Specially tailored scholarships for MBA in India have been a blessing for students pursuing the Master of Business Administration degree.
MBA is an advanced degree course with a high fee structure that varies between INR 16 lakh to INR 27 lakh for the entire course. Generally, students studying for an MBA degree need financial aid to pay for their courses.
Applying for an MBA Scholarship will reduce education costs and help learners to avoid significant loan debt to a great extent.
What is an MBA scholarship?
An MBA scholarship is a type of financial assistance provided to students who are interested in pursuing an MBA degree course.
MBA Scholarships are often based on academic scores, overall performance, and financial circumstances of a family because it is difficult to arrange the required amount of money for a common person.
MBA scholarships and fellowships are generally merit-based or identity-based and do not require repayment from the students.
This monetary aid acts as a strong incentive for students who are good at studies and want to follow the MBA course but are unable to do so because of the high fee structure.
Types of MBA Scholarships in India
1. Institute-based MBA Scholarship
Institute-based MBA Scholarships are offered by the MBA institutes. It is based on merit and considers previous academic results and the overall performance of the student during the ongoing degree course.
Some of these scholarships are also merit-cum-need based as it considers both academic records and the need for financial aid of the student pursuing an MBA degree.
2. Corporate-sponsored MBA Scholarship
Corporate Sponsored MBA Scholarship is offered by companies at reputed institutes. These are often started by alumni students who want to help aspiring students in getting an MBA degree.
3. Bank-sponsored MBA Scholarship
Bank Sponsored MBA Scholarships are offered by specific banks to students who have excelled in their studies and whose family income does not exceed more than INR 6 lakhs per annum.
4. Government-sponsored MBA Scholarship
Government Sponsored MBA Scholarships are provided by government-led institutions like IIMs to aspiring MBA students who belong to backward classes like ST, OBC, or SC.
MBA scholarships in India: List of Top 5 Scholarships
1. PNB Housing Finance Protsahan Scholarship
PNB Housing Finance Protsahan Scholarship, offered by PNB Housing Finance Limited, is a merit-need-based scholarship program for 1st-year students enrolled in MBA/PGDM study courses.
The application timeline is December to February, and the scholarship amount is INR 2 lakhs.
Applicants with a family income of less or equal to INR 8 lakh and minimum marks of 65% in class-12 and UG studies who want to study in either BIMTECH (Greater Noida), IMT Nagpur, or Indira Institute of Management, Pune can apply.
2. Aditya Birla Group Scholarship
Aditya Birla Group Scholarship is a corporate-sponsored MBA scholarship offered by Aditya Birla Group for students who want to pursue an MBA degree at IIMs Ahmedabad, Bangalore, Calcutta, Lucknow, Indore, Kozhikode, Indore, Shillong, and XLRI Jamshedpur.
The top 20 students, based on the ranking of entrance exams, can apply for this INR 1.75 lakh MBA scholarship.
3. IDFC First Bank Scholarship
IDFC First Bank Scholarship is a need-based bank-sponsored MBA scholarship offered by IDFC First Bank to students enrolled in the 1st year of a full-time MBA study course.
Only students with an annual family income of equal to or less than INR 6 lakhs who want to pursue the course in the list of colleges given by the program can apply. The financial aid is INR 1.0 lakh per annum throughout the MBA program.
4. IIM Ahmedabad MBA Scholarship
IIM Ahmedabad MBA Scholarship provides several scholarships to aspiring students. IIMA Special Needs Scholarship is for students pursuing a postgraduate program with a family income below INR 15 lakhs.
The financial aid for each applicant is determined by the IIM-A authorities based on several criteria.
5. IIM Bangalore MBA Scholarships
IIM Bangalore MBA Scholarships are offered to PGP students with a family income of less than INR 6 lakhs.
Citi Women’s Leader Award is a scholarship program in IIM Bangalore only for girl students studying for the MBA course. Students are selected at the end of 1st year from the top 25% in their class. The final call is taken by CitiGroup after one-on-one interviews with the ambitious students.
Conclusion
An MBA degree is not just a degree course but a promise of a good career for aspiring students, but it comes at a great cost as the degree is very expensive.
Scholarships for MBA in India help to fulfill the dreams of many students deserving a better chance at life through the study course.
