Update on
June 2020

More than 1000 MBA scholarships are offered by top B-schools to reduce the MBA student’s fee burden which may be as high as Rs.20 or 25 lakhs. As your dream of doing MBA from one of the top MBA colleges requires a lot of money during the course of study, the MBA scholarship offers fee waiver to the tune of 10 to 50 percent depending upon your performance, category and skill.

Once you are offered admission in MBA, you need to think of MBA fee that runs in the range of Rs.17 to 30+ lakhs in IIMs, ISB, SPJIMR, MDI, XLRI and other top B-schools and can put a big hole in your pocket. To reduce the financial burden on different category of students, top MBA colleges offer number of MBA scholarships to its students in first and second year of MBA course. Schemes of special scholarship for Indian girls and women are also offered to improve gender diversity in the management institute.

This article by MBAUniverse.com will help you understand all about MBA Scholarships offered by top B-Schools in India.

Types of Top MBA Scholarships in India
MBA scholarships offered by top B-Schools in India are Institute based, Corporate sponsored or are Government sponsored. The criterion – how to get scholarship for MBA is different for each category as the B-schools offer MBA scholarship to their students who meet  academic & overall performance and family financial background. Broadly, there are four types of MBA scholarships in India 2020 offered to MBA students in 1st and 2nd year of the course.

Top MBA Scholarships in India include:

  1. Institute Based MBA Scholarships in India: Offered by most of the MBA colleges like IIMs, XLRI, MDI, SPJIMR, TAPMI
  2. Corporate Sponsored MBA Scholarship: Like Aditya Birla Scholarship for MBA in IIM and other top B-schools; O P Jindal Scholarship, Alumni Sponsored MBA Scholarship
  3. Government Sponsored MBA Scholarship: This MBA scholarship is offered in IIMs, IITs and other Government management colleges
  4. Bank’s Sponsored MBA Scholarship: Offered by PNB Housing Finance, IDFC among others

Before we discuss these different types of scholarships in detail,  let’s know about the MBA Scholarships offered by top B-Schools in India

COLLEGES OFFERING MBA SCHOLARSHIPS IN INDIA
MBA Scholarships in India 2020 are offered both to Indian as well as International students subject to the fulfilment of eligibility criteria. Here, we will discuss and share the list of MBA Scholarships for Indian Students.

Scholarship for MBA in IIM

IIM Ahmedabad: MBA Scholarship
IIM Ahmedabad has instituted a number of scholarships to the PGP and PGP-FABM students which include Need-Based Scholarship Scheme; scholarships offered by Government of India, by Industry and Corporate Sector, by IIM-A Alumni, Scholarships for Entrepreneurship, Scholarships for reserved category and minority students among others.

Name of Scholarship Scheme
How To Get Scholarship for MBA In IIM Ahmedabad?  Eligibility Criteria
Amount of Scholarship
Need-based scholarship Scheme
  1. PGP & PGP-FABM Students whose gross annual family income is below Rs.15,00,000 during the previous financial year can apply
  2. Proof of family income, amount of educational loan taken, and candidate’s past earnings required
  3. Family income includes total income of parent(s)/guardian(s) and spouse if married
  4. The income before tax deduction will be considered
IIM-A shall determine the financial assistance required for each applicant based on its assessment of the applicant’s economic status
IIMA Exit Scholarships
  1. Scholarships for students who graduate from IIMA and going for entrepreneurship to encourage the graduating students to become entrepreneurs
  2. The applicants must opt out of placement and must have business plans
Monthly stipend of Rs.30,000/- for three consecutive years to two students from every batch
Scholarships to Join “Not-for-Profit” Organizations
students who graduate from IIMA and join “Not-for-Profit” organization to encourage students to opt for jobs in NGOs
Two students from every batch are given financial assistance for three consecutive years
Ranges between Rs.3 to 4 lakhs per year per student
 
 
Assistance ships for students
 
 
  1. IIMA Graduates who pursue doctoral studies To encourage students to go for doctoral studies in India or abroad
  2. Two students are given this scholarship for three consecutive years.
Rs.3 to 4 lakhs per year per student
 
