Everyone dreams big. MBA is that magic stick to fulfill your dreams. Students are preparing hard to crack the deal with IIMS, XLRI, XIMB, and others. But there is a catch. Even to earn big you need to invest a lump sum of money. That is how you can get a professional degree.
In a developing country like India, 80% population is middle class. A high paid salaried job is the only way to earn bread and butter and save some for the future. Even though after a few attempts to get a top-notch institute for your MBA, you lag only because of finance.
But now, you need to worry about financing your MBA. Understanding this real problem of the student several banks and corporates have extended their helping hands.
Types of Scholarships
Let us understand how many MBA scholarships are available in India and how students can avail of them. Few scholarships I have mentioned below.
- IDFC First Bank provides certain scholarships
- Yes Bank gives Future Ready Scholarship
- ONGC based on merit offer certain scholarships
- PNB Finance scholarship is awarded to deserving candidates
- For IIMs and XLRI Aditya Birla grants a scholarship
- BML Munjal Scholarship can be availed by students scoring high percentile
- O.P. Jindal Engineering and Management Scholarship Scheme
- MBA Scholarship by Different IIMs
- NMAT Scholarship by Alliance Business School, IILM University, Thapar School of Management
MBA scholarships are also there for minorities and SC/ST
- Merit Cum Means Scholarship For Professional And Technical Courses CS—Minorities
- Post Graduate Scholarship For Professional Courses for SC/ST
Understanding All Scholarships
Every scholarship has different eligibility criteria and you need to crack them to avail of the financial aid.
IDFC First Bank Scholarship program is for Indians whose family gross annual income is below or equivalent to INR 6 lakhs. It covers only tuition fees of INR 1 lakh and is granted by several MBA institutes.
Yes Bank evaluates 30 meritorious scholars with INR of 2 lakhs from their chosen 25 business campuses.
ONGC scholarship is not only for MBA but also for Engineering, MBBS, and other science programs. It grants INR 48 thousand per annum. The annual family income of the student should not exceed INR 2 lakhs.
Students can avail of PNB Housing scholarships for specific institutions. Applicant's annual family income should be less than or equal to INR 8 lakhs.
Aditya Birla's scholarship is for 7 IIMs and XLRI. It rewards INR 1 lakh 75 thousand to 20 meritorious students.
Hero group has taken the initiative to award BML Munjal scholarship. CAT/XAT/GMAT high scorers avail 100% waiver in tuition fees.
O.P. Jindal Engineering and Management Scholarship rewards 10 toppers of 1st & 2nd, 3rd & 4th-year students based on academic performance for the entire course.
All IIMs have different special criteria along with the family's annual income should be below 15 lakhs. It is completely based on merit. Big corporates like Hindusthan Unilever, Citi Group, Tata, Exim Bank, Hughes Software Systems, Nestle contribute immensely to this monetary assistance.
Narsee Monjee Institute has recently started its scholarships. Apart from their institute, it is granted to meritorious students of 3 other institutes.
Government of India has launched special scholarships for SC/ST and minorities. The high percentile in CAT/GMAT score easily gets the benefit.
Conclusion
It should always be kept in mind that every scholarship program has unique features. Every institute/corporates have its method, and eligibility criteria, for selecting its candidates. If you want to apply for any scholarship visit their websites. Very cautiously and meticulously read all criteria. Once it fulfills your dream job it is just a click away.