An MBA degree is most students’ dream. But it remains only a dream as it is an expensive course. The demand for the MBA program and its versatility has made it one of the most expensive professions. Since many aspirants, just dream of an MBA but are not able to take admission in the course the colleges as well as companies offer a different scholarships for the students.
Are you also among the aspirant who is looking for financial aid or scholarship to complete the management degree? Then you are at the right place. In this blog, we will discuss the different scholarships provided to MBA aspirants in detail.
MBA Scholarship in India
Top financial schools such as IIMs, XLRI, NMIMS, and others provide financial assistance to deserving candidates in order for them to complete their management studies. Other MBA scholarship programs are available from organizations such as Aditya Birla Group, PNB Housing Finance, OP Jindal, and others. The names of some well-known MBA scholarships available in India are listed below.
- IIM Scholarships
- IDFC first bank Scholarship
- NMAT Scholarship
- Aditya Birla Scholarship
- O.P. Jindal Engineering and Management Scholarship Scheme
- ONGC Scholarship
- Merit Cum Means Scholarship for Professional and Technical Courses (Minorities)
- Post Graduate Scholarship for Professional Courses for SC/ST
- YES FUTURE READY Scholarship
- PNB Housing Finance Protsahan Scholarship
IIM Scholarship
IIMs are the leading B-schools in India offering world-class management education. The fee for the MBA program is relatively high in the institute as compared to the other management institutes. But the IIMs offer reasonable scholarship provisions for the students to help them with good learning.
IIM Ahmedabad
IIM Ahemdabad is the top B-school in India offering management courses for students. It has secured the 1st rank in the NIRF ranking framework 2022. The different scholarships offered by the institute are as follows:
IIMA Special Need-Based Scholarships:
The students whose family income is below 15,00,000 (annual income of family) are eligible for the scholarship.
SC/ST Scholarships:
All SC/ST students enrolled in postgraduate programs receive Rs.150 per month for a period of ten months.
IIMA Exit Scholarships:
Scholarships for IIMA graduates who want to start their own businesses: To encourage graduating students to become entrepreneurs, the Institute has decided to launch a scheme that will provide a monthly stipend of Rs.30,000/- to two students from each batch for a maximum of three consecutive years.
Students who graduate from IIMA and join “Not-for-Proft” organization: To encourage students to work in NGOs, two students from each batch will be given financial assistance for three consecutive years at the most to help them pay off a portion of the bank loans they took out to study at IIMA.
Scholarships offered by the Government of India
SC/ST Scholarship: Awarded to deserving SC/ST students whose annual family income does not exceed Rs. 4,50,000.
Minority students: The Ministry of Minority Affairs, Government of India, awards scholarships to students from minority communities whose family income does not exceed Rs.2.50 lakhs per year.
Students with disability: Awarded to deserving DA/PWD students whose family income does not exceed Rs.6,000,000.
Scholarships offered by Industries/Corporations
Aditya Birla Group Scholarships: The Aditya Birla Group provides these scholarships. It is awarded to approximately three deserving PGP I and PGP II students. The Aditya Birla Group makes the final decision. The award is approximately Rs.175,000 per student per year.
Dunia Scholarships for scholastic excellence: Dunia Finance LLC, Dubai, UAE, has established this merit scholarship, awarding two scholarships to PGP-Is and two scholarships to PGP-IIs. Each scholarship is worth Rs.100,000/-.
OP Jindal Engineering and Management Scholarship: The OP Jindal Group provides this scholarship to one or two second-year PGP students. An online test and a personal interview are used to make the final decision. The grant is Rs.150,000 per student per year.
T. Thomas Scholarship: Hindustan Unilever Ltd. bestows this scholarship on a second-year student based on merit-cum-means criteria. The yearly pay is Rs.100,000.
Apart from this, the IIMA has some rules and regulations for the grant of the scholarship. These are as follows:
- Students who violate the Institute’s disciplinary norms or are found guilty of misconduct will be disqualified from receiving any of these scholarships/financial aid.
