MBA Scholarships in India 2024 – List of Scholarships, Eligibility, Awards

MBA Scholarships in India – Master of Business Administration (MBA) is one of the most popular courses promising high-flying careers to aspiring students. It is not just a degree but a dream for millions of students which remains unfulfilled due to the high expenses coming at its cost.

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Considering the high rate of the course, many organizations including management institutes offer financial aid in the form of MBA scholarships in India to deserving students. An MBA scholarship opens the doors for students to pursue the popular but expensive course, seeking a way to deal with the barrier of high fees.

This article is for aspirants looking for MBA scholarships in India. Explore the list of MBA scholarships, application timeline, how to apply,  and more details. 

MBA Scholarship in India 2024 – An Overview 

Category MBA Scholarships in India  
Academic Year  2024
Beneficiaries MBA Students 
Awards  Up to ₹1,00,000 per annum 
Application Mode  Online/Offline 

MBA Scholarships in India 2024 – List of Top MBA Scholarships

Leading business schools like IIMs, XLRI, NMIMS, etc. offer financial help to deserving candidates to complete their management studies. There are various other MBA scholarship schemes offered by organizations like Aditya Birla Group, PNB Housing Finance, OP Jindal, etc. Mentioned below are the names of some renowned MBA scholarships provided in India.

  • IDFC FIRST Bank Scholarship
  • Post Graduate Scholarship for Professional Courses for SC/ST
  • Scholarships offered by IIMs
  • ONGC Scholarship
  • NMAT Scholarships
  • BML Munjal Scholarship
  • Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)
  • National Scholarship for Post-Graduate Studies 
  • Mirae Asset Foundation Scholarship Program
  • Ujjivan Small Finance Bank Transgender Scholarship 2024-25
  • OP Jindal Engineer & Management Scholarships
  • Nirankari Rajmata Scholarship Scheme
  • HDFC Bank Parivartan’s ECSS Programme for Postgraduate Courses (Merit-cum-Need Based)

MBA Scholarships in India 2024 – Eligibility, Awards, and Application Process

1. IDFC FIRST Bank MBA Scholarship

Students enrolled on the first year of full-time MBA programmes fulfilling the eligibility criteria can benefit under this scholarship. The IDFC First Bank MBA scholarship aims to help students cover the tuition fees for their management programme. 

Eligibility 

Career Assessment Test

  • The scholarship will benefit the Indian Nationals residing in India only 
  • Applicant’s gross annual family income from all sources should be less than or equal to ₹6 Lakhs per annum
  • Applicable for students enrolled in the first year of an MBA degree (or its equivalent)
  • Applicants should be enrolled in any of the MBA colleges mentioned in the list (on the official website of Buddy4Study)

How to Apply?

Candidates can apply online through Buddy4Study portal

Rewards

The selected MBA students will be awarded a scholarship sum of ₹1,00,000 (₹1.00 Lakh per year) over the duration of their MBA programme. 

Application Timeline: June to August (Tentative) 

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2. Post Graduate Scholarship for Professional Courses for SC/ST 

This scholarship by UGC, Ministry of HRD is applicable for SC/ST students pursuing professional courses at the postgraduate level. The Post Graduate Scholarship for Professional Courses for SC/ST aims to provide financial assistance to postgraduate students belonging to the SC/ST category.

Eligibility

  • A candidate must belong to the SC/ST category 
  • Students must be in the first year of the professional course at postgraduate level 
  • The candidate must be studying in any of the following Institutions/Colleges/Universities:  
  1. Universities/Institutions/Colleges comes under section 2(f) & and 12(B) of UGC Act
  2. Deemed to be Universities included under Section 3 of the UGC Act, 1956 and are eligible to receive grants-in-aid from UGC 
  3. Universities/Institutions/Colleges funded by Central/State Government
  4. Institutes of National Importance

How to Apply?

Candidates can apply online through the National Scholarship Portal.

Rewards  

₹4,500 per month for MBA students. The reward will be credited through Direct Benefit Transfer (DBT)

Application Timeline: July to January (Tentative)

3. MBA Scholarships by IIMs

Indian Institute of Management are the leading B-school in India. There are various scholarships and rewards offered by the leading IIMs, details of which are given hereunder. 

