Are you fascinated by business administration and you are aiming for schools offering MBA scholarships in India? Then this article is for you, we have listed the top schools in India that are offering MBA scholarships for both international and domestic students.
MBA is one of the most common post-graduate courses in India and abroad. MBA fully means Master of Business Administration. For most managerial level jobs across domains and sectors, an MBA degree is mandatory, which is why a large number of BTech, BBA, BCom, BA, BSc, and BCA graduates opt for MBA post-graduation in recent times.
MBA admission is based on MBA entrance exams followed by a personality assessment test round (Group Discussion or GD, Written Ability Test or WAT, and Personal Interview or PI). Typically, students are required to have more than 50 percent of their undergraduate degree from any stream in order to pursue an MBA course in India.
The most popular MBA entrance exams are CAT, GMAT, and XAT among others. IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, FMS Delhi, XLRI, and ISB are some of the top MBA colleges in India which take admission via these exams followed by individual GD-PI rounds.
While getting an MBA degree is exciting and can take your career to the next level, it is known to be very expensive. For example, the cost of an MBA in the US is between $30,000 to $100,000 which is really expensive but the MBA programs in the UK cost between GBP 10,000 to GBP 25,000. The cost of an MBA in India is between 17.50 lakh and 23.60 lakh but if you enroll for an online MBA in India, it could be cheaper.
In order to assist students and help them enjoy an affordable MBA education, universities in different countries are offering various scholarship opportunities such as the MBA program scholarships in Australia and the scholarships for MBA in the UK. India is not left out of the countries that offer MBA scholarships.
There are institutions in India that offer scholarships to students in India who want to pursue an MBA degree and you can be one of the scholarship recipients if you follow the right step this blog post is here to guide you.
How to Get MBA Scholarships in India
For you to get an MBA scholarship in India, there are certain eligibility criteria and requirements that you must fulfill, most of them are listed below:
- Be a student of outstanding academic excellence and show proof of this in your bachelor’s degree GPA. A 3.5 GPA is strong to get you considered for a scholarship.
- Get high scores in your GMAT/GRE
- Possess professional work experience of 3 years or more
- Strong personal statement, essay, and CV
- Be involved in your community and extracurricular activities
- Show proof of how you have impacted the business world
Top 10 MBA Scholarships in India
1. PNB HOUSING FINANCE PROTSAHAN SCHOLARSHIP IN INDIA
An initiative of PNB Housing Finance Limited, the PNB Housing Finance Protsahan Scholarship channels at providing financial support to the students enrolled in the MBA/ PGDM program. The screening test for the scholarship is conducted based on the academic merit and financial need of the candidate.
The eligibility criteria for the scholarship are:
• It is open for 1st-year students enrolled in MBA (Marketing & Finance) program.
• Applicants must be pursuing an MBA degree at one of the following institutions:
1. BIMTECH, Greater Noida
2. Institute of Management Technology (IMT), Nagpur
3. Indira Institute of Management, Pune
• Applicants must have up to a minimum of 65% marks in both Class 12 and Undergraduate (UG) studies.
• Annual family income of the applicant must be less than or equal to INR 8,00,000 (8 lakh) per annum.
Applicants are selected based on merit and financial aid and the reward is INR 2,00,000.
2. BML MUNJAL SCHOLARSHIP
The scholarship is offered by BML Munjal University which is an initiative of Hero Group. MBA aspirants can get up to 100% waiver in the tuition fee based on their scores in CAT/XAT or GMAT.
Students applying for the MBA program at BML Munjal University are eligible to apply.
The reward will be decided on the basis of the percentile score in CAT/ XAT or scores of GMAT.
Scholarship on the basis of CAT/XAT Percentile:
- >95th percentile in CAT/XAT 100% of the tuition fee + free accommodation + free food
- 90th to 94.9th percentile in CAT/XAT 75% of the tuition fee
- 85th to 89.9th percentile in CAT/XAT 50% of the tuition fee
Scholarship on the basis of GMAT score:
- 750 GMAT scoreNet 100% of the tuition fee + free accommodation + free food
- 700 GMAT scoreNet 75% of the tuition fee
- 670 GMAT scoreNet 50% of the tuition fee
3. Merit-cum-Means Scholarship Scheme
The Ministry of Minority Affairs offers this scholarship for minority students pursuing professional and technical courses at UG or PG level. The aim is to provide financial assistance to meritorious and less privileged students. So, an MBA applicant can apply for this scholarship if only you meet the eligibility criteria listed below.
The eligibility criteria include:
- Applicants must belong to minority communities (Muslims, Sikhs, Christians, Buddhists, Jain, and Parsis/Zoroastrians).