- A student may accept more than one scholarship/financial aid in an academic year, provided that the total amount of such scholarships/financial aid does not exceed the actual yearly expenses (PGP fees and other charges plus boarding and lodging as well as personal expenses up to Rs.30,000 per year) payable to IIMA during the same academic year.
- The Institute reserves the right to revoke an already awarded scholarship/financial aid for the following reasons: I providing false information in the scholarship/application of financial assistance, (ii) violation of Institute disciplinary norms, and (iii) misconduct.
- The Financial Aid and Awards Committee’s decisions on scholarship/financial aid awards are final.
IIM Bangalore Scholarship
The second most demanding MBA institute in India is IIMB. IIMB offers scholarships to give financial aid to students. Some of the scholarships offered are:
- Needy Class: Financial aid is available to all PGP students whose annual household income is less than INR 800,000 per year. Other students who face severe financial difficulties as a result of unexpected events are also considered.
- Aditya Birla Scholarship: This merit-based scholarship is available to PGP students in their first and second years. Students who receive the scholarship in the first year are eligible to apply for renewal in the second year if they are in the top 25% of their class in the first year. The scholarship amount per student is INR 1.75 lakh.
- Citi Women’s Leader Award: This merit-based scholarship will pay for your second year’s tuition. At the end of the first year, candidates are chosen from the top 25% of the class.
- OPJEMS Scholarship: This merit-based scholarship is awarded to second-year PGP students. The top ten second-year students based on academic performance in the first year are eligible to apply. The amount of the scholarship is 1.50 lakh.
- Hindustan Unilever / T Thomas Scholarship: HUL awards this merit-based scholarship to one PGP second-year student. The scholarship is worth Rs. 1 lakh.
- NTPC Scholarship Scheme: The scholarship is around INR 48,000 per year. Students from the SC/ST/PWD categories who are in their second year of management studies and have passed the first-year exam in one attempt are eligible for the scholarship.
- Ministry of Tribal Affairs Scholarship (ST): The Government of India’s Ministry of Tribal Affairs invites applications for the National Scholarship for Higher Education for Scheduled Tribe PGP first-year students. This is a means scholarship that covers tuition expenses in full.
IIM Lucknow
IIML offers the following scholarship for MBA students:
- Need-based Scholarship: The institute has established a need-based scholarship based on family income for students. Any student, regardless of caste, creed, gender, or religion, whose total annual gross family income (self, parents, and spouse) meets the eligibility criteria, may apply.
- Industry-Sponsored Scholarships: Several industry-sponsored scholarships are awarded on a merit basis at the end of each academic year. Scholarships range in value from INR 6,000 to INR 1,000,000 per year. Hindustan Lever Ltd., Reckitt Benckiser, Aditya Birla, Ratan Tata, Citibank, EXIM Bank, Hughes Software Systems, Nestle India Ltd., Central Bank of India, Apeejay Trust, and Bharti Foundation are among the major sponsors of these scholarships.
IIM Indore
Need-based financial Assistance: All participants admitted to the Post-Graduate Programme in Management (PGP), Post-Graduate Programme in Human Resource Management (PGPH), and Integrated Programme in Management (IPM) with an annual family income of less than INR 9,00,000 are eligible to apply for financial aid.
IDFC First Bank Scholarship for MBA
IDFC First bank grants scholarships for needy students to complete full-time MBA courses. It is given to students who have been admitted to B-schools on their own merit and have a family income of less than Rs. 6 lakhs per year. The goal of this scholarship is to make Post Graduate Studies in Business available to deserving students who would otherwise be unable to pursue them due to financial constraints.
Some of the key points of the scholarship are:
- It is only for Indian students.
- The scholarship will be applicable for the current year of admission.
- Income proof of fewer than 6 lakhs should be provided.
- The institute shall fall in the given list.
- The age of the applicant should be less than 35 years.
- A valid adhaar card linked to the mobile number.
