Bank Statement and Solvency certificate

[Satish]

Okay, there has been so much information floating across that i am
totally confused with what bank statement is and what solvency
certificate is.Can some one explain what is the difference or are both
same!!! If they are different what is CMU looking for.

Thanks

[Madhavan Srinivasan]

Well I believe a bank statement will contain only the amount of money that the particular bank has. whereas a solvency certificate will have all the money that you have. You need to show the proof of all the money and get the solvency certificate.

[Madhavan Srinivasan]

Basically colleges look for your ability to pay the first year fee. So you can show either of them. In case you have the money in a bank, then you can get the bank statement. incase you have money in different places ( 3 or 4 banks, shares, some other form of liquid money ) then u can get the solvency cert to prove that you have sufficient funds.

[Satish (Oracle India)]

let me paraphrase:

Bank Statement: A statement saying how much amount you have as of today in dollars.

Solvency Statement: A statement saying how much your assets (money in your account + property worth like home, site etc..)


    Please correct me if i am wrong and what is CMU looking for.

On Wed, Jan 21, 2009 at 9:25 PM, Madhavan Srinivasan <mad...@gmail.com> wrote:

--
Regards,

Satish Pasala
Oracle India
Hyderabad

[Madhavan Srinivasan]

I am not sure if solvency will include the property.

[Munmun]

Guys, Can we clearly discuss what are the various options in front of
us for the Financial statement? I have very less knowledge on this;
but may be you guys have delved deeper into the matter and can come up
with a precise post on what are the various options (one of them may
be the solvency certificate)
@ Satish, Madhavan: Please help!

[Kumaresh pandian]

Please go thru this thread in Edulix. This will clarify the difference between 

http://www.edulix.com/forum/showthread.php?tid=63219

Bank Statement Cash- This is issued by the bank.It is signed by the bank manager ...

Solvency Certificate- This is also issued by bank, Solvency includes your assets and it evaluated and solvency is made.

Loan Eligibility Letter- You will get Loan Eligibility Letter when you will show the admit of the university

Hope this was of some help.

Kumaresh

[Satish]

I now have some clarity on solvency and bank statement. Does cmu accept solvency certificate because showing mammoth 35Lakhs in such short span in my account is very difficult.

[Madhavan Srinivasan]

@Munmun you could go thru the finance forum on edulix to get to know about the finances.

@satish i guess the best person to ask this question would be the adcom. unless the certificate is not from a CA it shud be fine ( I read somewhere on the international form that CA statements are not accepted ). 35 Lakhs is it ? then I guess you must be talking about the may batch ?

[Santhosh Mayanna]

Guys...
Firstly,l i20 amount is 26 I believe.. Not 35!
Secondly, CMU will not accept solvency certificate. ( It shows how much your sponsor is solvent, i.e., "capable of" Not how much he "has". I had emailed then with a copy and they said it needs to be liquid amount.

To show liquid cash, your sponsor can have a "friend" transfer that amount to his bank account. The you can take a bank statement stating that amount and send it across.
If he/she is a close trusted friend, request him to let that money be in your sponsors' account until VI. a week or so after that, you can give it back.

--
Santhosh

[Satish]

Santosh,
              Thanks. Solvency seems to fraught with risk. And are you selected for 16 month track. I am selected for 12 month track so that comes to 35Lakhs INR approximately...

[Santhosh Mayanna]

oh ok.. 35 lac is a lot of money for one year dude! :)

--
Santhosh

[Kumaresh pandian]

@Santosh/all,

I would like to know if I can show 30 Lakhs INR (1st yr's amt) and the 2nd yr as a solvency statement format. Is this allowed???

Kumaresh

[Santhosh Mayanna]

Kums,

You mean 2nd year solvency statement during VI?
It is not required if you have a bank loan eligible letter I believe.

As far as I know, during VI, you need to show liquid cash for the first year amt ( what is popularly termed I-20 amt). And preferably for atleast 6 months (U can take risks here. The risk factor reduces with better school, since it proves u r a genuine student interested in studies and not jus goin to US to make money)
The second year you can show bank letter.

For I-20 processing by the Univ, the liquid amt in ur sponsor's account even for one day will suffice!

