International universities in Spain offer a plethora of courses to pursue higher education. The educational facilities, job prospects and standard of living attract aspiring students from across the globe and earn a degree in Spain. However, you’ll need to show that you can financially support yourself. This means you have to show a minimum balance in your bank account to secure a Spain study visa successfully. Let’s find out how much balance is required for a Spain student visa.
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Balance Requirement for Spain Study Visa
The Spanish government requires international students to demonstrate financial stability to study in Spain. If you plan to pursue short-term courses (less than 90 days), you don’t need a student visa. However, as per immigration guidelines, it is advisable to have a minimum balance of EUR 113 per day (INR 10,216) to avoid any immigration hassles upon arrival.
For Spain student visas, you need to show financial support covering your entire study period. The exact amount depends on your course duration. Generally, it is calculated as a multiple of the Spanish Public Multiple Effects Income Indicator (IPREM), which is around EUR 600 per month (INR 54,500) as of 2024. These funds can be provided by a parent or a legal guardian.
| Minimum Bank Balance for Spain Study Visa | |
| For 90 days course | EUR 113 per day (INR 10,216) |
| For Long Term Courses Bachelors- (EUR 600 x 36 months) Masters- (EUR 600 x 24 months) | EUR 600 per month EUR 21,600 (INR 19.5 lakhs) EUR 14,400 (INR 13 lakhs) |
Pro Tip: It is ideal to maintain more than the required minimum balance for a Spain study visa as this ensures quicker visa processing. These are similar to the minimum balance requirements for a Schengen Visa.
Also Read: Check here all the important details about education loan against mutual funds to study abroad.
Why Minimum Balance is Required?
Securing a Spain student visa involves proving your financial capability to support yourself throughout your stay. The minimum balance requirement of EUR 600 per month is a crucial part of this process. This is required because studying abroad comes with various costs like accommodation, food, transportation, and personal expenses. The minimum balance ensures you can comfortably cover these day-to-day expenses. You can use a student account in N26 Bank to show appropriate funds.
- While tuition fees ranging from EUR 1000 to EUR 17,000 in Spain might be paid separately, having a substantial balance showcases your ability to manage overall financial obligations during your studies.
- Unexpected costs can arise during your stay. A healthy bank balance acts as a safety net for emergencies like medical expenses or travel disruptions.
Disclaimer: The specific amount required might vary depending on factors like your chosen city, accommodation type, and personal spending habits. It’s always advisable to check the latest requirements on the Spanish embassy or consulate website before your application.
By demonstrating financial stability, you increase your chances of getting the Spain student visa and enjoying a stress-free academic journey.
How to Prepare Financial Documents for a Spain Study Visa?
Ensuring a minimum bank balance for a Spain study visa is very important. Another important step is to prepare the financial documents carefully. Make sure to show recent bank statements (3-6 months) displaying the required funds in your account.
- If someone else is footing the bill, get a notarized sponsorship letter along with their bank statements and proof of relationship (like a birth certificate).
- Any financial aid can bolster your application. Bring official documentation. However, expected income is not considered valid for the Spain student visa.
- If needed, consider including savings, investment, or credit documents.
- Check the amounts and minimum balance required for a Spain study visa. Authorities want to check that you have a sufficient amount/ funds available in your account.
Also Read: Want a secured loan at low interest rates? Check here all about education loan against FD to study abroad
Documents Required for Spain Student Visa
Careful documentation is required for getting your Spain student visa approved. Important documents like bank statements and sponsorship letters are required to show a minimum bank balance in your account. Make sure to submit original documents to support your application.
- Official application form with a parent or guardian’s signature.
- Proof of admission to a recognized Spanish educational institution.
- Bank statements and sponsorship letters by choosing to apply for applicable scholarships to study abroad provided by the Indian Govt.
- Evidence of savings and investments.
- Proof of comprehensive health insurance covering your entire stay in Spain.
- Evidence of your accommodation arrangements, such as a rental agreement or hostel reservation.
This was all about the minimum bank balance requirements for a Spain student visa. While higher studies in Spain, you also engage in extracurricular activities, travel, and social life apart from academics. Sufficient funds allow you to fully experience student life in Spain conveniently and nicely.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Yes, to study in Spain, you’ll need to demonstrate financial stability. This means showing you have enough money to cover your tuition fees, accommodation, and living expenses throughout your stay. For short-term courses (less than 90 days), as per immigration guidelines, it is advisable to have a minimum balance of EUR 113 per day (INR 10,216).
The minimum balance required for a Spain study visa is based on Spain’s Public Multiple Effects Income Indicator (IPREM). For 2024, it’s around EUR 600 per month (INR 54,500). You can multiply this by the number of months you plan to study (e.g., EUR 5,400 for a 9-month course).
Yes. It is mandatory to show the minimum balance in your bank account. This ensures you can comfortably cover the day-to-day expenses of studying abroad. The specific amount required might vary depending on factors like your chosen city, accommodation type, and personal spending habits.
Important documents like bank statements and sponsorship letters are required to show a minimum bank balance in your account. Make sure to submit original documents to support your application.
Make sure to show recent bank statements (3-6 months) displaying the required funds in your account. Bring official documentation and consider including savings, investment, or credit documents.
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