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

MBA Scholarships in India – Master of Business Administration (MBA) is one of the most popular courses promising high-flying career to the 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. Considering the high-fee 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 the students to pursue the popular but  expensive course, seeking a way to deal with the barrier of high fees.

Are you an aspirant looking for MBA scholarships in India? If yes, then you must have come across questions like Where to get the scholarships? How to get it? How to approach and whom to approach? When to apply? How to apply? Find an answer to all these questions in this article. It will acquaint you with all MBA scholarships in India in detail. 

Update Latest: The application for Merit Cum Means Scholarship For Professional and Technical Courses CS is open now. The last date to apply is October 31, 2022.

MBA Scholarships in India – List of Top MBA Scholarships

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

  • PNB Housing Finance Protsahan Scholarship 
  • Aditya Birla Group Scholarship
  • BML Munjal Scholarship
  • Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)
  • IDFC FIRST Bank Scholarship
  • Post Graduate Scholarship for Professional Courses for SC/ST
  • T.Thomas Scholarship
  • OPJEMS Scholarship
  • Yes Bank Scholarship
  • IIM Scholarships
  • NMAT Scholarships

PNB Housing Finance Protsahan Scholarship

An initiative of PNB Housing Finance Limited, PNB Housing Finance Protsahan Scholarship aims at providing financial support to the students enrolled in MBA/ PGDM programme. The screening for the scholarship is done based on academic merit and financial need of the candidate. 

Who is eligible? –

  • The scholarship is open for 1st year students enrolled in MBA (Marketing & Finance) programmes.
  • Applicants must be pursuing MBA studies at one of the following institutions:
    1. BIMTECH, Greater Noida
    2. Institute of Management Technology (IMT), Nagpur
    3. Indira Institute of Management, Pune
  • Applicants must have scored a minimum of 65% marks in both Class 12 and Undergraduate (UG) studies.
  • Annual family income of the applicant must be less than or equal to INR 8,00,000 (8 lakh) per annum.

How to apply?

Eligible students can apply online through Buddy4Study portal. 

Selection Criteria-

A multi-stage procedure is designed to select the scholars for the MBA scholarship based on their financial need and academic merit. The selection procedure comprises of the following steps:

  • In the first step, screening is done on the basis of the academic merit and financial need.
  • Further shortlisting is based on telephonic interview.
  • Face to face interviews might be conducted  for final selection, if required. 

Reward – INR 2,00,000

Application Timeline: December to February (Tentative)

IDFC FIRST Bank MBA Scholarship

Students enrolled into the first year of full-time MBA programmes fulfilling the eligibility criteria can be benefited under this scholarship scheme offered by IDFC FIRST Bank. This is a need-based scholarship programme aiming to help the students to cover tuition fees of their management programme. 

Who is eligible?

  • This scholarship will benefit the students who are Indian Nationals residing in India only.
  • The gross annual family income from all sources should be less than or equal to INR 6 Lakhs per annum.
  • Applicable for students enrolled in the first year of MBA degree (or its equivalent).
  • Applicants should be enrolled in any of the MBA colleges mentioned in the list. To check the list, click here.

How to apply?

Candidates can apply online through Buddy4Study portal.

Reward- The selected MBA students will be awarded with scholarship sum of INR 1,00,000 (INR 1.00 Lakh/year) over the duration of their MBA programme. 

Application Timeline: June to August (Tentative)

BML Munjal University MBA Scholarship

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

Who is eligible? 

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. 


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

Application Timeline: April to July

 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 scoreNet 100% of the tuition fee + free accommodation + free food
700 GMAT scoreNet 75% of the tuition fee
670 GMAT scoreNet 50% of the tuition fee

Aditya Birla Scholarship

The scholarship offered by Aditya Birla Group aims to cover a part of the tuition fee of the management programme offered by some IIMs and XLRIs.

Who is eligible? 

Students from the following institutes are eligible for MBA scholarship:

  • IIM Ahmedabad
  • IIM Bangalore
  • IIM Calcutta
  • IIM Lucknow
  • IIM Kozhikode
  • IIM Indore
  • IIM Shillong
  • XLRI Jamshedpur

The top 20 students (in terms of their entrance exam ranking at the time of admission) are invited to apply through the Dean of the respective institutes.