IIM-A Alumni Scholarships
 
 
Financial support is extended to 9 PGP 1 & PGP/FABM II students from economically and socially challenged background, based on their financial status, every year
Beneficiary students should contribute in future (within and not later than 5 to 7 years after passing out from the Institute
Financial assistance is given only to those students, who consent to contribute
Rs. 2 to 3 lakhs
Peri Viswanath Scholarship: Instituted from the batch 2013-15 by the batch-mates of Mr. Peri Viswanath, who died in a road accident 
 
  1. Given to one student in the PGP/PGP-FABM
  2. Merit-cum-Means eligibility criteria
  3. he merit criterion is the first year performance in PGP/PGP-FABM and past academics
  4. The Means criterion of annual family income below Rs.15,00,000.
  5. Awarded at the beginning of the second year
  6. The beneficiary student must give consent to contribute in future (within and not later than 5 to 7 years after passing out from the Institute)
Rs.2 lakhs per year. The Student will get Rs.4 lakhs over 2 years
Shri GC Mital Entrepreneurship Aid: A sum of The eligibility criteria shall be as follows:
The aid amount would be given to the student on the day of convocation. This Aid has been implemented from the batch of 2012.
To one graduating student of PGP/PGP-FABM, who intends to start own venture
Must opt out of the IIMA placement process
Scholarship limited to students with educational loan of a minimum Rs.100,000 and those with a combined family income below Rs.800,000 per annum
selection shall be done on the basis of a business plan submitted by the applicant
Rs.2 Lakhs per Year 
Family Income Linked Tuition Fee Waiver Scheme
Students whose total family income is less than Rs. 6 lakh in the previous financial year.
NA
SC/ST Scholarships
Only SC/ST category students having valid certificates can apply for this scholarship.
Rs.150 per month for 10 months
GOI Merit-cum-Means Scholarships
At least 25% students belonging to the non-sponsored student body from both first and second year are awarded this scholarship.
Rs.2,200 per year
Aditya Birla Group Scholarships
Candidates are shortlisted by ABG on the basis of merit. Around six students are shortlisted.
Rs.1.75 lakh per student per annum
OP Jindal Engineering and Management Scholars
Two students are shortlisted for this scholarship based on the academic performance of the students and an online test along with a personal interview.
Rs.1.50 lakh to one/two second year students
Dunia Scholarships for scholastic excellence
Two students are shortlisted for this scholarship on the basis of merit in PGP-1/II
Rs.100,000 per student
ONGC SC/ST Merit-cum-Means Scholarships
Few of the SC/ST students are shortlisted for this scholarship.
NA
State Scholarship
State Governments sometimes fund the education of some of the best students from those states.
NA

IIM Bangalore MBA Scholarships
IIM Bangalore extends financial aid to students in need of financial assistance. All PGP students with annual household income below INR 6,00,000 are eligible to apply for financial aid. Other students with severe financial difficulties arising from sudden unforeseen circumstances are also considered.

