Getting a UK visa is one of the crucial and difficult parts of the entire study abroad process. As it asks for different documents, information, financial data and several other things. The most important is fund information. Along with the visa documents we needed to show our fund information. To make this entire process more simple and structure we have brought a blog for you. The blog is written by Mr. Tejas Panchal. He is our Admission Process Manager. In this blog, he mentioned all the methods of showing funds in UK.
Enjoy the blog written by Mr, Panchal.
At now you have got too learned about the cost of tuition fees, how much you will need to consider for living expenses and how to put this all into a budget for your expenses.
We now turn our attention to a way to find funding and where to appear. Most international students who have an interest in coming to the United Kingdom aren't ready to support themselves so that they can be required to appear at other options to fund their studies.
Applying for visa
International students from outside the United Kingdom mostly apply for a student visaif studying in a full-time course degree within the UK. Students might not directly apply for a student visa they need to check eligibility which is calculated using a point-based system.
Meeting the financial requirements for a Tier 4 visa makes up 10 points of the 40 points required, so you must understand exactly what proportion money you would like beforehand and provide evidence that you have enough money to support yourself during your studies.
For tuition fees a minimum of 1 year or full course fees if your course is a smaller amount than a year.
For Living expenses, all the students must show 1015 pound per month for the duration of the course or 9 months, whichever is short towards the Tier 4 visa requirement.
Funding details need to show at the time of visa application. Below is some information on how much funding you need to keep and how to show it?
Outside London- £ 9,135 (for 9 months - Outside London, calculated @ £ 1,015 per month to show for Visa) =9,13,500 INR
Inside London- £ 11,385 (for 9 months - calculated @ £ 1,265 per month - to show for Visa) = 11,38,500 INR
If any amount from Tuition fees is pending to be paid.
For ex. Pending Tuition fees = 5000 pound then 5000 pound (5,00,000 INR) + Cost of living expenses (9,13,500 or 11,38,500 INR) needed to be shown for Visa.
Required documents we need
As a part of your visa application, you’ll need to include documents that prove you have got the desired money. Evidence of your cash must meet basic requirements. If it doesn’t your visa application is refused. It is very important that you check your documents carefully, and note that the documents you would like to produce together with your application are different betting on whether you’re a sponsored student or whether you’re self-funded.
Low-risk countries and documents to submit
If you’re from a ‘low risk’ country you must still collect all the documents but you’ll not be required to submit this as evidence together with your application, however, the house or home office can raise this evidence when processing your visa application. If you’re asked for evidence and fail to produce the documents on time your visa application is refused.
Self-funded or parent-funded students - Documents
If you don’t have an official financial sponsor, you’re only ready to provide evidence of funding using your own bank account (including a joint account you hold with some other one) or your parents’ bank accounts. If the cash is in someone else’s account, or in an exceedingly business account that doesn’t have your parent’s on it, you’ll need to move it so you’ll provide the right documents. Maintenance must be within the type of cash funds, you cannot use an overdraft facility or credit card or MasterCard
You need to provide original bank statements/proofs which meets the below-listed requirements:
In your name/parents' name but not business details
Funds shown in the account should be minimum 28 days old, and that quantity of money has never gone below the desired amount during this time
Dated no over one month before the date of your application
Showing the bank account number as well as shows the name of the bank and its logo.
If you use e-statements of your account, then a bank stamp on every page and signature is mandatory along with the supporting letter from the bank.
Students with a loan
A student must show formal evidence/proof of a loan you have taken out on your name, dated within the last 6 months. The establishment must be regulated by either the Financial Conduct Authority, the prudential administrative body or by the official regulatory body for the country the establishment is in, for the aim of student loans.
Some other countries have student loan programs that are available to citizens of that country.
There are basic requirements for the loan
It should be on your (student) name
The bank which is regulated by a registered and official regulatory body
It should be applied within six months of study visa application not more than it
For the evidence of loan need to provide a letter from the respective bank for confirming the loan proof (sanctioned letter).
The letter should be on bank letterhead with signed and stamped
The loan letter should clearly give information about the amount of loan and also the student’s (study loan applier) name
Should include a promissory note to give the loan amount as and when declared
Should mention “The Loan of Rs. He/she has been fully sanctioned and all the terms and conditions, as well as procedure, are completed except disbursement.”
The funds which come through loan need to be available to you before your journey starts to the UK, otherwise, it should be available or provided by the country’s national government when you arrive in the United Kingdom.
Only one condition is there on the loan that tire 4 applications should be successful no other condition should be present.
We hope you like the blog by Mr. Panchal and all the doubts regarding Methods of showing funds in UK for Indian Students are very much clear. Still, if you have any query regarding admissions or visa process for the UK, you can contact or visit Edugo Abroad. We suggest the best institute for the student for higher abroad education. Our personal support team guides the student from the application to the visa interview.