7 best MBA scholarships for MBA aspirants

The MBA course in India is incredibly popular and is seen as a gateway to a successful career for many students. However, due to the high costs associated with it, this dream still needs to be fulfilled for millions of students. As a result, both colleges and the government have started offering MBA scholarships in India to provide financial aid to deserving students. 

If you are an aspiring Master of Business Administration student and are looking for financial aid, you may be wondering how to get a scholarship for MBA, where to find one, and how to apply. This article aims to answer how to fund your MBA program in detail by providing information about scholarships for MBA students in India.

7 Best MBA Scholarships for Indian Students

• Aditya Birla Scholarship 

Students who wish to study at certain educational institutions in India, including the Indian Institute of Management (IIM), Xavier Labor Research Institute (XLRI), Indian Institute of Technology (selected campuses), and Birla Institute of Technology & Science (BITS Pilani), can apply for the Aditya Birla Scholarship program. This program covers the expenses of tuition and accommodation.

Successful applicants may receive a grant of up to ₹1,75,000, but the trust overseeing the program monitors academic performance closely and may only award future grants if satisfied with the recipient's progress. To apply, students must complete a form and submit it to their business school's dean.

• OP Jindal Engineering and Management Scholarship

The OP Jindal Engineering and Management Scholarship is among the top MBA scholarships for Indian students, launched in 2007 to provide financial aid to PGP students in 10 top management institutions. Eligibility is based on academic performance criteria such as entrance exam ranking for first-year students and previous year academic performance for second, third, and fourth-year students. 

To apply, candidates can visit the official website and undergo a screening process involving an application, written test, and interview. The reward for successful candidates is a sum of ₹1,50,000 per academic year.

• The Merit Cum Means Scholarship

The Ministry of Minority Affairs provides financial aid to disadvantaged yet deserving students from minority communities through the Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities), which is one of the full-time MBA scholarships available. The scholarship is aimed at providing support to these students pursuing their education.

The applicant must belong to a minority community, including Muslims, Sikhs, Christians, Buddhists, Jains, and Parsis/Zoroastrians. The annual income of the applicant's family should not exceed INR 2.50 Lakhs from all sources. Candidates can apply online through the National Scholarship Portal. 

The scholarship provides a course fee of ₹20,000 per annum or the actual fee, whichever is less, for both hostellers and day scholars. Hostellers will also receive a maintenance allowance of ₹1,000 per month for ten months in an academic year, and day scholars will receive ₹500 per month for ten months in an academic year.

• SP Jain Global Institute of Management Scholarships 

The SP Jain Global Institute of Management provides generous scholarships ranging from US$5,000 to US$15,000 per year through its Academic and Leadership programs for MBA students, including those enrolled in MVA programs. The institute has campuses located in Dubai, Sydney, and Singapore, in addition to one in Mumbai, and also offers online Master of Business Administration courses. 

To qualify for this prestigious scholarship, students must excel academically and perform exceptionally well on all entrance exams, as the institute has high standards for its scholarship recipients. Consequently, numerous students from various countries apply for this scholarship due to the significant funding it provides.

• PNB Housing Finance Protsahan Scholarship

PNB Housing Finance Limited has launched the PNB Housing Finance Protsahan Scholarship to provide financial aid to students pursuing a PGDM/MBA course. Applicants must be studying at one of the following institutions: BIMTECH, Greater Noida; Institute of Management Technology (IMT), Nagpur; or Indira Institute of Management, Pune.

The annual family income of the applicant must be less than or equal to ₹8,00,000 per annum. The scholarship selection process involves multiple stages, including screening based on academic merit and financial need, followed by a telephone interview for further shortlisting. If required, a face-to-face interview may be conducted for the final selection.

Selected candidates will receive a scholarship of ₹2,00,000 to support their MBA studies.

• IIM Ahmedabad MBA scholarships 

The Indian Institute of Management (Ahmedabad) provides MBA scholarships to postgraduates students whose total family income is below ₹15,00,000, and the scholarship amount is determined based on different factors such as annual family income, ownership of assets, and the number of dependents in the family.

• IIM Bangalore MBA scholarships 

For PG students facing financial difficulties due to unforeseen circumstances or whose household income is below ₹8,00,000, IIM Bangalore provides financial aid scholarships. The IIMB also offers financial aid to students in need as one of the ways to pay MBA fees. 

The IIMB Financial Assistance Policy seeks to prevent any student from being denied an education at the institution due to financial constraints. All PGP students are eligible to apply for financial aid if their home income is less than ₹8,00,000.

How to Get a Scholarship for MBA in India: Application Process

To apply for MBA scholarships in India or abroad, eligible and deserving candidates can refer to the official scholarship website for detailed information. Various government scholarships for MBA students are also available under different schemes. The application process for these scholarships is described below:

How to apply on the official scholarship portal?

• Step 1: Candidates should first visit the official website of the scholarship they wish to apply for.
• Step 2: Click on the "Apply Now" button displayed on the screen.
• Step 3: New users must register themselves on the official website.
• Step 4: After successful registration, applicants can proceed with the application process.
• Step 5: Fill out the application form with the required details.
• Step 6: Upload the necessary documents.
• Step 7: Verify all the information provided, along with the documents.
• Step 8: Finally, click on the "Submit" button to complete the application.

Note: The application process may vary depending on the scholarship.

Study with Sunstone’s Scholarship Program

Sunstone, a leading higher education services provider, offers scholarships to all aspiring college students who demonstrate exceptional drive and excellence. With over 1000 scholarships being offered to students across India, students can avail of these attractive opportunities to pursue their education in 30+ cities pan India and prepare for a bright future without worrying about financial constraints.

To get scholarships from Sunstone, you need to take a test and your obtained score will determine the amount of scholarship you get.