Scholarship Name
How To Get Scholarship For MBA In IIM Bangalore?  Eligibility Criteria
Amount
Aditya Birla Scholarship
Few students from both first and second year are shortlisted who belong to the top 25% students of their respective batches in terms of performance.
Rs.175,000 per student
Citi Women’s Leader Award
This is a merit scholarship for Girls For MBA.  Candidates are selected from the top 25% of the batch at the end of the first year. Nomination is done by the institute and the students are selected on the basis of their Statement of Purpose and subsequent interviews scheduled by Citi Group
Covers the second year’s tuition expenses
Siddhartha Padam Award
This scholarship is awarded to a PGP student who is on the Director’s Merit List and gets the highest CGPA in the Economics, Finance & Accounting core courses in the first year.
Cash prize of Rs 50,000, a medallion and a certificate
T Thomas Scholarship
A second-year student is shortlisted for this scholarship based on merit.
Rs.100,000
OPJEMS Scholarship
Two students are shortlisted for this scholarship one each from first and second year.
Rs.150,000 per student
Rajesh Kaushik Memorial Scholarship
Selection is strictly merit based.
Rs.150,000 per annum
Ocwen Financial Solutions Private Limited
One of the students is shortlisted on the basis of research paper submitted by the students.
Rs.180,000
Cognizant Technology Solutions – B’izard Scholar
Three students are shortlisted on the basis of academic excellence, leadership qualities and willingness to serve the community and study further in the same field.
Winner: Rs.3 lakhs, 1st Runner-up: Rs.2 lakhs and 2nd Runner-up: Rs.3 lakhs
Societe Generale Global Solution Centre India Scholarship
Students in need are nominated by the institute and are shortlisted on the basis of interviews.
Full tuition fee waiver
IIMB PGP Alumni First Batch (1976) Scholarship
This is scholarship for Indian Girls and Women and is given to a differently-abled woman student from PGP. The scholarship aims to assist a differently-abled female student (or a differently-abled male student, if there is no eligible female student). It keeps alive the memory of the PGP batch of 1976 and their association with the institute.
Rs. 75000, a medallion and a certificate
Runwal Education Trust Scholarship
This scholarship is given to a PGP student based on a combination of academic performance in the 1st year and the student’s financial need.
Rs. 100,000; a medallion and a certificate
Yes Bank Scholarship
Open to students who are among the top 20 students as per the admission criteria, belong to the top 20% of the batch based on the current CGPA and are members of at least one student committee
Rs.200,000
NTPC Scholarship Scheme
Students who belong to SC/ST/PwD categories and are in their second year of management studies, having passed the first-year examination in one attempt, are eligible for the scholarship
Rs.48,000 per annum
Employment in Social Sector Scholarship
This scholarship reimburses the recipient one-third of the fees at the end of each year of work for the first three years in the social sector
Depending upon the amount spent
Ministry of Tribal Affairs Scholarship (ST)
The Ministry of Tribal affairs, Government of India invites applications for the National Scholarship for Higher Education for Scheduled Tribe students of PGP first year
Means scholarship that covers tuition expenses in full
Ministry of Social Justice and Empowerment Scholarship (SC)
The Ministry of Social Justice and Empowerment Government of India invites applications for the National Scholarship for Higher Education for Scheduled Caste students from Meritorious SC students PGP first year
Means scholarship that covers tuition expenses in full
 
Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD)
A person with disability having not less than 40% disability and having a disability certificate issued by any competent medical authority.
 
Rs. 2,55,000 per year

 

Apart from above scholarships, students can also apply for other State Government Scholarships routed, through financial aid and scholarship office.

IIM Calcutta: MBA Scholarship Scheme
MBA scholarships sponsored by different companies like Aditya Birla Group, Ratan Tata Trust, T. Thomas Scholarship sponsored by HUL, OP Jindal Engineering & Management Scholarship are available for the deserving students on the basis of merit and various criteria stipulated by the Sponsors. NTPC awards merit scholarships for deserving SC/ST/students with disabilities based on the MBA-I result. Government of India also sponsors Merit cum Means Scholarship for SC/ST students based on their performance at the time of admissions.

There are a number of prizes/awards sponsored by IIM Calcutta and various organizations for meritorious students on the basis of their first and second year results. Some prizes are also awarded to students at the Annual Convocation for certain outstanding extracurricular activities on the recommendation of the Institute’s Student’s Council. IIM Calcutta has not disclosed the eligibility criteria and amount of scholarships:

MBA First Year Scholarships

  •  B.P. Poddar Scholarship
  • India Carbon Scholarship
  • T. T. Krishnamachari Award
  • BPL Prize
  • Damodar Valley Corporation Award For Creditable Performance
  • Central Bank of India Prize For Best Performance In Finance Course
  • Aditya Kashyap Memorial Scholarship (for 1st rank holder)
  • P. R. Karthik Scholarship

MBA Second Year Scholarships

Sponsored by the Institute

  • Dr. B. C. Roy Memorial Gold & Silver Medals
  • Chairman’s Prize
  • John Wynne Prize

Sponsored by outside Organizations

  • ABC India Award
  • Balmer Lawrie Award
  • Calcutta Management Association Trophy
  • Calcutta Port Trust India Award
  • B. S. Dua Memorial Prize for 2nd Rank holder
  • Magunta Subbarama Reddy Award
  • TIL Scholarship
  • IIMC Alumni Association, Calcutta Chapter Prize
  • IIMC Alumni Association, Calcutta Chapter Award for outstanding Academic Performance in PGDM by
  • Taylor & Francis Book Prize
  • Bengal Chamber of commerce Medal in the area of Human Resource Management
  • Late Sumantra Ghoshal Award for Academic Excellence for receiving highest CGPA at the end of the two-year Post Graduate Programme
  • Aditya Kashyap Memorial Scholarship for receiving highest CGPA in Compulsory & Elective Courses
  • 100% Grant to training institutions for skill training to handicapped persons with a stipend of Rs.2000 per person per month

IIM Lucknow: MBA Scholarship Scheme
List of MBA Scholarships for Indian Students at IIM Lucknow covers meritorious as well as low icome group students.

