MBA Scholarships in India – Master of Business Administration (MBA) is one of the most popular courses promising high-flying career to the aspiring students. It is not just a degree but a dream for millions of students which remains unfulfilled due to the high expenses coming at its cost.
Considering the high-fee of the course, many organizations including management institutes offer financial aid in the form of MBA scholarships in India to deserving students. An MBA scholarship opens the doors for the students to pursue the popular but expensive course, seeking a way to deal with the barrier of high fees.
This article is for the aspirants looking for MBA scholarships in India. Explore the list of MBA scholarships, application timeline, how to apply, and more details.
MBA Scholarship in India 2023 – An Overview
| Category | MBA Scholarships in India 2023 |
| Academic Year | 2022-23 |
| Beneficiaries | MBA Students |
| Awards | Up to INR 1,00,000 per annum |
| Application Mode | Online/Offline |
MBA Scholarships in India 2023 – List of Top MBA Scholarships
Leading business schools like IIMs, XLRI, NMIMS, etc. offer financial help to the deserving candidates to complete their management studies. There are various other MBA scholarship schemes offered by the organizations like Aditya Birla Group, PNB Housing Finance, OP Jindal, etc. Mentioned below are the names of some renowned MBA scholarships provided in India.
- BML Munjal Scholarship
- Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)
- IDFC FIRST Bank Scholarship
- Post Graduate Scholarship for Professional Courses for SC/ST
- ONGC Scholarship
- Scholarships offered by IIMs
- NMAT Scholarships
MBA Scholarships in India 2023 – Eligibility, Awards, and Application Process
1. BML Munjal University MBA Scholarship
The scholarship is offered by BML Munjal University which is an initiative of Hero Group. BML Munjal University MBA Scholarship allows MBA aspirants can get upto 100% waiver in the tuition fee based on their scores in CAT/ XAT or GMAT.
Eligibility
Applicants applying for the MBA programme at the BML Munjal University are eligible to apply.
How to Apply?
Candidates can apply online through the official website of BML Munjal University.
Rewards
The reward will be decided on the basis of percentile scored in CAT/ XAT or scores of GMAT.
Application Timeline: April to July
Scholarship on the basis of CAT/XAT Percentile
| CAT/XAT Percentile | Scholarship benefits |
| >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
| GMAT Score | Scholarship benefits |
| 750 GMAT score Net | 100% of the tuition fee + free accommodation + free food |
| 700 GMAT score Net | 75% of the tuition fee |
| 670 GMAT score Net | 50% of the tuition fee |
2. Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)
The Ministry of Minority Affairs offers this scholarship for minority students pursuing professional and technical courses at UG or PG level. The Merit cum means scholarship for professional and technical courses aim is to provide financial assistance to meritorious and underprivileged students.
Eligibility
- Applicants must belong to minority communities
- An applicant must be pursuing a technical or professional course at undergraduate or postgraduate level
- Candidate must have secured at least 50% marks or equivalent grade in the previous final examination
- Applicant annual family income should not be more than INR 2.50 Lakh from all the sources
- A student 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.
Rewards
- 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
Application Timeline- July to November ( Tentative)
3. IDFC FIRST Bank MBA Scholarship
Students enrolled into the first year of full-time MBA programmes fulfilling the eligibility criteria can be benefited under this scholarship. The IDFC First Bank MBA scholarship aims to help the students to cover tuition fees of their management programme.
Eligibility
- The scholarship will benefit the Indian Nationals residing in India only
- Applicant’s 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 MBA degree (or its equivalent)
- Applicants should be enrolled in any of the MBA colleges mentioned in the list (on the official website of Buddy4Study)
How to Apply?
Candidates can apply online through Buddy4Study portal.
Rewards
The selected MBA students will be awarded with scholarship sum of INR 1,00,000 (INR 1.00 Lakh/year) over the duration of their MBA programme.
Application Timeline: June to August (Tentative)
4. Post Graduate Scholarship for Professional Courses for SC/ST
This scholarship by UGC, Ministry of HRD is applicable for SC/ST students pursuing professional courses at the postgraduate level. The Post Graduate Scholarship for Professional Courses for SC/ST aims to provide financial assistance to postgraduate students belonging to the SC/ST category.
Eligibility
- A candidate must belong to SC/ST category
- Students must be in the first year of the professional course at postgraduate level
- The candidate must be studying in any of the following Institutions/Colleges/Universities:
- Universities/Institutions/Colleges comes under section 2(f) & and 12(B) of UGC Act
- Deemed to be Universities included under Section 3 of the UGC Act, 1956 and are eligible to receive grants-in-aid from UGC
- Universities/Institutions/College funded by Central/State Government
- Institutes of National Importance
How to Apply?
Candidates can apply online through the National Scholarship Portal.
Rewards
INR 4,500 per month for MBA students. The reward will be credited through Direct Benefit Transfer (DBT)
Application Timeline: July to January
5. ONGC Scholarship
ONGC scholarship is offered to meritorious General category students who are in the first year of their MBA, Engineering, MBBS or Master in Geology programme.
Eligibility
- Student must belong to General category
- He/she must be studying in the first year of MBA/Engineering/MBBS/ Master of Geology programme
- 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?
Candidates can apply through the official website of ONGC.
Rewards
INR 48,000 per annum (approx. INR 4,000 per month) will be awarded to the selected scholars
Application Timeline – 08 July 2023
6. MBA Scholarships by IIMs
Indian Institute of Managements are the top leading B-schools in India. There are various scholarships and rewards offered by the leading IIMs, details of which are given hereunder.
MBA Scholarship at IIM Ahmedabad
- IIMA Special Needs Scholarship- All the students admitted to the Postgraduate programme 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 the 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 the 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 merit basis. The value of scholarship ranges from INR 6,000 to 1,00,000 per annum. The key benefactors for 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 INR 1.08 Lakhs. The scholarship is valid for both the years of PGP. Also, the selected scholars will receive INR 50,000 per annum.
7. NMAT Scholarships
A good score in NMAT by GMAC can open the door for scholarships and financial aid for students seeking admission in the following colleges:
Alliance School Of Business – The institute offers merit based scholarship to the 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 test. All applicants will be eligible to appear for the scholarship test scheduled on the day of the 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 off some pressure from their shoulders and keep working hard for their success.