NMAT Scholarship for MBA students
Scoring good marks in NMAT by GMAC can entail your scholarship in around 11 management institutes across the country. When indicating their preferences or following the publication of the NMAT results, applicants can think about scholarship colleges. The criteria for every college vary and depend on the NMAT score.
The list of the colleges that provide the NMAT scholarship and participate in the flagship program are:
Alliance School of Business, Bangalore
The School offers the following scholarship for NMAT candidates:
| NMAT Score | Scholarship | Number of students |
|---|---|---|
| 160 to 179 | 25% of fees | 20 Students |
| 180 to 209 | 35% of fees | 10 Students |
| 210+ | 50% of fees | 10 students |
IILM University
IILM University is a private university in Gurgaon, Haryana, India. It provides scholarships through the NMAT by GMAC to all qualified students with high grades.
| NMAT Score | Scholarship |
|---|---|
| 181-195 | 25% of fees |
| 195+ | 40% of fees |
BML Munjal University, Gurgaon
The university is located in Gurgaon, Haryana. It offers scholarships for NMAT students with the following score.
| NMAT Score | Scholarship |
|---|---|
| 160-180 | 10% of fees |
| 181-195 | 20% of fees |
| 195+ | 50% of fees |
Jindal Global Business School, Delhi/NCR
The Jindal school offers the following scholarship for MBA students.
| NMAT Score | Scholarship |
|---|---|
| 180-195 | ₹ 75,000 |
| 196-200 | ₹ 1,00,000 |
| 201+ | ₹ 1,20,000 |
ISBR Business School, Bangalore
ISBR offers scholarships for meritious students in the form of tuition fees waiver. The details of the scholarship are as follows:
| NMAT Score | Scholarship |
|---|---|
| 160+ | 25% to 100% tuition fees wavier |
In addition to this, ISBR also offers sports scholarships for five students with NMAT scores of more than 160 and has good sports backgrounds.
BSE Institute Ltd, Mumbai
BSE Institute is located in Kolkata and offers the following scholarship for its students:
| NMAT Score | Scholarship | Number of students |
|---|---|---|
| 185+ | 20% of the tuition fees | 5 |
ITM Business School, Navi Mumbai
The following criteria must match the scholarship offered by the institute:
| NMAT Score | Scholarship |
|---|---|
| 160+ | 20% of the fees |
Candidates who compete in the ITM scholarship round will be eligible for a full scholarship for the first year of the program.
Bennett University, Greater Noida
Bennett University is a private university located in the heart of Noida, Uttar Pradesh. Based on the candidates’ scores, they offer a fantastic percentage of scholarships. Candidates having an experience more than two years can get a 5% extra scholarship. The following tables show the criteria that must be met:
| NMAT Score | |
|---|---|
| 175 – 185 | 10% of fees |
| 186 – 195 | 20% of fees |
| 196 – 210 | 30% of fees |
| 211 – 220 | 50% of fees |
| 220+ | 100% of fees |
Athena School of Management, Mumbai
| NMAT Score | Scholarship |
|---|---|
| 150+ | Up to 20% of fees |
| 185+ | 25% of fees |
| 200+ | 50% of fees |
Apart from the above scholarship the institute also offers scholarships for women candidates, current and alumni Rotaractors/AIESECers, NCC Cadets, and experienced students.
SDA Bocconi Asia Centre, Mumbai
The institute holds the interview after the NMAT exam and decides the scholarship based on the performance. The scholarship varies from 30 to 80% of the fees. Other scholarships offered by the institute are Daen’s Scholarship, the women in leadership scholarship, and the Cultural or sports scholarship.
Aditya Birla Scholarship
Students who demonstrate academic excellence, co-curricular excellence, and a passion and drive to improve the world are given the Aditya Birla Scholarships. The scholarship is offered for IIMs and XLRI institutes. IIM Ahemdabad, Bangalore, Calcutta, Kozhikode, Lucknow, Indore, Shillong, and XLRI Jamshedpur.
