Every US University requires the applicant to submit proof of financial resources to meet the expenses of the first year of education in US. Read this article for important information and FAQs regarding bank solvency certificate.
Is bank solvency certificate mandatory? Can bank statements be an alternative to solvency certificate?
All the US Universities require financial proof in USD. All Indian banks provide bank statements in INR. If you can obtain official converted bank statements from your bank on a bank letterhead, it is a perfect alternative to bank solvency certificate or statement by Chartered Accountant.
How to obtain the solvency certificate?
You need to show or submit the official evaluated documents of your liquid and fixed assets to the bank which then issues a solvency certificate in USD for US Universities. Read this article for a detailed step by step procedure to obtain solvency certificate: Procedure to obtain solvency certificate . Alternatively, you can obtain a statement from any Chartered Accountant who will evaluate all the above assets that you produce.
Is sanctioned bank loan an alternative to solvency certificate?
Yes. If your loan amount is more than the I-20 amount (expenses for first year), then the sanctioned loan amount can be presented as proof of financial resources to the University to obtain I-20. But most banks require the I-20 document to sanction your education loan. So, confirm with your bank if it is willing to sanction your loan based on only the admit letter from University.
Does solvency certificate have an impact on the admission decision?
No. Your admission decision is not related to your financial proof document submission. In fact, most Universities require you to submit your financial proof document only after an admission decision is taken. This document is necessary for I-20 document issued by University which is then required for F1 VISA and is no way related to your admission decision.
I have already submitted solvency certificate to Universities. Do I need to submit it again?
I have already submitted solvency certificate to Universities. Do I need to submit it again?
No. But to be on the safe side, confirm with your University through e-mail and check if they have received your document.
When should I submit my solvency certificate to Universities?
If you have obtained copies of solvency certificate from bank, it is advisable to send the solvency certificate during your applications along with your official transcripts and other supporting documents in a packet. This speeds up your I-20 processing once your admission decision is finalized.
Having said that, most Universities do not require an official copy of transcripts or financial proof until an admission decision is taken. Since the application is totally electronic, you do not need to send any hard copy to the University before a final admission decision is taken. So, you can send financial proof documents to only those Universities that you get an admit from. Your admission decision is in no way related to timing of your solvency certificate submission. It will simply delay your I-20 processing if you delay your solvency certificate submission.
Validity of solvency certificate
Most Universities require a solvency certificate not older than 6 months. Some require a solvency certificate not older than 3 months. But in either case, your bank can re-issue solvency certificate if it is older than 3 months. So, if your University requires a financial proof document older no more than 3 months, then you can always issue a new solvency certificate from your bank.
Is solvency certificate a valid document for F1 VISA interview?
A solvency certificate can only be a supporting document, but this document cannot serve as a proof of financial resources document for F1 VISA interview. You need to carry all your official financial documents during your VISA interview along with sponsor letter, loan sanction letter, valuations of your assets and other financial documents. Your interviewer may ask you to produce any financial document. Hence solvency certificate can be taken but you need all your documents at the time of VISA interview.