- He/she must be pursuing a technical or professional course at the undergraduate or postgraduate level from a recognized institution.
- Candidate must have secured at least 50% marks or equivalent grade in the previous final examination.
- Applicant must belong to a family where the annual income is not more than INR 2.50 Lakhs from all the sources.
- He/she must get admission on the basis of the competitive entrance examination or must have scored at least 50% in Class 12 or graduation (in case of direct admission)
How to apply: Candidates can apply online through the National Scholarship Portal.
- Course fee (for Hostellers and Day Scholars): INR 20,000 per annum or actual, whichever is less
- Maintenance allowance for Hostellers: INR 1,000 per month for 10 months in an academic year
- Maintenance allowance for Day Scholars: INR 500 per month for 10 months in an academic year.
4. POST GRADUATE SCHOLARSHIP FOR PROFESSIONAL COURSES FOR SC/ST
This scholarship by University Grants Commission (UGC) is for Scheduled Castes/Scheduled Tribes (SC/ST) students pursuing professional courses at the postgraduate level which makes MBA applicants qualify as well. The aim is to provide financial assistance to postgraduate students belonging to the SC/ST category.
• The candidate must belong to SC/ST category
• The candidate must be in the first year of the professional course at the postgraduate level
• The candidate must be studying in any of the following Institutions/ Colleges/Universities:
1. Universities/Institutions/Colleges included under section 2(f) & and 12(B) of UGC Act
2. Deemed to be Universities included under Section 3 of the UGC Act, 1956 and are eligible to receive grants-in-aid from UGC
3. Universities/Institutions/College funded by Central/State Government
4. Institutes of National Importance
The reward is INR 7,500 per month and up to INR 15,000 per year for MBA students.
5. MBA SCHOLARSHIPS BY IIM
Indian Institute of Management is the top leading B-school in India. There are various scholarships and rewards offered by the leading IIMs, details of which are given here.
MBA Scholarship at IIM Ahmedabad
• IIMA Special Needs Scholarship: All the students admitted to the Postgraduate program whose gross family income is below INR 15,00,000 are eligible for the scholarship. The authorities of IIM-A will determine the financial assistance required for each applicant based on its assessment of the applicant’s economic status evaluated through criteria like movable and immovable family assets, the number of dependents on the family income, etc.
• Scholarship for SC/ST candidates: Students admitted to postgraduate programs belonging to SC/ST category will be awarded INR 150 every month for 10 months.
• T. Thomas Scholarship: This scholarship is awarded by Hindustan Unilever Limited to a second-year student. The selection is done on the basis of merit.
IIM Bangalore MBA Scholarships
• IIMB Financial Aid: Students enrolled in PGP are eligible for financial aid provided that their household income is below INR 600,000. Other students with severe financial difficulties arising from sudden unforeseen circumstances are also considered.
• Citi Women’s Leader Award: A scholarship scheme designed to cover the second year’s tuition expenses. The institute nominates and then the final selection is done by the Citi Group.
IIMB PGP Alumni First Batch (1976) Scholarship: This financial aid is designed to help differently-abled female students pursuing PGP. A differently-abled male student is considered in the absence of any eligible female student. The objective of this scheme is to keep the memory of the PGP batch of 1976 and their association with the institute alive. The scholarship awards a total of INR 75,000, a medallion, and a certificate.
IIM Lucknow Scholarships
Need-based IIML Scholarships: Any student whose family income falls below the limit of INR 1,50,000 is eligible for the scholarship. Eligible candidates are shortlisted for reward on the basis of merit. The scholarship covers the tuition fee charged by the institute in that particular year.
Industry Sponsored Scholarships: At the end of every academic year, several industry-sponsored scholarships are offered on a merit basis. The value of the scholarship ranges from INR 6,000 to 1,00,000 per annum. The key benefactors of these scholarships include 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.
• Bharti Scholarship: Bharti Enterprises proffers a scholarship for needy and meritorious students whose annual family income does not exceed INR1.08 Lakhs. The scholarship is valid for both years of PGP. The selected scholars will receive INR 50,000 per annum.
How to apply: students can click on the link to apply
6. NMAT SCHOLARSHIPS
Students that have a good score in NMAT by GMAC can open the door for scholarships and financial aid for students seeking admission to the following colleges:
Alliance School of Business: The institute offers merit-based scholarships to deserving candidates. Academic performance, NMAT score, and performance in Alliance Admission Selection Process are used to shortlist candidates.
