Studying in South Korea is a dream for many Indian students. However, financial stability is one of the most crucial requirements to obtain a visa. Many students often wonder: How much bank balance is required for a South Korean student visa? Understanding the financial requirements can help students plan their applications efficiently and avoid unnecessary delays.
In this guide, we will cover everything related to the minimum bank balance required for a South Korean student visa in detail. From the specific amount required to the reasons behind this financial requirement and the documents needed, this blog will ensure you are well-prepared for your South Korea student visa application.
Table of contents
Minimum Bank Balance Requirement for a South Korean Student Visa
The minimum bank balance required for a South Korean student visa varies depending on the duration of your course and the university you are applying to. Generally, students need to show proof of funds covering at least one year of tuition and living expenses. For BA, MA, and PhD students, this ranges from USD 13,000 to USD 15,000.
For exchange students and those pursuing short-term courses, the minimum bank balance for a South Korean student visa should match the total cost of stay. The amount must be maintained in the account for at least one month before applying.
| Visa Type/Student Category | Minimum Bank Balance Requirement |
| BA, MA, and PhD students (National Capital Region universities) | USD 15,000 |
| BA, MA, and PhD students (Local Region universities) | USD 13,000 |
| D-2 (Degree) Visa[For Indian Students] | KRW 20,000,000 to KRW 25,000,000 (INR 12–15 lakh) |
| D-4 (Language Training) Visa [For Indian Students] | KRW 10,000,000 to KRW 15,000,000 (INR 6–9 lakh) |
| Exchange students or students studying under 12 months | Amount covering the full cost of stay (as per Section 7 in the Certificate of Admission) |
For BA, MA, and PhD students
The last 6 months’ bank statements must show at least USD 15,000 for students of universities in the national capital region.
Students of universities in the local region must show a minimum bank balance of at least USD 13,000. This amount must have been held in the account for at least one month.
For a D-2 (Degree) Visa
Indian students with a D2 Visa are typically required to show a minimum bank balance of at least KRW 20,000,000 to KRW 25,000,000 (approximately INR 12–15 lakh) for a South Korean student visa.
For a D-4 (Language Training) Visa
Indian students on D4 visas (attending language courses and for training or research at a university or research institute) are required to show a minimum bank balance of KRW 10,000,000 to KRW 15,000,000 (around INR 6–9 lakh).
For exchange students and students studying for less than 12 months
The last 6 months’ bank statements must show enough money to cover the total cost of stay in Korea, as mentioned in Section 7 of the Certificate of Admission. This amount must have been held in the account for at least one month.
Some universities may have additional financial requirements, so it is always best to check with the university you are applying to.
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Why is the Minimum Bank Balance Important?
The South Korean government enforces a minimum bank balance requirement to ensure that international students can support themselves financially without facing difficulties. Here’s why this requirement matters:
Ensures Financial Stability – Studying abroad involves tuition fees, accommodation, and daily expenses. A sufficient bank balance assures authorities that students can sustain themselves in South Korea.
Reduces Illegal Stay Risks – Having a proven financial backup ensures students won’t face financial hardship, reducing the risk of visa misuse.
Helps in Visa Approval – Strong financial proof increases your chances of visa approval, as it reassures authorities of your financial ability.
Financial Documents to Show Proof of Funds for South Korean Student Visa
To obtain a South Korean student visa, students must submit financial proof to meet the required bank balance criteria. This ensures that they have sufficient funds to cover tuition, accommodation, and living expenses. Below are the essential financial documents needed for the visa application:
Bank Statements: The last 6 months’ bank statements showing the required balance. The balance must be maintained in the account for at least one month before applying. The statement must be issued within two weeks before the visa application date. Online banking or ATM mini-statements are not accepted.
Fixed Deposit Receipts: Some embassies accept fixed deposits as proof of funds.
Scholarship Certificate: If you are receiving a scholarship, submit an official letter mentioning your name and the total scholarship amount.
Loan Approval Certificate: If you are taking an education loan to study in South Korea, provide a certificate proving the loan amount, ensuring it covers your expenses in Korea.
Sponsor’s Financial Documents: If you are financially supported by a parent or guardian, you need to submit:
- Parent’s passport photocopy
- Signed agreement letter confirming full financial support
- Last 6 months’ bank statement with the required balance held for at least one month
- Birth certificate or family relationship certificate to confirm the relationship
Exchange Student Documents: If you are an exchange student, submit the Exchange Student Agreement between universities and a letter of recommendation from your current institution.
Business Registration Certificate of the Korean School: Required for students enrolling in South Korean institutions.
Family Relationship Documents: Students from specific countries, including India, must submit original and notarized translated copies of family relationship documents.
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Tips for International Students
Having a well-prepared financial plan can significantly improve your chances of securing a South Korean student visa. Ensure that you follow these tips carefully to avoid any last-minute hurdles.
Maintain a Stable Bank Balance: Ensure your account consistently meets the minimum balance requirement for at least a few months before applying for the visa.
Keep All Documents Ready: Incomplete financial documentation can lead to delays or rejection. Make sure you have all the necessary paperwork in order.
Consider an Education Loan: If you lack the required balance, an education loan can help meet the financial requirements.
Check University-Specific Requirements: Different universities may have different financial proof requirements, so verify with your university before applying.
Seek Professional Help if Needed: If you are unsure about financial documentation, consult an expert or visa consultant to guide you through the process.
Understanding how much bank balance is required for a South Korean student visa is crucial for Indian students planning to study in South Korea.
Ensuring you meet the minimum bank balance required for a South Korean student visa will increase your chances of approval and make your transition smoother. Proper financial planning and documentation can make the visa process hassle-free, helping you focus on your academic journey in South Korea.
FAQs on Minimum Bank Balance for South Korea Student Visa
You need to show proof of funds covering tuition and living expenses, typically USD 13,000–15,000.
The required amount ranges from INR 6 lakh to INR 15 lakh, depending on the visa type.
You need KRW 20,000,000–KRW 25,000,000 (INR 12–15 lakh).
You need KRW 10,000,000–KRW 15,000,000 (INR 6–9 lakh).
The total cost, including tuition and living expenses, ranges from INR 12 lakh to INR 25 lakh per year.
The rejection rate varies but is generally around 20-30%, mostly due to financial or documentation issues.
You will need at least KRW 10,000,000–KRW 25,000,000 (INR 6–15 lakh), depending on the program.
It usually takes 2–4 weeks for processing but can vary based on the embassy’s workload.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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