All this info I hav gathered from Eduix finanace forum. It has a lot of info. (it has so much that u don kno how to filter ;) )

Others pls confirm / correct my statements above.

cheers!

--
Santhosh

[kiran singri]

This is what I am planning to do to get the I-20.
I am trying to get a bank letter which states that his loan is sanctioned on the condition that he will get the I-20 and VISA(As you would know that to get the loan sanctioned, the I-20 document is the precursor, hence the above conditions). I am planning to show this to procure my I-20. Then using the I-20 get the actual loan approved.

 As far as the VI is concerned, I have no choice but to show even part of my first year fees through bank loan and all of the 3rd sem fees as being financed by the bank. I dont know how badly it might impact my interview, but I have no other choice as I cant show 26 lacs liquid amount :(  .

kiran

[Madhavan Srinivasan]

Hmm That should be fine Kiran as long as CMU doesn have any problem giving the I-20 for the bank letter. As for the VI is concerned I dont think it will be a problem if you show the loan. you can check the VI of various CMU students and you will come to know that most of them were not even asked for their finance docs. I happened to meet the "Kuchcha" during the chennai meet and asked him about this and he said it should be fine even if you show a loan amount, Check out his VI too in edulix. Since the college has a good name, VI shouldn be a problem.

[kiran singri]

@ Madhavan,
ya true. I was also checking the 2008 MISM forum in edulix about their VI experiences. Even though some of them were asked for the source of their funding, ad many of those showed bank loans, all of them were given the visa. So lets pray that it should be fine :) .

kiran

[Madhavan Srinivasan]

I believe they just asked the source for funding and not the proof for the source. so lets just keep our fingers crossed :)

[Kumaresh pandian]

Santosh,

Thanks man. SO have you decided between Kelley and CMU ?

Kums

[Satish]

This is not good news. Here is reply one of the edulix member got when
asked about solvency certificate ...


"Hi Santhosh,

Sorry for the delay in responding but I had to wait for our OIE office
to respond. Unfortunetly we are not able to accept a Capability
Certificate. What is acceptable is: An original bank statement issued
within six months clearly stating the name of the sponsor, a balance
equal to or greater than the amount promised, and the type of
currency. OR A letter on official bank letterhead clearly stating the
name of the account holder, amount of available funds and signed and
dated by a bank official.

Erin"


Source: http://www.edulix.com/forum/showthread.php?tid=46375&page=31
Post: 261

On Jan 22, 6:56 pm, Kumaresh pandian <kumares...@gmail.com> wrote:
> Santosh,
> Thanks man. SO have you decided between Kelley and CMU ?
>
> Kums
>

> On Thu, Jan 22, 2009 at 8:27 AM, Santhosh Mayanna <santhoshm...@gmail.com>wrote:
>
> > Kums,
>
> > You mean 2nd year solvency statement during VI?
> > It is not required if you have a bank loan eligible letter I believe.
>
> > As far as I know, during VI, you need to show liquid cash for the first
> > year amt ( what is popularly termed I-20 amt). And preferably for atleast 6
> > months (U can take risks here. The risk factor reduces with better school,
> > since it proves u r a genuine student interested in studies and not jus goin
> > to US to make money)
> > The second year you can show bank letter.
>
> > For I-20 processing by the Univ, the liquid amt in ur sponsor's account
> > even for one day will suffice!
>
> > All this info I hav gathered from Eduix finanace forum. It has a lot of
> > info. (it has so much that u don kno how to filter ;) )
>
> > Others pls confirm / correct my statements above.
>
> > cheers!
>

> > On Thu, Jan 22, 2009 at 7:31 AM, Kumaresh pandian <kumares...@gmail.com>wrote:
>
> >> @Santosh/all,
> >> I would like to know if I can show 30 Lakhs INR (1st yr's amt) and the 2nd
> >> yr as a solvency statement format. Is this allowed???
>
> >> Kumaresh
>
> >> On Wed, Jan 21, 2009 at 11:26 PM, Santhosh Mayanna <
> >> santhoshm...@gmail.com> wrote:
>
> >>> oh ok.. 35 lac is a lot of money for one year dude! :)
>

[Santhosh Mayanna]

Thats me dude!  :(

--
Santhosh