MBA Scholarship at IIM Ahmedabad

  • IIMA Special Needs Scholarship- All the students admitted to the Postgraduate programme whose gross family income is below ₹15,00,000 are eligible for the scholarship. The authorities of IIM-A will determine the financial assistance required for each applicant based on its assessment of the applicant’s economic status evaluated through criteria like movable and immovable family assets, the number of dependents on the family income, etc. 
  • Scholarship for SC/ST candidates- Students admitted to postgraduate programs belonging to SC/ST category will be awarded ₹150 every month for 10 months.
  • T. Thomas Scholarship- This scholarship is awarded by Hindustan Unilever Limited to a second year student. The selection is done on the basis of merit.

IIM Bangalore MBA Scholarships

  • IIMB Financial Aid-  Students enrolled in PGP are eligible for financial aid provided that their household income is below ₹600,000. Other students with severe financial difficulties arising from sudden unforeseen circumstances are also considered.
  • Citi Women’s Leader Award- A scholarship scheme designed to cover the second year’s tuition expenses. The institute nominates and then the final selection is done by the Citi Group.

IIMB PGP Alumni First Batch (1976) Scholarship

This financial aid is designed to help differently-abled female students pursuing PGP. A differently-abled male student is considered in the absence of any eligible female student. The objective of this scheme is to keep the memory of the PGP batch of 1976 and their association with the institute alive. The scholarship awards a total of ₹75,000, a medallion and a certificate.  

IIM Lucknow Scholarships

Need-based IIML Scholarships- Any student whose family income falls below the limit of ₹1,50,000 is eligible for the scholarship. Eligible candidates are shortlisted for reward on the basis of merit. The scholarship covers the tuition fee charged by the institute in that particular year.  

Industry-Sponsored Scholarships- At the end of every academic year, several industry-sponsored scholarships are offered on a merit basis. The value of the scholarship ranges from ₹6,000 to 1,00,000 per annum. The key benefactors for these scholarships include  Hindustan Lever Ltd., Reckitt Benckiser, Aditya Birla, Ratan Tata, Citibank, EXIM Bank, Hughes Software Systems, Nestle India Ltd., Central Bank of India, Apeejay Trust and Bharti Foundation.

  • Bharti Scholarship- Bharti Enterprises proffers a scholarship for needy and meritorious students whose annual family income does not exceed ₹1.08 Lakhs. The scholarship is valid for both the years of PGP. Also, the selected scholars will receive ₹50,000 per annum.

4. ONGC Scholarship

ONGC scholarship is offered to meritorious General category students who are in the first year of their MBA, Engineering, MBBS or Master in Geology programme. 

Eligibility  

  • Students must belong to the General category
  • He/she must be studying in the first year of MBA/Engineering/MBBS/ Master of Geology programme
  • The academic requirement is a minimum 60% or equivalent CGPA in class 12 and graduation. 
  • The family income must not exceed ₹2 lakhs per annum
  • Candidate must not be older than 30 years of age

How to Apply?

Candidates can apply through the official website of ONGC.

Rewards

₹48,000 per annum (approx. ₹4,000 per month) will be awarded to the selected scholars

Application Timeline – N/A

5. NMAT Scholarships

A good score in NMAT by GMAC can open the door for scholarships and financial aid for students seeking admission to the following colleges:

Alliance School Of Business – The institute offers merit-based scholarships to deserving candidates. Academic performance, NMAT score and performance in the Alliance Admission Selection Process are used to shortlist candidates.

Score in NMAT  Scholarship reward  No. of Scholarships
210+ 50% Top 10 students
180 to 209 35% Top 10 students
160 to 179 25% Top 20 students

IILM University-The scholarship offered is as described below:

NMAT Score Scholarship
195+ 40% waiver on tuition fee
180-195 25% waiver on tuition fee

Thapar School of Management- The institute offers 75 scholarships based on merit prepared on the basis of scholarship tests. All applicants will be eligible to appear for the scholarship test scheduled on the day of the admission.

