MBA Scholarship for Students in India 2024: Eligibility, Registration Process, Awards, Best MBA Scholarships List

MBA scholarships for students

MBA Scholarships and Financial Ad in India : A brief overview

Scholarship Name MBA Scholarship Options in India
Eligibility Graduation and Studying in MBA College
Mode Online and Offline
Scholarship Amount Above INR 1 LPA
Expectations Academic grades, backward classes (ST/SC), specially-abled aspirants, religious minorities etc.

Top Scholarship Options for MBA Aspirants in India

The below-mentioned scholarships are some of the leading options for MBA aspirants:

Merit Cum Means Scholarship for Professional and Technical Programmes CS (Minorities)

For: minority communities

 He/she must be pursuing a technical or professional course at UG or PG level

Applicant must have secured at least 50% marks or equivalent grade in the previous final examination

 Student annual family income should not be more than INR 2.50 Lakh from all sources. Admission is based on entrance examination.


IDFC FIRST Bank MBA Scholarship

 For: Indian Nationals residing in India only

 Applicant’s annual family income should be less than or equal to INR 6 lakhs/annually

 Students must enroll in the first year of an MBA degree


T. Thomas Scholarship (IIM Ahmedabad)

 Granted by Hindustan Unilever Limited

 For: Second-year student.

  Merit-based selection.

Scholarship for SC/ST candidates (IIM Ahmedabad) PG students belonging to the SC/ST Category will be awarded INR 150 every month 
OP Jindal Engineering and Management Scholarships (OPJEMS)

 Postgraduate Programme in Management,20 students selected from different B-Schools

 First-year students are selected based on the entrance exam.

 Second, third, and fourth-year students is selected from their previous year’s academic performance.

IIM Ahmedabad MBA Scholarships

 For: PG students

 family income below Rs. 15,00,000

  Criteria: annual family income, ownership of assets, and the number of dependents in the family

IIM Lucknow MBA Scholarship

 For: PG students

 family income of less than Rs.4,00,000

 Merit-based selection.


Scholarship for MBA Students in India: A complete discussion

Getting financial help from leading business schools and other platforms like banks allows a student to complete their management courses. Listed below are some of the most renowned MBA financial help provided in India.

1.PG Scholarship for Professional Programmes for reserved category (SC/ST)

Offered by UGC, Ministry of HRD, this scholarship is given to students belonging to SC/ST enrolling for professional programmes at the PG level.

Eligibility Criteria:

An applicant must belong to a reserved category.

Applicant must be in the 1styear of the professional program at PG level.

An applicant must be studying in any of the following universities/institutions/colleges:

Educational institutes comes under 2(f) & and 12(B) of UGC Act

Institutions/universities/colleges financially aided by the State or Central Government

Deemed universities fall under Sec 3 of the UGC Act, 1956, and are eligible to obtain grants-in-aid from UGC

Scholarship Amount:

For MBA Students: INR 45,000 per month

The scholarship will be transferred via DBT or Direct Benefit Transfer

Also read– Pay after Placement mba

BML Munjal University – MBA Scholarship

Provided by BML Munjal University, an initiative of Hero Group, the scholarship MBA students benefit up to 100% in the tuition fees, depending on their scores obtained in entrance exams, including CAT, XAT, or GMAT.

Eligibility Criteria:

  • Students who are going to apply for an MBA course at the BML Munjal Institute are eligible to apply for this scholarship.

Scholarship Amount:

The scholarship will be rewarded on the basis of % scored in the entrance exam, as mentioned above. Here is a complete look:

Based on the CAT percentileBased on the XAT percentile
95th percentile: tuition fee (100%)+ free food + free accommodation750 score: complete the tuition fee+ free accommodation+ free food
90th-94th percentile: 75% of the tuition fee700 score: 75% of the tuition fee
85th to 89.9th percentile: half of the tuition fee670 score: half of the tuition fee

1. ONGC Scholarship

This scholarship is given to meritorious students, belonging to the General Category, who are in the 1st year of their Engineering, MBBS/Master in Geology course, or MBA.

Eligibility Criteria:

Students from the General category are eligible for a scholarship

Applicant must be studying in the first year of the above-mentioned course.

He/she must obtain a minimum of 60% aggregate of relevant CGPA in 10+2 and graduation.

Student family income must be no more than INR 2 lakhs/annually.

He/she must not be older than 30 years of age.

Scholarship Amount:

Selected scholars will be awarded with INR 48,000/annually or about INR 4,000/monthly.

