What proofs of funds are accepted for the UK Student Visa

To Study in the UK, you must prove that you have enough funds to cover your University Fees, Living Expenses, and travel expenses. Compared to Canada, you are not required to pay the First-year Tuition in full and open a Bank Account to deposit the living expenses. Nowadays, to avoid Visa Refusal at a later stage, most universities are verifying the availability of funds before issuing the CAS or Confirmation of Acceptance for Studies letter required to apply for a Visa. So, many students got into the dilemma of How to prove their available funds to the University or Immigration. Here are the answers to the common questions about Proof of Funds for UK Student Visa.

How much funds are required for a UK Student Visa?

To get a UK Student Visa, you have to prove that you have money to pay the University Fees and enough funds to cover your living expenses during your stay in the United Kingdom. The student is required to prove funds equal to 1 year of Tuition Fees and 9 months of Living Expenses. If a student has already paid the one semester fees or university deposit, that amount will be deducted from the total amount. 

University Fees

You must prove that you have one year of Tuition Fees available to pay the University. If you have already paid the deposit or first semester fees, you must provide evidence of the leftover amount and the paid payment receipts. If your course duration is over one year, you must show proof of the payment plan.  

Living Expenses

Starting 2nd January 2025, the Government of the United Kingdom (UK) has increased the minimum Living Expenses requirement for Student Visas. Earlier, the requirement was £12,006 for 9 months for students staying inside London and £9207 for students staying Outside London. According to the latest notification, they increased to £13,348 for students staying inside London and £10,224 for outsiders. 

If the University Campus location is inside London, the student must show a minimum of £13,348 (£1483 x 9). Otherwise, if they are staying in any city outside of London, they need a minimum of £10,224 (£1136x 9). Suppose the student has made a payment to the University accommodation provider. In that case, the show money will be reduced by the amount shown in the CAS paid or a maximum of up to the minimum requirement, whichever is less.

Inside London refers to the City of London and 32 London boroughs, such as the City of Westminster, Kensington and Chelsea, Hammersmith and Fulham, Wandsworth, Lambeth, Southwark, Tower Hamlets, Hackney, Islington, Camden, Brent, Ealing, Hounslow, Richmond upon Thames, Kingston upon Thames, Merton, Sutton, Croydon, Bromley, Lewisham, Greenwich, Bexley, Havering, Barking and Dagenham, Redbridge, Newham, Waltham Forest, Haringey, Enfield, Barnet, Harrow, Hillingdon. 

The classification of whether inside or outside London will be based on the location of the university campus. If your University Campus is located inside London, but you are planning to stay outside London, you still have to show funds according to Inside London. 

Travelling Expenses

You are also required to prove that you have enough funds to cover your Visa Costs, Immigration Health Surcharge and Flight Tickets. For example, if you are going for 12 months Master from India, you have to keep aside around Rs 2.5 Lakhs per person. 

What is the acceptable proof of funds?

Bank Savings

You have to submit a Computer Generated Bank Statement along with a Bank Certificate. Both documents must be duly signed and Stamped by the Branch Manager. The funds must be 28 days old and should be kept in a Bank regulated by the Reserve Bank of India, and the account holder should be either a Student or a parent. You must have this money for at least 28 consecutive days. The end date of the 28 days must be within 31 days of the date you apply for your visa.

Fixed Deposits

The Fixed Deposit must be in the name of the student or parents and must be at least 28 days old. Due to increased fraudulent activities, the High Commission has started questioning the source of funds unless it is 5-6 months old. The malpractices such as Overdrafting Fixed Deposits are strictly prohibited. 

Education Loan

The Education Loan is one of the major acceptable ways students are using nowadays to fund their Studies in the United Kingdom. As per UKVI, the loan

1. It should be in the name of the student, and parents can be their Co-Borrower.
2. It should be purely an Education Loan (Whether Secured or UnSecured).
3. The difference between the date of submission of the visa application and the Education Loan sanction date should be at most 6 months. 
4. It should not be a Home Loan, Mortgage Loan, Loan Against FDR or Personal Loan.
5. The amount should be available to the student before travelling to the UK.
6. It should be sanctioned by UKVI Approved Banks.

Please note that NBFCs such as HDFC Credila, Avanse, Auxilo, and InCred are not accepted by the UK. So, the funds must be disbursed by NBFCs to the Student's Bank Account before the Visa application and must be 28 days old. 

Who can be the Sponsors?

For the UK Student Visa, only parents are acceptable sponsors. Any other relatives, such as Grandparents, brothers, Sisters, and Uncles, are not accepted. They have to transfer the sponsored amount to the student's bank account before the visa application.