7 Best MBA Scholarships For MBA Aspirants

Master of Business Administration is a highly prosperous and promising career that can help students achieve milestones. It’s a dream of thousands of students that gets affected due to high expenses and costs. However, considering the high expenses, many management institutes provide financial aid to deserving students to let them fly high in their career.

With the ease and availability of MBA scholarships, the process has become easier and now many students can get enrolled in their dream top-notch MBA college regardless of the high fee.

Here is the list of the best MBA scholarships available in India.

1. PNB Housing Finance Protsahan Scholarship

It’s a housing finance limited that aims to provide financial aid to PGDM and MBA students. The scholarship is awarded based on the student’s financial need and merit.

• Eligibility

1. The scholarship is for first-year MBA students.
2. Applicants must be enrolled in either the Institute of Management and Technology (IMT), Nagpur Indira Institute of Management, Pune and BIMTECH, Greater Noida management programs
3. Applicants must have received a minimum of 65 per cent in both undergraduate studies and in the 12th grade.
4. The applicant’s annual family income must be less than 9L per year.

Students can apply through an online mode. The tentative dates for applications are from November to February.

• Selection process

The eligible students for scholarship for the MBA degree are chosen through a multi-stage process based on their financial need and academic merit. The following steps comprise the selection procedure:

1. Screening is done, considering the financial need and merit.
2. Students have to go through a telephonic interview after getting shortlisted.
3. Video call interviews can also be conducted.

• Scholarship –

Students can get a scholarship of around Rs 2 lakh.

2. IDFC First Bank MBA Scholarship

Students who can meet the selection criteria and have already been enrolled in the first year of an MBA can get massive benefits from this scholarship scheme. In addition, this scholarship covers the whole tuition fee for the management program.

• Eligibility

1. This scholarship is only available to Indian nationals who live in India.
2. The family income should be less than Rs. 6 lakh or less.
3. Students of the first year MBA program are eligible.
4. Students can apply through an online mode. The application forms are available from June to August.

• Scholarship

Students can get a scholarship of around Rs 1 lakh per year throughout the MBA program.

3. Aditya Birla Scholarship

The Aditya Birla Group scholarship is specifically designed to cover tuition fees for a few management programs offered by XLRI and IIM.

Furthermore, the top 10 students at the time of admission can also apply for scholarships and can approach the Dean of their institutes.

• Eligibility

The scholarship is available for students enrolled in institutes such as IIM Ahmedabad, IIM Lucknow, IIM Calcutta, IIM Bangalore, XLRI Jamshedpur, IIM Shilong, IIM Indore, and IIM Kozhikode.

• Application criteria

Eligible students must complete the application form and submit it to their Dean.

• Selection criteria

1. Around 200 applications from XLRIs and IIMs based on certain criteria in the application form will be evaluated.
2. Overall accomplishments and extracurricular excellence are used to screen candidates for the next round, which includes essay writing followed by an interview.
3. The best 16 students will be chosen for the scholarship, with the condition that they provide valid documentation when requested.

• Scholarship –

Students can get a scholarship of around Rs. 1,75,000 per year.

4. O.P. Jindal Engineering and Management Scholarship Scheme

The OP Jindal Engineering and Management Scholarship scheme, which began in 2007, aims to provide financial assistance to PGP students. This scholarship program is supported by ten leading business schools. The screening process, which includes an application, written test, and interview, is used to select candidates for interviews.

Twenty students from various B-Schools will be chosen. In addition, a first-year student’s performance will be evaluated based on the entrance exams while a second, third, or fourth-year student’s performance will be evaluated based on their academic performance from the previous year.

• Eligibility criteria

1. The top ten first and second year management institute students are chosen based on the following criteria:
2. The students from first year will get enrolled based on the marks of the entrance exam while second, third and fourth year students will get enrolled based on the ranking of previous year examination.

Students can visit their official websites to apply for scholarships.

• Scholarship-

Students can get a scholarship of around Rs.1,50,000 per year.

5. ONGC Scholarship

ONGC provides scholarships to deserving general category students in their first year of an MBA, Engineering, MBBS, or Master of Geology program.

• Eligibility criteria

1. The student must fall into the general category.
2. He or she must be in the first year of an MBA/Engineering/MBBS/Master of Geology program.
3. A minimum of 60% CGPA, i, 12th grade, is necessary to become eligible.
4. The family income should be less than 2L.
5. The candidate must be under the age of 30.

• Scholarship:

Selected students can receive a scholarship of Rs. 48,000 per year.

6. Merit cums means scholarship schemes

This scholarship scheme is offered by the Ministry of Minority Affairs and is specifically designed for minority students. It’s for those students who are either pursuing technical or professional courses at both graduate and undergraduate levels.

The aim behind this scheme is to provide financial assistance to underprivileged and deserving candidates.

• Eligibility criteria

1. Applicants must be members of a minority group such as Christians, Muslims, Sikhs, Jain, Buddhists, Parsis, and so on.
2. The applicant must be from any undergraduate or postgraduate program at a recognized institution.
3. The candidate should have received more than 50% marks in the previous final exam.
4. The applicant must be from a family with an income of less than Rs. 2 lakh.
5. The candidate must be enrolled based on the score of competitive exams or have secured a minimum grade of 50% in c12th grade or in graduation.

• Application criteria

Students can apply through the national scholarship portal. The application forms are available from July to November.

7. MBA Scholarships by IIMs

The Indian Institutes of Management are India’s top business schools. The leading IIMs offer a variety of scholarships, such as:

IIM Ahmedabad

Generally, the scholarship at IIM Ahmedabad is available for all PG students whose annual family income is less than Rs. 15 lakh. The scholarship amount is subjective and is based on several factors, such as asset ownership, the number of dependents in the family, and gross family income.

IIM Bangalore

If the family income is less than Rs. 8 lakh, then you can easily apply for financial aid at IIM Bangalore. The scholarship is specifically for students who are experiencing genuine financial difficulties and can’t afford the fees.

IIM Lucknow

Students whose family income is less than Rs 4 lakh are eligible to get a scholarship from IIM Lucknow and it will include the entire tuition fee. The students will be shortlisted based on merit.

IIM Indore

Students whose family income is less than Rs. 9 lakh are eligible under this scheme. However, they have to get enrolled in either human resource or management programs.

Conclusion

These were the top scholarships for aspiring MBA students.