2-Merit cum Means Scholarship for Professional and Technical Courses CS

Offered by the Ministry of Minority Affairs, the scholarship is especially for minority applicants enrolling for technical and professional programmes at the undergraduate or postgraduate level. The objective of this financial aid is to impart financial help to underprivileged and talented students.

Eligibility Criteria:

He/she must be from minority community.

Applicants must be doing a professional or technical programme at UG or PG level.

He/she must have obtained a minimum of 50% marks or relevant in the qualifying exam.

Student family income should not exceed INR 2.50 Lac/annually.

Admission is offered based on the entrance exam.

In case of direct admission, an applicant must have obtained at least 50% in their 10+2.

Scholarship Amount:

For Day Scholars and Hosts: INR 2oK/annually or actual, whichever is less

For hostellers (maintenance allowance): INR 1k/monthly for ten months in an academic period.

For day scholars (maintenance allowance): INR 500/month for ten months in an academic period.

MBA scholarships by the Indian Institutes of Management

IIMs are the sought-after business institutes in India. Various rewards and scholarships are offered by them, which include the following:

IIM Lucknow Scholarships for MBA aspirants

1-Aid-based IIML Scholarships

Eligibility Criteria and Reward Amount:

Student family annual income comes under the limit of INR 1.5k

Reward based on the merit

The reward includes: tuition fees

2-Bharti Scholarship

Eligibility Criteria and Reward Amount:

The applicant’s family income should not be more than INR 1,80,000/per annum

Validity for both the years of PGP.

Scholarship amount: INR 50,000/annually 

3-Industry Sponsored Scholarships

  • Eligibility Criteria and Reward Amount:

    Rewards are given at the last of every academic year
  • Merit-based selection
  • Scholarship amounts range between 6,000 – 1 lakh/annually.

IIM Ahmedabad Scholarships for MBA aspirants

1-Scholarship for reserved category candidates

Eligibility and Scholarship Amount:

For PG students from the SC or ST category

Reward: INR 150/monthly basis

2-IIMA Special Needs Scholarship

Eligibility and Scholarship Amount:

PG aspirant family income is below INR 15 Lakh

Reward on the basis of the applicant’s financial status, and other elements.

3-Thomas Scholarship

Eligibility Criteria and Scholarship Amount:

Offered to a 2ndyear student

Reward on the basis of merit.

IIM Bangalore Scholarships for MBA aspirants

1-Citi Women’s Leader Award

Eligibility Criteria and Reward:

Provided to students in the second year.

Reward covers tuition expenses

Selection is  based on the Citi Group

2-IIMB Financial Aid

Eligibility Criteria and Scholarship Amount:

PGP students are eligible

Their family income should be below INR 6 Lakh

Students with serious financial crises are also eligible

3-IIMB PGP Alumni First Batch (1976) Scholarship

Eligibility Criteria and Scholarship Amount:

PGD students are considered for scholarships.

The reward amount is INR 75k along with a certificate and a medal

How to apply for scholarships or financial aid for MBA in India?

Students who are eligible for MBA scholarships can visit the official portal of the scholarship to apply. They will have to fill out the respective application form online. Here is a step-by-step information for MBA scholarships:

To start, open the official website of the National Scholarships Portal.

Go through the guidelines on the official portal before you start registering.

Next, pick the scholarship type you’re eligible for

Afterward, fill out the requested information and details

Remember to submit the essential scanned copies of the documents asked for

Next, tap on the register option

Lastly, download and keep an application form copy for future reference.

Also read– MBA Admission 2024

What documents are required for MBA Scholarships in India?

Here is a list:

Applicant’s passport-size photographs

Academic proofs: 10, 12th, gradation mark sheet

Bank passbook scan (the first page)

ID Proof

Residential proof

Income proof of the parents

Birth proof duly signed by a recognized revenue officer

Caste certified, if required, duly signed by a recognized revenue officer

MBA Scholarships in India: FAQs

These include the IDFC First Bank Scholarship, Merit cum Means Scholarship for Professional and Technical Courses, BML Munjal Scholarship, and others.

2.What is the average amount I can receive from an MBA scholarship?

On average, an applicant is awarded Rs 1 lakh as an MBA scholarship in Indian institutes.

  • On the basis of merit
  • On the basis of merit cum mean scholarship
  • On the basis of special merit
  • On the basis of physical disability and caste
4.What is meant by government financial assistance based on merit?

Numerous government scholarships given on the basis of merit are available like PG Merit Scholarship for University Toppers, and various others.

5.Is getting an MBA scholarship from BML Munjal University beneficial?

Absolutely yes! This university provides 100% ease in the tuition fee for MBA courses depending on scores in the entrance exam.

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