Scholarship Name
Eligibility
Amount
Need-Based IIML Scholarships
15% students from a batch are offered scholarships on the basis of family income and previous academic performance. Students having a family income less than Rs.150,000 can apply.
NA
Industry Sponsored Scholarships
Students are shortlisted from every year based on their academic performance
Varies from Rs.6,000 to Rs.100,000 p.a.
Merit-cum-Means Scholarships
25% of the students subject to specified norms are shortlisted for this scholarship
Rs.2200 per student p.a.
Bharti Scholarship
Students whose annual income is less than Rs.1.08 lacks from both first and second year are eligible to apply.
Rs.50,000 p.a.
SC/ST Scholarships
All SC/ST students are eligible to apply
Rs.1500 p.a.
Other Scholarships
Students are shortlisted based on family income. Their fees and maintenance charges are covered by the government of the state to which the candidate belongs.
NA

XLRI Jamshedpur: MBA Scholarship
XLRI offers variety of scholarships to its meritorious PGDM students:

Scholarship Name
Eligibility
Amount
Aditya Birla Scholarship
 
3 scholarships to PGDM-BM and PGDM-HRM Students as per merit and selection criteria
Rs.175,000 per annum to each student
Pirojsha Godrej Scholarship
 
1 scholarship to PGDM-BM and PGDM-HRM student on the merit cum need basis
Rs.25,000
XLRI Diamond Jubilee (Juniors)
2 Scholarships to 1st year PGDM-BM and PGDM-HRM students based on Merit-cum-need
Upto Rs.255,000 each  for 1st year tuition fee

SPJIMR Mumbai: MBA Scholarship Scheme
SPJIMR Mumbai offers special scholarship to meritorious and deserving candidates. SPJIMR proposes to support participants through academic scholarships. Since Academic scholarships are limited, they are extended to needy and meritorious participants.
 

How to get Scholarship for MBA at SPJIMR?

To apply for a scholarship, Candidates are required to send in a scholarship request letter along with application form stating credentials and reasons for applying clearly. Based on Institute criteria, the Admission Committee will decide on the percentage of reduction in the program fee.

MDI Gurgaon: MBA Scholarship
MDI Gurgaon offers a wide range of scholarships to its PGDM students:

Scholarship Name
Eligibility
Amount
Merit-based Scholarship
5 students are shortlisted at the end of the second year
Rs.10,000 per student
Eiffel Scholarships
Students opting for dual degree program are selected for this International Scholarships for France
NA
DAAD Scholarship
Students are selected by various business schools in Germany and offered financial aid.
NA

ISB Hyderabad: MBA Scholarship
ISB Hyderabad, the pioneer in one year MBA education offers a range of MBA scholarships to its Indian and international students

Scholarship Name
Eligibility
Amount
Citigroup
4 to 6 Students are shortlisted on the basis of merit.
USD 12,500
Novartis
Selection of 3 students is done on both merit and need basis.
Rs.400,000
Nurture India
Selection is done on the basis of their need
Rs.400,000
Manhattan Review scholarships
5 students are shortlisted on the basis of academic excellence.
Rs.100,000
Jamboree India-Talent Promotion Award
5 students are selected on the basis of both need and merit
Rs.100,000
ISB@10 Global Scholarship
10 international students are selected for this scholarship on the basis of merit
Varies from Rs.300,000 to Rs.1,500,000

IIM Indore: MBA Scholarship
IIM Indore extends financial aid to the participants in need of financial assistance.  The objective of the Need Based Financial Assistance (NBFA) at IIM Indore is to ensure that no participant is deprived of education at the institute for financial reasons.

