Alternative to solvency certificate to obtain I-20 from US Universities

After you receive an admit from a US University, you need to submit proof of financial resources to support for at least the first year of your education expenses in US. Without this statement, the University cannot send you the I-20 document which is essential for US F1 VISA. Normally, a solvency certificate is the document that is issued by banks for providing this proof to obtain an I-20 document. 

Many US Universities have started refusing the solvency certificate from banks or Chartered Accountants in India. So, before you send the solvency certificate, read the guidelines from the University website and if they do not accept solvency certificates, you can use some of the following alternatives to it.  

Here are a few alternatives to the solvency certificate that you can use for sending the US Universities financial proof.

  • Bank Statement: If you have liquid assets in the form Fixed Deposits, savings account, current account and other accounts in your bank, you can request your bank official to sum them all up, convert them in US dollars as per the current exchange rate and issue a bank statement, stating the account balance in your account in USD. The banks can issue this statement with a stipulated fee. You can collect such documents from multiple banks if you or your parents have accounts in different banks. These bank statements can be used instead of solvency certificate.
  • Education LoanYour education loan amount can be presented as proof of financial resources to the University to obtain I-20. But most banks offering education loan 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. If they do provide a provisional loan sanction letter, this document can be used as part of the financial proof to submit to the Universities instead of solvency certificate. 

These documents can also be useful for your US VISA interview, so it is advisable to use these documents instead of solvency certificate, if your US University explicitly mentions "solvency certificate not acceptable as financial proof". 

Read this article for information regarding financial documents for US F1 VISA: Preparation of financial documents for F1 VISA