Singapore is considered a premier destination for higher education among Indian students due to the presence of world-class universities, vibrant culture, and robust economy. One of the most important aspects of preparing for your studies in Singapore is understanding the financial requirements and the bank balance needed to secure a student visa. It is very important to understand how much bank balance is required for a Singapore student visa. Let’s understand in detail the financial requirements for Singapore Student Visa.
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How Much Bank Balance is Required for Singapore Student Visa?
To obtain a student visa to Singapore, the students must show sufficient financial resources to cover tuition fees, living expenses, and other related costs for the duration of their studies. The amount required varies depending on the course of study and the university, but generally, applicants must show they can afford the entire period of study without needing to work in Singapore.
On average, a student must keep at least SGD 25000 to 35000 per year while studying in Singapore. With this much of a minimum bank balance, the visa will be approved quickly. While the ICA does not specify an exact amount for the required bank balance, it is essential to show that you can cover your tuition fees and living expenses for the duration of your course. Check the details below:
| Expenses | Required Amount |
| Tuition Fees | SGD 10,000 to SGD 50,000 per year |
| Living Expenses | SGD 10,000 to SGD 15,000 per year |
| Miscellaneous Expenses | SGD 8000 to SGD 16000 per year |
| Total Estimated Bank Balance | SGD 42,000 |
Also Read: Check here all the important details about education loan against mutual funds to study abroad.
Singapore Student Visa (Student Pass)
To study in Singapore, Indian students must obtain a Student Pass, which is issued by the Immigration & Checkpoints Authority (ICA) of Singapore. The Student Pass allows you to stay in Singapore for the duration of your academic course. One of the key requirements for obtaining this pass is to show that you have sufficient financial resources to support your stay.
- If you are planning to study in Singapore with the help of an education loan and have applied for the same then you must submit the education loan sanction letter along with the Visa
- All the details of study abroad scholarship (if availed) must be submitted so that the expected cost and the required bank balance can be determined
- All the details about the bank balance and other financial details must be mentioned in the visa application form properly so that it can be approved without any hassle
Documents Required for Singapore Student Visa
Documentation is one of the most important processes in a Visa application. If all your documents are properly submitted, the chances for visa approval will be high. Check below some of the major documents required to show how much bank balance is required for a Singapore student visa:
- Bank statements showing the required balance
- Fixed deposit receipts
- Proof of scholarships or financial aid
- Affidavit of support from parents or guardians, along with their bank statements
Also Read: Want a secured loan at low interest rates? Check here all about education loan against FD to study abroad
Preparing for your education in Singapore involves careful financial planning. By understanding the financial requirements and ensuring you have the necessary bank balance, you can increase your chances of Visa approval and securing a Student Pass. Check some FAQs below:
FAQs
The minimum bank balance required for a Singapore student visa generally ranges from SGD 25,000 to SGD 35,000 per year. This amount should cover tuition fees, living expenses, and miscellaneous costs.
The major expenses considered in the financial requirements for a Singapore student visa include tuition fees ranging from SGD 10,000 to SGD 50,000 per year, living expenses estimated between SGD 10,000 and SGD 15,000 per year, and miscellaneous expenses ranging from SGD 8,000 to SGD 16,000 per year.
To show sufficient financial resources for a Singapore student visa, students need to provide bank statements showing the required balance, fixed deposit receipts, proof of scholarships or financial aid, and an affidavit of support from parents or guardians, along with their bank statements.
Yes, an education loan can be used to meet the financial requirements for a Singapore student visa. Applicants must submit the loan sanction letter along with their visa application, which will help to show that they have the necessary funds to support their studies.
Scholarships can significantly reduce the required bank balance for a Singapore student visa. Applicants should submit all details of their scholarship with the visa application, as the amount covered by the scholarship will be deducted from the total financial requirement.
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.
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