How to apply?

Eligible students are required to fill the application form and submit it to their respective Dean.

Reward- INR 1,75,000 per annum

Selection Procedure

180 students from IIMs and XLRI will be evaluated based on the information filled by them in the application form. Overall achievements and extracurricular excellence are used as a screening process for the next round which includes essay writing followed by the interview. The best 16 students will be selected for the scholarship subject to the condition that they produce valid documents when required. 

O.P. Jindal Engineering and Management Scholarship Scheme

Started in the year 2007, OP Jindal Engineering and Management Scholarship scheme aims at providing financial aid to the PGP students. 10 leading management institutions participate in this scholarship scheme. A screening process involving the application, written test and interview acts as the deciding factor to select the candidates for the interview. 

Who is eligible? 

First 10 toppers of 1st and 2nd year students of management institutes are selected based on the following criteria:

  • 1st year students: Entrance exam ranking considered by college at the time of the admission
  • 2nd, 3rd, and 4th year students: Based on the academic performance of the previous year

How to apply?

Candidates can apply online by visiting the official website.

Reward- An amount of INR 1,50,000 is awarded per academic year. 


The scholarship programme designed by Yes Bank identifies 30 meritorious scholars from 25 selected business campuses. The selected scholars will pursue a business programme aimed at solving business issues with the help of mentors and the scholarship amount of INR 2,00,000 will be awarded upon the successful completion of the programme. 

Participation Process- 

Stage Type Procedure
1st Application The scholars will be evaluated on their academics, achievements and experiences
2nd Aptitude Assessment An online test is designed to further test the cognitive ability and key competencies of the shortlisted students
3rd Interview The last round requires the  essay writing and interview for the final selection

ONGC Scholarship

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

Reward Eligibility Criteria-
INR 48,000 per annum (approx. INR 4,000 per month) will be awarded to the selected scholars
  • Student must belong to General category
  • He/she must be studying in the first year of MBA/Engineering/MBBS/ Master of Geology programme
  • Academic requirement is a minimum 60% or equivalent CGPA in class 12 and graduation. 
  • The family income must not exceed INR 2 lakhs per annum
  • Candidate must not be older than 30 years of age.

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 aim is to provide financial assistance to meritorious and underprivileged students.

Who is eligible? 

  • Applicants must belong to minority communities (Muslims, Sikhs, Christians, Buddhists, Jain and Parsis/Zoroastrians).
  • He/she must be pursuing a technical or professional course at undergraduate or postgraduate level from a recognised institution. 
  • Candidate must have secured at least 50% marks or equivalent grade in the previous final examination.
  • Applicant must belong to the family where the annual income is not more than INR 2.50 Lakhs from all the sources
  • He/she 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.


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

Application Timeline- July to November ( Tentative)

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 aim is to provide financial assistance to postgraduate students belonging to the SC/ST category.

Who is eligible? 

  • The candidate must belong to SC/ST category
  • The candidate 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 included 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/College funded by Central/State Government
  4. Institutes of National Importance

How to apply?

Candidates can apply online through the National Scholarship Portal.

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

Application Timeline: July to January

MBA Scholarships by IIMs

Indian Institute of Managements are the top leading B-schools in India. There are various scholarships and rewards offered by the leading IIMs, details of which are given here under. 

MBA Scholarship at IIM Ahmedabad

  • IIMA Special Needs Scholarship- All the students admitted to the Postgraduate programme whose gross family income is below INR 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 INR 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 the financial aid provided that their household income is below INR 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 INR 75,000, a medallion and a certificate.

IIM Lucknow Scholarships

Need based IIML Scholarships-  Any student whose family income falls below the limit of INR 1,50,000 is eligible for the scholarship. Eligible candidates are shortlisted for reward on the basis of the 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 merit basis. The value of scholarship ranges from INR 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 INR1.08 Lakhs. The scholarship is valid for both the years of PGP. The selected scholars will receive INR 50,000 per annum.

NMAT Scholarships

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

Alliance School Of Business – The institute offers merit based scholarship to the deserving candidates. Academic performance, NMAT score and performance in 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 test. All applicants will be eligible to appear for the scholarship test scheduled on the day of the admission.

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.