What is the Minimum Bank Balance & Statements is Required for US Student Visa?
Although there isn't a predetermined minimum balance needed, an F-1 visa requires a minimum balance of 10,000 USD.
3rd Jan 2023
Afia Azmi
What is the Minimum Bank Balance & Statements is Required for US Student Visa?
After submitting all the necessary US student visa bank statement requirements, you can get easily hold on to your US Student Visa to study in USA.
Financing is the most critical part of applying for a USA visa, so students often get confused and intimidated when applying. Most of the time, this is due to a lack of knowledge about how the funds should be displayed. Many people fall victim to the confusion in this area and give up their dream of going to the US.
If you are still confused about how exactly the finances to study in the USA work, you are at the right place!
Our blog will answer all your questions regarding Financing to study in the USA!
Who can sponsor my international education?
The following organizations can sponsor the F-1 visa evidence of funds -
Parents - Your mother or father should always be your first option.
Your sponsor may also be one of your blood relations. The form must therefore specify how they are related to you. Grandparents, direct uncle's aunt, and cousins from both your maternal and paternal sides can help you, too.
A blend of both, you could also have parents and relatives as sponsors, bringing the total number of sponsors up to 2-3.
Note - It is always preferable to have Indian sponsors rather than Americans. If outside of the United States, it is still acceptable.
Financial Documents List for I-20 Visa
US organizations and embassies only accept cash in liquid form as I-20 financial proof. You must twice demonstrate these funds.
The list of financial paperwork for the I-20 is provided below -
- Receipt for Fixed Deposits with Bank Attestation
- Bank statement of savings for an F-1 visa
- Passbook or bank statement for US student visa; balance certificate by bank verified PF/PPF
- Property documents
However, you can select a Solvency Letter or a Loan Letter if you don't have accessible cash in the formats above. A Solvency Letter is appropriate for those planning to arrange an education loan eventually.
Suggested: Know Everything about US Visa requirement to Study in USA
What Is A Sponsor Letter?
A sponsor letter, which a bank issues based on your history and the assets you would pledge as collateral for a loan, is similar to a capacity certificate and does not represent actual money in your account. A letter from the bank confirming that your sponsor is qualified to provide between INR 25 and INR 30 lakhs for your higher education.
What is a Loan Letter?
All national and public banks normally get the sanction letter after getting the I-20. Based on the student's admission letter, only private banks offer loan letters before I-20. Therefore, if you received a loan letter before receiving your I-20, you can utilize that to demonstrate your financial support to the university.
You can quickly obtain a student visa by meeting all the appropriate bank statement requirements to study in the US.
Frequently Asked Questions (FAQ)
Q.1) Does the embassy check bank statements for US visa requirement?
The US Embassy thoroughly reviews the proposed bank statement requirement for F-1 visas.
Q.2) Is the I-20 amount enough for a US visa application?
Along with the I-20 amount, you must also present I-20 visa proof of finances and a minimum bank balance sufficient to cover at least one year's worth of tuition and living expenses.
Q.3) Is a bank balance required for a visa?
Yes, obtaining a student visa in the US requires demonstrating a minimum amount of bank balance.
Q.4) Is a bank statement required for an F-1 visa?
Yes, among the few financial statements that have been designated as necessary for financial papers for the application for a US student visa is a bank statement. The following are some additional F-1 visa proofs of funds: property deeds, passbooks, loan letters, etc.
Q.5) How many months of bank statement is needed for a US visa application?
To obtain a US student visa, you must provide bank statements dating back at least three to nine months.