The top 20 students from each of our partner institutes can apply for the Aditya Birla Scholarships through their respective deans based on their entrance exam ranking at the time of admission. A total of 16 students from the management and engineering stream are eligible for the scholarship.
The institute takes the test and evaluates the students based on their overall achievements and extracurricular excellence. It is followed by the interview process. However, the sum of the scholarship given is ₹ 1,75,000/-.
O.P. Jindal Engineering and Management Scholarship Scheme
OBJETS scholarship is granted to management institutes. The top 10 students from every institute participating are given the scholarship whereas the consecutive-year scholarship depends on the previous year’s result. Some of the institutes participating in the scholarship program are IIMs Ahemdabad, Calcutta, Raipur, Shilong, Rohtak, Indore, Kozhikode, Bangalore, Ranchi, Sambalpur, FMS Delhi, Jindal Global Business School – Sonipat, MDI – Gurgaon, SPJIMR – Mumbai, OPJU – Raigarh, XLRI – Jamshedpur, and IIFT – Delhi.
Candidates can apply online and get more details after visiting the official website. However, the amount of the scholarship is ₹ 1,50,000/- per academic year.
ONGC Scholarship
ONGC provides scholarships to deserving General category students in their first year of an MBA, Engineering, MBBS, or Master of Geology program.
Need-based scholarship for students: Students whose family income is less than 2 lakhs and who want to pursue a higher degree course can apply for the scholarship. To apply for the scholarship the student must belong to the general category and has secured a minimum of 60% marks in 12th and graduation. The amount of the scholarship is ₹ 48,000 or ₹ 4,000 per month.
Merit Cum Means Scholarship for Professional and Technical Courses (Minorities)
This scholarship is provided by the Ministry of Minority Affairs for minority students pursuing professional and technical courses at the undergraduate or graduate level. The goal is to provide financial aid to deserving and underprivileged students. To apply for the scholarship the applicant must belong to the minority class. Apart from this, the candidate should secure at least 50% in graduation.
The total amount of the scholarship is ₹ 20,000 per annum and the application can be filled out online.
Post Graduate Scholarship for Professional Courses for SC/ST
This UGC, Ministry of HRD scholarship is available to SC/ST students pursuing postgraduate professional courses. The goal is to provide financial assistance to postgraduate students who are SC/ST. To apply the candidate must belong to the SC/ST category. The online application can be scheduled for the scholarship.
The amount of the scholarship is ₹ 4,500 per month for MBA students. Furthermore, the reward will be through Direct Benefit Transfer (DBT). Application time for the scholarship is from July to January.
YES FUTURE READY Scholarship
Yes, Bank’s scholarship program selects 30 deserving scholars from 25 different business schools. The selected scholars will participate in a business program aimed at solving business problems with the assistance of mentors, and a scholarship of INR 2,00,000 will be awarded upon successful completion of the program.
The application for the scholarship is a three-step process that includes application filling, assessment, and at last the interview. The final decision is taken on the overall performance of the candidate in tests and interviews.
PNB Housing Finance Protsahan Scholarship
The PNB Housing Finance Protsahan Scholarship is a PNB Housing Finance Limited initiative that aims to provide financial assistance to MBA/PGDM students. The screening for the scholarship is based on the candidate’s academic merit and financial need.
The first-year MBA student can apply for the scholarship. Institutes taking part in the scholarship program are BIMTECH Greater Noida, Institute of Management Technology (IMT), Nagpur, and Indira Institute of Management, Pune. The students applying for the scholarship should have a family income of fewer than 8 lakhs. The amount of the scholarship awarded is ₹ 2,00,000/-.
The MBA degree is a prestigious degree that can help you in getting success in your career. Though the fees for the program is relatively high if you have the caliber and talent then you can earn this degree by applying to the various scholarship listed above.
College compare is a place that helps you in gaining knowledge about management courses across the country. If you are a student looking for an MBA course then this is the right place for your search.
We wish you all the best for your future!
