To travel to Sweden, you must have a Sweden visa. Usually, a Schengen visa works for travel purposes that also allow you to visit other EU countries. Finance and costs are important concerns when you apply for a visa. You need to show a minimum bank balance to prove you can support your travel plans or higher education in the country. But how much funds do you need to show? Continue reading this blog to find out the answer to ‘How much bank balance is required for Sweden student visa?’
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How Much Bank Balance is Required for Sweden Student Visa?
Sweden is a beautiful Scandinavian country, popular for its attractions and excellent universities. It draws many tourists and international students for travel and academic purposes. You require a Schengen visa if you plan to visit Sweden for leisure. The minimum balance requirement for a Schengen visa is EUR 1200 to 1500 per month (INR 1.08 lakhs to 1.35 lakhs).
To obtain a student visa for Sweden, you must demonstrate sufficient financial resources to cover your tuition and living expenses. As of January 1, 2024, you need to show SEK 10,314 per month, while for 2023, the requirement was SEK 9,450 per month.
The total amount required depends on the length of your residence permit; for example, if your permit is valid for six months, you must have at least SEK 61,884 in your bank account.
| Minimum Bank Balance for Sweden Student Visa | |
| For Residence Permit/ Sweden Student Visa | SEK 10,314 per month INR 82,000 per month |
| Total Estimate | You can multiply this by the number of months you plan to stay. For instance, for a year-long program, you’d need around SEK 103,140 (INR 93.13 lakhs). |
Please Note: The financial requirements might change, so always check the Swedish Migration Agency’s website for the most current information.
Also Read: Want to take an education loan to cover the finances required for abroad studies? Check out the blog on student loans for the Netherlands.
Why Do I Need a Minimum Bank Balance for a Sweden Student Visa?
Sweden is a bit expensive country. The cost of living is high in cities like Stockholm, Gothenburg, and Malmö. You can expect to spend SEK 10,000 a month (INR 79,000) which includes living expenses, food, transportation, and student travel insurance. Besides, for international students, the cost of study is also high.
Tuition Fees
International students who belong to non-EU countries are expected to pay between EUR 7,500 to 75,000 (INR 6.77 lakhs to 67.76 lakhs) as tuition fees for an academic year. While the tuition fee is paid separately, having a minimum bank balance for a Sweden student visa proves your financial stability.
Living Expenses
Besides tuition fees, you need to pay for accommodation in Sweden. For this, you can expect to spend between EUR 700 to 1,500 per month (INR 63,000 to 1.35 lakhs per month). The expenses may differ based on the city, university, and type of accommodation chosen.
Considering the above-mentioned costs, you need to maintain a minimum bank balance for a Sweden student visa of SEK 10,314. This ensures that you can cover your finances while studying in Sweden.
Also Read: Want a secured loan at low interest rates? Check here all about education loans against FD to study abroad.
Financial Documents for Sweden Student Visa
Now that we know how much funds are required in the bank for a Sweden student visa. Let’s find out the financial documents that must be submitted. If you have taken an education loan, the education loan sanction letter would work. However, you must submit the following supporting documents too-
- Bank Statements: Submit recent bank statements (usually 3-6 months) showing that you have sufficient bank balance in your account.
- Sponsorship letters: Sponsors can usually be your parents, guardians, or siblings. However, according to the Sweden Mitigation Agency, you have to be your own sponsor and submit bank statements to show proof of funds.
- Scholarships and Grants: Any financial aid can strengthen your application.
- Submit documents like savings, investments, or credit statements.
This was all about the minimum bank balance requirement. Hope it provided the answer to the frequently asked question- How much bank balance is required for a Sweden student visa? By proving your financial readiness, you’re one step closer to your Swedish adventure!
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
You need to show a minimum of SEK 10,314 per month in your bank account. This amount ensures you can cover living expenses during your studies.
You need to provide bank statements covering at least the last 3 to 6 months. These statements should reflect a stable and sufficient balance to prove your financial ability to support your stay in Sweden.
International students must apply for a Residence Permit or a Sweden Student Visa for more than 90 days of higher studies. You can pursue your bachelor’s or master’s easily by obtaining this visa.
The Sweden student visa fee is SEK 1500 (INR 11,867). Before applying, you must have a minimum bank balance of SEK 10,314 per month (INR 82,000) to prove your financial stability.
You need to provide the latest bank statements (3-6 months), and sponsorship and scholarship letters (if applicable). You also need to provide the education loan sanction letter if you have taken an education loan.
Yes, if you have a scholarship, it can be used to demonstrate financial support. Ensure you provide documentation confirming the scholarship details.
While you need to show the required balance at the time of application, maintaining it throughout your studies is advisable for financial security.
If your balance drops below SEK 10,314, it could jeopardize your visa status. Always ensure sufficient funds are available to meet the requirements.
For a bachelor’s or master’s degree, you must apply for a Residence Permit for Studies (also known as a Sweden Student Visa). This visa is required for students pursuing courses longer than 90 days in Sweden.
The processing time for a Sweden student visa typically takes around 90 days (3 months). However, it may take longer depending on the number of applications and the completeness of your documents. It’s recommended to apply well in advance to avoid delays.
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