IDFC FIRST Bank MBA Scholarship 2021-23 – Enabling MBA Aspirants to Pursue their Dreams

IDFC FIRST Bank MBA Scholarship 2021-23 is an initiative run by IDFC FIRST Bank to financially support MBA students. Introduced as part of its CSR initiative, this scholarship program offers a scholarship amount of INR 2 lakhs (INR 1 lakh per year) to those students who are enrolled in the first year of a two-year full-time MBA course in the academic year 2021-23. This amount can be used to cover the tuition fees of the MBA program. 

Who is eligible to apply for this scholarship? What benefits are offered? What steps must be followed to apply for it? When is the last date to apply for IDFC FIRST Bank MBA Scholarship? How are the scholars selected for this scholarship? Get answers to all these questions in this article further. 

IDFC FIRST Bank Scholarship


IDFC FIRST Bank MBA Scholarship – An Overview

The students who are enrolled in the first-year of a 2-year full-time MBA program can avail scholarship of INR 2 lakhs (INR 1 lakh per year) under this scholarship. Till date, more than 650 MBA students  from more than 15 colleges across India have been awarded this scholarship. Refer to the table given below to get a detailed overview of the IDFC FIRST Bank MBA Scholarship.  

IDFC FIRST Bank MBA Scholarship – Detailed Overview

Name of the ScholarshipIDFC FIRST Bank MBA Scholarship 2021-23
Provider Detail IDFC FIRST Bank
Scholarship TypeMeans-based
EligibilityFirst year MBA students in India
Scholarship AmountINR 2 lakhs (INR 1 lakh per year)
Application ModeOnline through Buddy4Study portal
Application Timeline*Between August and September

*The application timeline mentioned above is tentative and may change on the discretion of the scholarship provider. 

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IDFC FIRST Bank MBA Scholarship – Key Dates

Before heading on to know more about this scholarship, one must keep a note of the important dates related to the scholarship including the application timeline. The applications for IDFC FIRST Bank MBA Scholarship generally begin in the month of August and continue till month-end. For the academic year 2021-22, the last date to apply for this scholarship is September 02, 2021. Students, who fulfil the eligibility criteria can apply for it before the deadline passes away. 

IDFC FIRST Bank MBA Scholarship – Eligibility Criteria

To avail benefits under this scholarship, the students are required to fulfil the following eligibility conditions –

  • Open for Indian nationals residing in India only. 
  • The students must be enrolled in the first year of the 2-year MBA program of the starting batch of the current financial year. 
  • They must be enrolled in any of the MBA colleges mentioned in the list
  • The age of the applicants should be 35 years or less at the time of application. 
  • The gross annual family income of the applicants should be less than or equal to INR 6 lakhs per annum from all sources. 

IDFC FIRST Bank MBA Scholarship – Award Details

A total of 350 beneficiaries will be selected under the IDFC FIRST Bank MBA Scholarship. The students who get shortlisted will get a scholarship sum of INR 2 lakhs (INR 1 lakh per year) over the duration of their 2 years MBA program. This scholarship amount will only be paid towards the tuition fees of the scholars. Its disbursal will be made into the college account only. 

IDFC FIRST Bank MBA Scholarship – Application Process

If you find yourself eligible for the IDFC FIRST Bank MBA Scholarship, you can apply for it online through Buddy4Study portal. Given below are the steps that you can follow to make a successful application – 

Step 1: Visit the scholarship page of IDFC FIRST Bank MBA Scholarship. 

Step 2: Read all the details carefully and click on the ‘Apply Now’ button under the ‘How can you apply?’ section to proceed. 

Step 3: Login to Buddy4Study using registered ID to land onto the ‘Online Application Form Page’. If not registered, please register using an Email/Mobile/Facebook/Gmail account.

Step 4: A separate application instruction page will open. Read the instructions carefully and click on the ‘Start Application’ button. 

Step 5: Fill in all the required details in the scholarship application form and upload all the relevant documents. 

Step 6: Accept the ‘Terms and Conditions’ and click on the ‘Preview’ button to check if all the details filled are correctly showing or not. 

Step 7: If all the details in the preview are correct, click on the ‘Submit’ button to complete the application.

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IDFC FIRST Bank MBA Scholarship – Documents Required

While applying for the IDFC FIRST Bank MBA Scholarship, the applicants are required to upload a certain set of documents in support of their applications. These documents are generally related to applicant’s personal information, academic record, income proof, and other related documents. Below is the list of documents that you must keep with you at the time of scholarship application – 

1. Personal information documents

  • Applicant’s Photograph
  • Identity Proof (Aadhar Card, Voter ID Card, Driving License)

2. Admission related documents

  • Admission Letter (With name of institution, admission year and batch)
  • Copy of Fee Receipt

3. Academic record documents

  • Copy of Graduation marksheet/passing certificate

4. Income Proof (any one)

  • Copy of Salary Slip (Parents)
  • Copy of Income Tax Returns (Form 16A)
  • Income Certificate issued by relevant government authority (Tehsildar or Magistrate)

5. Other Documents (If applicable)

  • Disability certificate
  • Loan sanction letter
  • Death certificate, if there is a death of the sole earning member of the immediate family
  • Document of any other scholarships received for pursuing MBA

IDFC FIRST Bank MBA Scholarship – Selection Criteria

The selection of the scholars for IDFC FIRST Bank MBA Scholarship will be made on the basis of applicant’s financial need. Upon successful submission of completed applications with documents, the IDFC FIRST Bank will screen all the applications and shortlist the top 350 scholars to award the scholarship. The students who are selected under this scholarship program should ensure that they are not recipients of any other scholarship, from any other sources such as Government, Corporate Private Bodies, Trusts, etc. 

IDFC FIRST Bank MBA Scholarship – Terms and Conditions

  • Students having the lowest family income shall be given preference in the ascending order.
  • The final acceptance of the proposed candidates shall be on the basis of internal due diligence and checks done by the IDFC FIRST Bank Selection Panel and will be at all times subject to its management decision.
  • The final disbursement of scholarship amount to the applicant’s college/university shall be on the basis of the fee receipt evidencing part payment, submitted by the applicant. Receipt of the balance amount paid towards fees out of the scholarship disbursed, shall be produced to the IDFC FIRST Bank immediately on payment thus being made. Further, these fee receipts shall be retained with the beneficiaries and submitted along with other documents for availing the scholarship for the consecutive academic year, as the case may be.
  • The candidates who are selected for the scholarship will be intimated by the IDFC FIRST Bank via email.
  • The IDFC FIRST Bank reserves the right, in its sole discretion, to the fullest extent permitted by law: (a) to reject or disqualify any application; or (b) subject to any written directions from a regulatory authority, to modify, suspend, terminate or cancel the scholarship, as appropriate.
  • Once awarded, it’s mandatory for the scholars to attend all IDFC FIRST Bank events pertaining to the scholarship.
  • IDFC FIRST Bank reserves its right to independently verify and assess the claims made by candidates/beneficiaries regarding their family financial status and other criteria.
  • This scheme and scholarship shall be evaluated at regular intervals by IDFC FIRST Bank and terms and conditions thereof may be modified, withdrawn or cancelled without prior notice to the applicants at the discretion of the selection panel of IDFC FIRST Bank.

IDFC FIRST Bank MBA Scholarship – Contact Details

If you have any query related to the scholarship application, eligibility, award details, selection process, and documents, feel free to reach out at contact details given below – 


Phone: 011-430-92248 (Ext- 124)