid cash as financial documents for I-20. You need to show these funds twice. Given below is the list of financial documents for I-20:
- Fixed deposits receipt- attested by the bank
- Savings bank statement for F-1 visa- balance certificate by bank attested
- PF/PPF- passbook or bank statement for US student visa
- Property papers
However, if you do not have liquid cash in the above formats you can choose a Solvency Letter or a Loan Letter. A Solvency Letter is suitable for people who look forward to arranging an education loan at a later stage.
What is a Sponsor Letter?
A sponsor letter is not an actual fund in your account but is like a capability certificate a bank provides, looking at your history and assets which you would mortgage to acquire a loan. A letter from the bank stating your sponsor is capable enough to raise funds of approx INR 25 Lakhs - INR 30 Lakhs for your higher education.
What is a Loan Letter?
Sanction letter is typically received post-receiving I-20 by all national and public banks. Only private banks provide loan letters before I-20 on the basis of the student's admission letter. So in case if you have received the loan letter prior to I-20 you may use that also to show funds to the university.
Upon showing all the necessary US student visa bank statement requirements, you can very easily get hold of the student visa to study in the US. Our expert loan advisors can even assist you with all the informative details on education loans and other financially relevant information to make your visa process hassle-free!
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Frequently Asked Questions about Funds Required for US Student Visa
Ques. Does the embassy check bank statements?
Ans. Yes, the US Embassy very well checks the proposed F-1 visa bank statement requirement.
Ques. Is the I-20 amount enough for a visa?
Ans. Along with the I-20 amount, you also need to showcase the I-20 visa proof of funds in the form of a minimum bank balance for at least one-year of tuition and living costs for a US student visa.
Ques. Is a bank balance required for visa?
Ans. Yes, showcasing a minimum amount of bank balance is required to get hold of a student visa in the US.
Ques. Is a bank statement required for an F-1 visa?
Ans. Yes, a bank statement is one of the few financial statements which have been categorised as required as financial documents necessary for US student visa application. Some other F-1 visa proofs of funds include- property papers, passbooks, loan letters, etc.
Ques. How many months of bank statement is needed for US visa?
Ans. You are required to show at least 3-9 months of bank statements to get hold of a US student visa.