Scholarship Name
Eligibility
Amount
Need Based Financial Assistance (NBFA)
All participants admitted to the Post-Graduate Programme in Management (PGP), PGP HRM (PGPH) and Integrated Programme in Management (IPM) with annual family income below INR 9, 00,000 are eligible to apply for financial aid
Determined from case to case basis

IIM Kozhikode: MBA Scholarship
IIM Kozhikode provides Merit, Corporate sponsored, need based and Government scholarships to its students.

  • IIM Kozhikode merit scholarships are awarded by the institute to first and second year students on the basis of their performance during an academic year, as determined by their CGPA.
  • IIM Kozhikode Need Based scholarship is provided to all eligible candidates during the 1st and 2nd year of the program.
  • Government of India scholarship for SC and ST students; and Merit cum Means Scholarships for students belonging to minority communities are also awarded.
  • MBA scholarships/awards are also offered by benefactors like NTPC, Sir Ratan Tata Trust, Aditya Birla Group, OPJEMS, Rajashree Sahu Maharaj Scholarship, and Pratibha Scholarship

IIM Shillong: MBA Scholarship
IIM Shillong endeavors that no candidate be denied opportunity to pursue the Post Graduate Programme for want of adequate financial resources. Keeping this in mind, IIM Shillong has provision for various scholarships and financial assistance.

  • Need Based Financial Assistance Scheme to help economically weak MBA participants. The number of scholarship awardees and quantum of assistance is decided on the basis of annual gross family income, participants liquidity, credit worthiness and her/his overall suitability for the same.
  • Scholarships are also made available to Scheduled Caste (SC)/ Scheduled Tribe (ST)/People with Disabilities (PWD) participants by Government of India

IIM Tiruchirappalli: MBA Scholarship
IIM Trichy provides Merit-cum-Means, and Government sponsored scholarships to its students.

  • IIM Trichy provides Merit cum Means Scholarships for students belonging to minority communities
  • Government of India scholarship for SC and ST students are also awarded.
  • Central Sector Scheme of Scholarship for Top Class Education for Students with Disabilities

IRMA Anand: MBA Scholarship
IRMA, a pioneer institute which offers a dedicated management course in rural management, offers following scholarships to PGDRM and PGDM students

Scholarship Name
Scholarship amount details
Merit-based scholarships from Sir Ratan Tata
Five students are shortlisted provide with funds that cover part of their fees during the second. This is subjected to a ceiling of Rs.50,000 per year to 2nd-year students on a year-to-year basis
Scholarships for SC/ST Candidates
15 students belonging to SC/ST category are offered scholarships that cover their entire cost of education.
GOI scholarships to IRMA for SC/ST students
10 students are provided with this scholarship.
Scholarships from the Ministry of Tribal Affairs
5 ST candidates are shortlisted for this scholarship.
National Dairy Development Board Scholarships
Students belonging to SC/ST category are selected for this scholarship.

TAPMI Manipal: MBA Scholarship
50 scholarships to the tune of Rs.2.5 crores are offered by TAPMI Manipal, to the different categories of the students including the candidates who have scored 90+ percentile in CAT/XAT; who have low family income and to the top ten performers in the batch.

TAPMI offers Dr Ramdas Pai Merit Scholarships to 40 students. 30 Scholarships are offered to the students who have scored high percentile in CAT and XAT exams and 10 scholarships are offered to the students with low family income. This reduces the tuition fee burden by 30 to 50 percent. Another scholarship -Dean’s Roll of Honour, is offered to 10 toppers in the batch. Details of various scholarships and the amount offered, are shared below:

Name of Scholarship

No. of Students

Eligibility Criteria

Fee Waiver under the Scholarship

Dr. Ramdas Pai Merit Scholarship – Category I

20

95 percentile and above in CAT / XAT; 730 and above in GMAT

30% of total tuition fee

Dr. Ramdas Pai Merit Scholarship – Category II

10

90 percentile and above in CAT / XAT &; gross family income (before tax) below rupees ten lakh.

30% of total tuition fee

Dr. Ramdas Pai Merit Scholarship – Category III

10

88 percentile and above in CAT / XAT &; family gross income (before tax) below rupees eight lakh.