6. BML Munjal University MBA Scholarship

The scholarship is offered by BML Munjal University which is an initiative of Hero Group. BML Munjal University MBA Scholarship allows MBA aspirants can get upto 100% waiver in the tuition fee based on their scores in CAT/ XAT or GMAT.

Eligibility

Applicants applying for the MBA programme at the BML Munjal University are eligible to apply.

How to Apply?

Candidates can apply online through the official website of BML Munjal University. 

Rewards

The reward will be decided on the basis of percentile score in CAT/ XAT or scores of GMAT.

Application Timeline: April to July (Tentative) 

Scholarship on the basis of CAT/XAT Percentile 

CAT/XAT Percentile Scholarship benefits
>95th percentile in CAT/XAT 100% of the tuition fee + free accommodation + free food
90th to 94.9th percentile in CAT/XAT 75% of the tuition fee
85th to 89.9th percentile in CAT/XAT 50% of the tuition fee

Scholarship on the basis of GMAT score

GMAT Score Scholarship benefits
750 GMAT score Net 100% of the tuition fee + free accommodation + free food
700 GMAT score Net 75% of the tuition fee
670 GMAT score Net 50% of the tuition fee

7. Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)

The Ministry of Minority Affairs offers this scholarship for minority students pursuing professional and technical courses at UG or PG level. The Merit cum means scholarship for professional and technical courses aim is to provide financial assistance to meritorious and underprivileged students.

Eligibility  

  • Applicants must belong to minority communities 
  • An applicant must be pursuing a technical or professional course at undergraduate or postgraduate level  
  • Candidate must have secured at least 50% marks or equivalent grade in the previous final examination
  • Applicant annual family income should not be more than ₹2.50 Lakh from all the sources
  • A student must get admission on the basis of the competitive entrance examination or must have scored at least 50% in Class 12 or graduation (in case of direct admission)

How to Apply?

Candidates can apply online through the National Scholarship  Portal.

Rewards 

  • Course fee (for Hostellers and Day Scholars) – ₹20,000 per annum or actual, whichever is less
  • Maintenance allowance for Hostellers – ₹1,000 per month for 10 months in an academic year
  • Maintenance allowance for Day Scholars – ₹500 per month for 10 months in an academic year

Application Timeline- July to November ( Tentative)

8. National Scholarship for Post Graduate Studies

National Scholarship for Post Graduate Studies is an initiative of the University Grants Commission, Government of India for students who are admitted in the first year of the postgraduate degree programme.

Eligibility 

  • Students must be an Indian national
  • Applicants must be admitted in the first year of the postgraduate degree programme in a recognised university/college/institution in India
  • Candidates should be below the age of 30 years as of the date of admission in the first semester/year of a PG programme
  • The annual family income must be less than ₹2,50,000 from all sources

How to Apply?

Candidates can apply online through the NSP portal. 

Rewards

The selected students will be awarded a monthly financial allowance of ₹15,000 for 10 months for a duration of 2 years. 

Application Timeline: November to January (Tentative) 

9. Mirae Asset Foundation Scholarship Program

The Mirae Asset Foundation Scholarship Program, an initiative of the Mirae Asset Foundation, aims to provide financial assistance to meritorious students from underprivileged sections of society across India. Under this scholarship, students currently pursuing undergraduate or postgraduate courses in the country will be rewarded. 

Eligibility 

  • Open to students who are currently pursuing undergraduate/postgraduate courses in India.
  • Students must have scored at least 60% in the previous academic year.
  • The annual family income of the applicants should be less than INR 8,00,000 per annum from all sources.
  • Students from PAN India can apply for the scholarship.
  • Children of Buddy4Study employees are not eligible to participate. 

How to Apply?

Candidates can apply online through the Buddy4Study Portal.

Rewards 

Scholarships up to INR 50,000

Application Timeline: 26 June 2024

10. Ujjivan Small Finance Bank Transgender Scholarship

The Ujjivan Small Finance Bank Transgender Scholarship is an initiative of Ujjivan Small Finance Bank Limited aimed at providing financial assistance to meritorious and deserving transgender students across India.
Eligibility

  • Open to transgender students who are currently studying in Classes 9 to 12 or pursuing graduation/postgraduation from any government/private open schools or open universities.
  • Students must have scored at least 50% marks in the previous academic year.
  • The annual family income of the applicants should be up to INR 10,00,000 from all sources.
  • Students from PAN India can apply.

