Studying in the UK is a dream for many Indian students as the country offers a world-class education. However, one of the critical aspects of the visa application process is that you have sufficient funds to support yourself during your studies. The minimum bank balance for UK Visa is specified by the country under different categories.
For the Visa approval, you must show the specified bank balance for certain months. Let’s check and understand all the details and calculations for the minimum bank balance for UK visa.
Table of contents
What is the Minimum Bank Balance for UK Visa?
The minimum bank balance for UK Visa for international students varies depending on the study location. For students studying in London, you need to show at least GBP 1,334 per month for up to 9 months i.e. around GBP 12,006.
For the students studying outside London, the requirement is GBP 1,023 per month for up to 9 months, i.e. around GBP 9,207. This amount must be maintained in the bank account for students for at least 28 consecutive days before applying for the student visa.
Also Read: Planning to study in Europe? Check here all about the minimum bank balance requirement for a Schengen Visa
UK Student Visa: Major Requirements
To study in the UK, Indian students are required to apply for a Tier 4 (General) student visa, now known as the Student Route visa. One of the key requirements for this visa is to show that you have enough money to cover your tuition fees and living expenses while staying in London. Check more details below:
Tuition Fees
The first component of the financial requirement is the tuition fee. You must show proof that you can pay for the first year of your course or the entire course if it is less than a year long. The exact amount will depend on the institution and the course you are enrolled in. However, it is very important to have an official letter from your university stating the tuition fee amount.
Maintenance Funds
Apart from the tuition fees, you need to show that you have enough money to cover your living costs while studying in the UK. The UK Visas and Immigration (UKVI) specifies a minimum amount you must have for maintenance funds, which varies depending on the location of your university.
- For students studying in London (defined as being within the Greater London area): You must have at least GBP 1,334 per month for up to 9 months.
- For students studying outside London: You must have at least GBP 1,023 per month for up to 9 months.
Also Read: Have you ever wondered through which account the remittances are done? Check here what are NOSTRO and VOSTRO Accounts
Calculation of Minimum Funds Requirement
Let’s consider an example to understand better:
Tuition Fee: If your annual tuition fee is GBP 15,000.
Living Costs: If you are studying in London, you need GBP 12,006 for maintenance.
Total Required Funds = GBP 15,000 (tuition fee) + GBP 12,006 (living costs) = GBP 27,006.
You must have these funds available in your bank account for at least 28 consecutive days before applying for your visa. The end date of these 28 days must be within 31 days of the date you submit your visa application. However, it is suggested to maintain funds for at least 6 months prior to the visa application date.
Minimum Bank Balance for UK Visa: Documents Required
There are some documents that is necessary to be submitted by the students to support their financial status. You may have to submit personal bank statements showing the required funds maintained for at least 28 consecutive days. Check all the required documents below:
- Personal bank statements
- Official financial sponsorship from a government or international scholarship agency
- Student loans from a regulated financial institution
- Funds in a parent’s account, provided you have a letter of consent and proof of the relationship
Important Guidelines for Minimum Bank Balance for UK Visa
Showing the financial evidence is an important stage in the Visa application process for UK. The minimum bank balance for a UK student visa amount for even a single day during the 28-day period. Check some important guidelines below:
- Make sure that the amount in your bank account does not drop below the required level for even a single day during the 28-day period.
- Apply for your visa within 31 days of the end date of your 28-day financial evidence period.
- Double-check that all financial documents are correctly formatted, translated if necessary, and include all required details.
These are some of the major details regarding the Minimum Bank Balance for a UK Visa. Check some of the common FAQs based on the same:
FAQs
For students studying in London, the minimum bank balance required is GBP 1,334 per month for up to 9 months and for students studying outside London, the requirement is GBP 1,023 per month for up to 9 months.
You must maintain the required funds in your bank account for at least 28 consecutive days before applying for your visa. The end date of this 28-day period must be within 31 days of the date you submit your visa application.
You will need to provide personal bank statements showing the required funds maintained for at least 28 consecutive days, official financial sponsorship letters from a government or international scholarship agency, student loan letters from a regulated financial institution etc.
Yes, you can use funds in a parent’s account to meet the minimum bank balance requirement. However, you must provide a letter of consent from your parent and proof of your relationship.
If your bank balance drops below the required amount even for a single day during the 28-day period, you will not meet the financial requirement for the visa. You must ensure that the funds do not drop below the specified amount at any point during these 28 days.
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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