30% of total tuition fee

Dr. Ramdas Pai Merit Scholarship – Category IV

10

Family Gross Income (before tax) below rupees seven lakh; No CAT / XAT score criteria

30% of total tuition fee

Total Scholarships

50

 

 

Dean�s Roll of Honour   
Dean’s Roll of Honour10Top 10 performers of the batchRs.2 Lakhs each

SDMIMD Mysore: MBA Scholarship Schemes
SDMIMD has introduced several scholarship schemes for aspiring students of the PGDM program.

  • Entry Merit Scholarship:  Rs. 60,000 for finally selected applicants with minimum 70% each in – 10th Standard; 12th Standard / PUC 2; and Degree.
  • Empowering Woman: Rs. 50,000 scholarship for finally selected woman applicants with minimum 60% aggregate each in – 10th Standard; 12th Standard / PUC 2; and Degree.
  • Student Exchange Subsidy: Students selected for student exchange programs abroad during the SDMIMD PGDM program are entitled to a subsidy ranging from Rs. 20,000 to Rs. 1,00,000 by SDMIMD based on the location of the host institute/university.
  • Student Merit Scholarship:3 Students will be awarded Merit-cum-means Scholarship for Outstanding Academic Performance in each Term during the PGDM Program.

IFIM Bangalore Scholarships
IFIM Business School has announced merit scholarships for the 2020-22 batch of its two-year, full-time, residential, AICTE approved and AACSB accredited Post Graduate Diploma in Management (PGDM) programmes. Scholarships in the form of a tuition fee waiver, will be offered to meritorious students, who have appeared for CAT and/or GMAT and fulfil the eligibility criteria mentioned below:

Name of Scholarship
No. of Scholarships
Category
Tuition Fee Waiver
Eligibility
Padode Foundation
20
Super Scholar
75%
CAT Percentile:94; GMAT Score: 680
Class X percentage: 90; Class XII percentage:90
Degree: First class
Padode Foundation
20
Scholar
50%
CAT Percentile:90; GMAT Score: 650
Class X percentage: 90; Class XII percentage:80
Degree: First class
Padode Foundation
20
Academic Excellence
30%
CAT Percentile:85; GMAT Score: 600
Class X percentage: 80; Class XII percentage:75
Degree: First class

Apart from the above, almost all the Colleges Offering MBA Scholarships in India help the students to reduce burden of tuition fee and maintenance expenses during the course of study.

 

Top MBA Scholarships in India: Key Details   

 

Institute Based MBA Scholarship
one of the important MBA Scholarships offered by top B-Schools in India is the Institute based MBA scholarship. It includes Merit based MBA scholarship which is awarded on the basis of academic and overall performance during the MBA program or other similar criteria. Another MBA scholarship included in this type is  Merit cum means MBA scholarship which is awarded to students after considering their academic performance and need for financial assistance to pursue their MBA. The third one is  Financial assistance MBA scholarship which is awarded to students on the basis of family income and minimum academic performance.

CORPORATE SPONSORED MBA SCHOLARSHIP
The most popular in this category is Aditya Birla Scholarship for MBA, followed by O P Jindal Scholarship. Many companies offer scholarships at the top institutes in India. Sometimes, the leaders of such organizations include alumni of these top MBA colleges. Most of the alumni of reputed B-schools start scholarships in the memory of their studies.

Aditya Birla MBA Scholarship

  • Students of IIM Ahmedabad, Bangalore, Calcutta, Lucknow, Kozhikode, Indore, Shillong, XLRI Jamshedpur are eligible to apply for this scholarship.
  • Top 20 students in the institute can apply
  • 180 students from IIMs and XLRI are evaluated for the award of scholarship
  • Amount of scholarship is Rs.175,000 per annum

GOVERNMENT SPONSORED MBA SCHOLARSHIP
This MBA scholarship is offered in IIMs, IITs and other Government management colleges especially to SC, ST and PWD candidates.

BANK’S SPONSORED MBA SCHOLARSHIP
Many banks like PNB Housing Finance, IDFC, Yes Bank among others offer these scholarships

When to Apply for MBA Scholarship?
Applications for award of MBA scholarship in India open after admission process is complete and academic session commences. IIMs and other top B-schools invite the MBA scholarship applications from the eligible candidates in the month of July/August. Top B-schools provide substantial financial support under the Scheme. The scholarship amount is decided on the basis of several criteria such as annual gross family income, ownership of assets, and the number of dependants in the family.