How to Apply?
Candidates can apply online through the Buddy4Study Portal.
Rewards
For students in Class 9 to 12: Scholarship of up to INR 24,000
For students pursuing UG/PG courses: Scholarship of up to INR 40,000
Application Timeline: April

11. OP Jindal Engineer & Management Scholarships
OP Jindal Engineer & Management Scholarships is an opportunity provided by the O.P. Jindal Group of Companies to meritorious students who have leadership qualities to become leaders in entrepreneurial excellence and innovation.
Eligibility

  • Open for the first three toppers from each year of the following engineering streams; Civil Engineering, Electrical Engineering, Mechanical Engineering, or Metallurgical Engineering
  • Students must be in the first ten toppers from each year of management

How to Apply?
Candidates can apply online through the OPJEMS Portal.
Rewards
For management courses: INR 1,50,000
For Engineering courses: INR 80,000
Application Timeline: August to September

12. Nirankari Rajmata Scholarship Scheme 

Nirankari Rajmata Scholarship Scheme is an opportunity offered by the Sant Nirankari Charitable Foundation to students pursuing technical or professional courses at the undergraduate or postgraduate levels.

Eligibility

  • Applicants must be a regular student of a central/state government-recognised institution/university.
  • Students have taken admission in an institute/university through a competitive written test.
  • Candidates must be holding an admission offer in one of the following disciplines; Graduate degree in Engineering (or equivalent disciplines), Graduate degree in Medicine (Allopathic/Ayurvedic/Homeopathic), MBA/PGDM, Architecture, CA (after qualifying CPT examination), CFA (after qualifying Foundation test), LLB (after qualifying, for degree exams or passing the entrance test), and Journalism and Mass Communication.
  • Students must have secured at least 90% marks or above in the Class 12 examination.
  • The annual family income should be less than INR 3,50,000 from all sources.

How to Apply?

Candidates can apply online through the Sant Nirankari Charitable Foundation Portal.

Rewards

A full tuition fee waiver of up to INR 75,000 per annum.

Application Timeline: June to July

13. HDFC Bank Parivartan’s ECSS Programme for Postgraduate Courses (Merit-cum-Need Based)

HDFC Bank Parivartan’s ECSS Programme for Postgraduate Courses (Merit-cum-Need Based) is an initiative of HDFC Bank that aims to support meritorious and needy students belonging to underprivileged sections of society. The scholarship programme is meant for postgraduation courses (general courses – MCom, MA, etc. and professional courses – MTech, MBA, etc.).

Eligibility 

  • Open for Indian nationals only.
  • The students must be pursuing postgraduation courses (general courses – MCom, MA, etc. and professional courses – MTech, MBA, etc.) in recognized colleges or universities in India.
  • The applicants must have passed the previous qualifying examination with at least 55% marks.
  • Annual family income must be less than or equal to INR 2.5 Lakh.
  • Preference will be given to those applicants who are facing personal or family crises that have occurred during the past three years due to which they are unable to continue bearing the cost of education and are at risk of dropping out.

How to Apply?

Candidates can apply online through the Buddy4Study Portal.

Rewards

For general postgraduate courses – INR 35,000
For professional postgraduate courses – INR 75,000

Application Timeline: December to January

Students leave no stone unturned while working hard for the MBA entrance exams, therefore, lack of financial expenses must not become a barrier in the journey towards their dreams. With the help of the MBA scholarship schemes as described in this article, scholars can lift off some pressure from their shoulders and keep working hard for their success. 

Disclaimer

  1. Source of Information: Buddy4Study app compiles details on scholarships/fellowships from government websites and private scholarship sources. Links to the official sources accompany each listing detail pages.
  2. Non-affiliation: The Buddy4Study app is not associated with any government entity in India or elsewhere. When featuring government scholarships, we rely on publicly accessible information from central and state government websites in India.

Scholarships For

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Scholarship by State

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Scholarships A to Z

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