Score in NMAT Scholarship reward No. of Scholarships
210+ 50% Top 10 students
180 to 209 35% Top 10 students
160 to 179 25% Top 20 students
IILM University: The scholarship offered is as described below:
NMAT Score Scholarship
195+ 40% waiver on tuition fee
180-195 25% waiver on tuition fee
Thapar School of Management: The institute offers 75 scholarships based on merit prepared on the basis of scholarship tests. All applicants will be eligible to appear for the scholarship test scheduled on the day of admission.
Students leave no stone unturned while working hard for the MBA entrance exams, therefore, lack of financial expenses must not become a barrier in the journey towards their dreams. With the help of the MBA scholarship schemes as described in this article, scholars can lift some pressure from their shoulders and keep working hard for their success.
7. ONGC SCHOLARSHIP
ONGC offers scholarships to meritorious General category students who are in the first year of their MBA, Engineering, MBBS, or Master in Geology program.
Reward Eligibility Criteria-
INR 48,000 per annum (approx. INR 4,000 per month) will be awarded to the selected scholars • Students must belong to the General category
• He/she must be studying in the first year of the MBA/Engineering/MBBS/ Master of Geology program
• Academic requirement is a minimum 60% or equivalent CGPA in class 12 and graduation.
• The family income must not exceed INR 2 lakhs per annum
• Candidate must not be older than 30 years of age.
How to apply: students should click on the link or copy it and paste into the browser https://ongcscholar.org/
8. O.P. JINDAL ENGINEERING AND MANAGEMENT SCHOLARSHIP SCHEME
Starting in the year 2007, OP Jindal Engineering and Management Scholarship scheme aims at providing financial aid to PGP students. 10 leading management institutions participate in this scholarship scheme. A screening process involving the application, written test, and interview acts as the deciding factor to select the candidates for the interview.
The first 10 toppers of 1st and 2nd-year students of management institutes are selected based on the following criteria:
• 1st-year students: Entrance exam ranking considered by the college at the time of the admission
• 2nd, 3rd, and 4th-year students: Based on the academic performance of the previous year
How to apply: Candidates can apply online by visiting the official website or clicking on the link. https://www.applicationsa.com/imm-scholarships/
Reward: An amount of INR 1,50,000 is awarded per academic year.
9. ADITYA BIRLA SCHOLARSHIP
The scholarship offered by Aditya Birla Group aims to cover a part of the tuition fee of the management program offered by some IIMs and XLRIs.
Students from the following institutes are eligible for MBA scholarships:
• IIM Ahmedabad
• IIM Bangalore
• IIM Calcutta
• IIM Lucknow
• IIM Kozhikode
• IIM Indore
• IIM Shillong
• XLRI Jamshedpur
The top 20 students (in terms of their entrance exam ranking at the time of admission) are invited to apply through the Dean of the respective institutes.
How to apply: Eligible students are required to fill out the application form and submit it to their respective Dean click on the link. https://scholarshipdunia.com/aditya-birla-scholarship/
Reward: INR 1,75,000 per annum
Selection Procedure: 180 students from IIMs and XLRI will be evaluated based on the information filled in the application form. Overall achievements and extracurricular excellence are used as a screening process for the next round which includes essay writing followed by an interview.
The best 16 students will be selected for the scholarship subject to the condition that they produce valid documents when required.
10. IDFC FIRST BANK MBA SCHOLARSHIP
Students enrolled in the first year of the full-time MBA program fulfilling the eligibility criteria can be benefited under this scholarship scheme offered by IDFC FIRST Bank. This is a need-based scholarship program aiming to help the students to cover the tuition fees of their management program.
• This scholarship will benefit the students who are Indian Nationals residing in India only.
• The gross annual family income from all sources should be less than or equal to INR 6 Lakhs per annum.
• Applicable for students enrolled in the first year of an MBA degree (or its equivalent).
• Applicants should be enrolled in any of the MBA colleges mentioned in the list. To check the list, click here
The selected MBA students will be awarded a scholarship sum of INR 1,00,000 (INR 1.00 Lakh/year) over the duration of their MBA program.
Students who urge for MBA scholarship schemes in India should follow the above guidelines and steps choosing the right category where the individual students belong.
In as much as the above listed are the top 10 MBA scholarship schemes in India, there are still other scholarship schemes made available for students interested in the MBA courses, you can research more about other MBA scholarships in India that will favor you in pursuing your career.
MBA Scholarships In India – FAQs
[sc_fs_faq html=”true” headline=”h3″ img=”” question=”What is the cost of MBA in India?” img_alt=”” css_class=””] The cost of MBA In India ranges from 20,000-40,000 INR. [/sc_fs_faq]