IDFC FIRST Bank MBA Scholarship 2023-25 – Enabling MBA Aspirants to Pursue their Dreams

IDFC FIRST Bank MBA Scholarship 2023-25 is a need-based scholarship program 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 lakh (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 2023-25. 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 MBA Scholarship – An Overview

The students enrolled in the first year of a 2-year full-time MBA program can avail of INR 2 lakh (INR 1 lakh per year) under this scholarship. Till date, more than 1,167 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

Particulars	Details
Name of the Scholarship	IDFC FIRST Bank MBA Scholarship 2023-25
Provider Detail	IDFC FIRST Bank
Scholarship Type	Means-based
Eligibility	First-year MBA students in India
Scholarship Amount	INR 2 lakh (INR 1 lakh per year)
Application Mode	Online through Buddy4Study portal
Application Timeline*	July 31, 2023

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

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 2023-25, the last date to apply for this scholarship is July 31, 2o23. 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 lakh 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 lakh (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

Eligible candidates can apply for the scholarship online through Buddy4Study portal. Given below are the steps that can be followed 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 a registered ID to land on 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.

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 the applicant’s personal information, academic record, income proof, and other related documents. Below is the list of documents that an applicant must keep while applying for the scholarship – 

1. Personal information documents

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

2. Admission-related documents

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

3. Academic record documents

• Copy of Graduation marksheet/passing certificate

4. Income Proof (anyone)

• Copy of Salary Slip (Parents)
• Copy of Income Tax Returns (Form 16A)
• Income Certificate issued by a 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 degree

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 the applicant’s financial needs. 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

• The Scholarships are open for studies in India and for Indian Nationals only.
• The Candidates applying for the scholarship under this program should be pursuing MBA and/ or would be applying for MBA during the academic year 2023-25.
• The amount of Scholarship that will be provided under this program will be a maximum of INR 1 lakh per student, per academic year and the scholarship amount will be only for tuition fees and books.
• The gross annual family income, i.e. annual income of the parents/guardians from all sources should not be more than INR 6 lakh per annum. Students having the lowest family income shall be given preference in the ascending order.
• Candidates will be required to upload documents, e.g. Income Tax Returns of their parents/guardian(s) or in the alternative, Bank Statements of parents/guardian(s).
• 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 the 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 of 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.
• The scholarship application is open to only those desirous candidates who have all the requisite certificates and mark sheets at the time of making the application. No provisional application will be entertained on any undertaking to the effect or otherwise, that certificates and/or required documents will be furnished at a later stage.
• IDFC FIRST Bank reserves the right, to use the photograph /profile of the scholarship applicant/beneficiary for future publication use; and/or disclosures; and/or for communication purposes with IDFC FIRST Bank’s stakeholders as this initiative is under the Corporate Social Responsibility (CSR) of IDFC FIRST Bank; and/or for submissions before various authorities and interested parties from time to time for reporting progress thereof; and/or for use in corporate brochures, websites, archives and other material publicity, if any in relation to CSR activities.
• As there shall be only 350 beneficiaries granted the scholarship under this program, IDFC FIRST Bank reserves the right to stop the application process after achieving the final number of scholarships to be granted in a particular year, hence there will be no due date for closing applications.
• The students who receive the Scholarship should be regular in attendance and excel in performance for which the yardstick shall be decided by the competent authority of the school/college/university as also abide by the rules and regulations of such Institute. Intimation to the university of the availed scholarship is mandatory and shall be accompanied by a request made by the beneficiary to the university for reporting the progress of the beneficiary/student to IDFC FIRST Bank. The beneficiary shall complete this documentation and furnish a copy to IDFC FIRST Bank before disbursement of the scholarship.
• In case of selection for the award of scholarship under this program, the awardees should not be the recipients of any other scholarships, from any other sources – Government, Corporate Private Bodies, Trusts, etc.
• The scholarship shall be cancelled/discontinued forthwith and the amount of the scholarship paid shall be recovered, at the discretion of the concerned department of IDFC FIRST Bank if:
  1. A student is found to have obtained a scholarship by false statement/certificates.
  2. A student violates any of the terms and conditions of the scholarship.
  3. A student does not attend classes of the course or is found to be in violation of the Institutes’ rules and regulations.
  4. Fails to obtain and maintain minimum performance/passing standards as required by the university authorities and/or affiliates.
  5. Any misconduct on the part of the beneficiary, decision whereof will be at the sole discretion of the selection panel of IDFC FIRST Bank.
• 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 reserves its right to independently verify and assess the claims made by candidates/beneficiaries regarding their family financial status and other criteria.
• This is a beneficiary scheme as part of the Corporate Social Responsibility of IDFC FIRST Bank and is not a matter of right to be claimed by candidates of economically weaker sections of society or otherwise. Candidates shall not have the right to raise any disputes regarding the scholarship with IDFC FIRST Bank and shall have no right to claim any amounts or initiate any proceedings against IDFC FIRST Bank in respect thereof.

IDFC FIRST Bank MBA Scholarship – Contact Details

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

Phone: 011-430-92248 (Ext- 124) | Email: csr@buddy4study.com