This is a question I’ve seeked an answer to from multiple sources. To clarify the question itself first, I’m referring to the cash requirement stated by French consulate authorities for the student visa processing to go smoothly.
(Again, this stems from my ongoing process of applying for a student visa for studying at HEC, Paris)
So firstly, how much is enough ?
There are two parts to this. First the student is travelling alone (the majority case) and second is where the student is moving alongwith a dependent partner.
You need to show funds for
1. Tuition Fees
2. Living expenditures (Self)
3. Living expenditures (Dependents if they are travelling with you)
For a student travelling alone the amount deemed required for the living expenditure of self is set at is 537 Euros/month for the duration of the course. (12 months in case of the HEC MBA, as four months are supposed to be paid internship)
If you are travelling with dependents (in my case I will be accompanied by my wife and 2 year old daughter), the above requirement is void. Instead, what I’ve been told is “You have to justify that you can provide for your family in France, you should at least meet the amount of 1 070,76 €/months which is the amout of the minimum wage determined for 2011”
Now the next aspect, what are the acceptable forms of proof of funds ?
Essentially anything with liquidity is acceptable.
- Several candidates may apply for loan for part or entire amount. A sanction letter from the financial institution stating the amount provided as loan will act as one financial proof.
- Savings Bank Balance: This is by far the best possible proof of source of funds. High liquidity makes this as the most preferred ( I do not know of any requirement of holding certain amount of cash for a pre-set period)
- Fixed Deposits: Yet another easily accessible liquid source of funds.
- PF: Some (like me) would intend to withdraw the hard earned provident fund. Well a PF statement showing the balance in your PF should suffice. This is usually not up to date when it is a government PF; I intend to furnish a letter from my company stating the current estimated PF balance. (will update this info once I’ve processed my visa docs).
- PPF: PPF passbook statements should also be a good source to indicate source of funds.
- Any other liquid assets like Equity/MF investments should also suffice…
In the case where we show funds from anyone-but-self, we need to furnish a plain paper declaration from the person, stating that he/she will be sponsoring our education and we must provide the essential documentary evidence supporting it.
That’s it. This was a good revision for me, before I prepare for my visa interview. Hoping this proves useful to others seeking info.