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MBA Scholarships in India: List of Best MBA Scholarships, Eligibility, Awards, Application Process

An MBA scholarship in India is a boon for students to pursue a top business course from famous and expensive institutions, a way to deal with the barrier of high fees. MBA Scholarship in India 2023 is given by the Government of India, the Government of states, and private organisations to help economically backward students who would like to do MBA in India.

The students who have scored good marks in class graduation exams and can't do an MBA due to financial problems can apply for this scholarship. Residents of India with a 10+2 pass from a recognised college, a study certificate from an MBA institution, and an income certificate can apply for this scholarship.

Also Check: MBA Admissions 

All About MBA Scholarships in India

Eligibility Graduation and Studying in MBA College
Apply Mode Online/Offline
Amount Up to INR 1 LPA
Expectations Academic grades, backward classes, specially-abled, children, religious minorities, etc.

Also Check: MBA Specializations

Top MBA Scholarships in India

There are different MBA scholarships available in India. The following table shows the details:

Scholarship Eligibility Last Date of Application
BML Munjal University MBA Scholarship Applicants applying for the MBA program at BML Munjal University can apply. Amount varies for CAT/XAT/GMAT percentile June 11, 2024 (Tentative)
Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities) Minority communities, a technical or professional course at undergraduate or postgraduate level, must have secured at least 50% marks or equivalent grade in the previous final examination, annual family income should not be more than INR 2.50 Lakh from all the sources, admission based on the competitive entrance examination or must have scored at least 50% in Class 12 or graduation (in case of direct admission) October 31, 2024 (Tentative)
IDFC FIRST Bank MBA Scholarship Indian Nationals residing in India only, gross annual family income from all sources should be less than or equal to INR 6 Lakhs per annum, should have been enrolled in the first year of MBA degree (or its equivalent), INR 1,00,000 (INR 1.00 Lakh/year) June 30, 2024 (Tentative)
Post Graduate Scholarship for Professional Courses for SC/ST SC/ST category;
The first year of the professional course at the postgraduate level
Universities/Institutions/Colleges comes under section 2(f) & and 12(B) of UGC Act
Deemed to be Universities included under Section 3 of the UGC Act, 1956, and are eligible to receive grants-in-aid from UGC
Universities/Institutions/Colleges funded by Central/State Government Institutes of National Importance		 October 31, 2024 (Tentative)
ONGC Scholarship General category students must be studying in the first year of MBA/Engineering/MBBS/ Master of Geology program, minimum 60% or equivalent CGPA in class 12 and graduation, family income must not exceed INR 2 lakhs per annum,
Candidate must not be older than 30 years of age. INR 48,000 per annum		 July 08, 2024 (Tentative)
IIMA Special Needs Scholarship (IIM Ahmedabad) In the postgraduate program, gross family income is below INR 15,00,000, June 14, 2024 (Tentative)
T. Thomas Scholarship (IIM Ahmedabad) Hindustan Unilever Limited to a second-year student, the selection is based on merit. June 14, 2024 (Tentative)
Scholarship for SC/ST candidates (IIM Ahmedabad) For postgraduate programs belonging to SC/ST category, INR 150 every month for 10 months. June 14, 2024 (Tentative)
Aditya Birla Group Scholarship Students of IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, IIM Kozhikode, IIM Indore, IIM Shillong, and XLRI Jamshedpur; the top 20 students who are selected in ranking at the time of admission. January 31, 2024 (Tentative)
IMT EWS Scholarships Economically Weaker Sections (EWS), students who are enrolled in any AICTE-approved two-year PGDM program.
10 eligible candidates from IMT Ghaziabad, 5 students from IMT Nagpur, and 5 from IMT Hyderabad.		 March 31, 2024 (Tentative)
OP Jindal Engineering and Management Scholarships (OPJEMS) Postgraduate Programme in Management (PGP), 20 students from different B-Schools, and first-year students will be selected based on the entrance exam. Second, third, and fourth-year students will be selected from their previous year’s academic performance. August 07, 2024 (Tentative)
IIM Ahmedabad MBA Scholarships PG students whose gross family income is below Rs. 15,00,000, have different criteria such as annual family income, ownership of assets, and the number of dependents in the family. July 15, 2024 (Tentative)
IIM Bangalore MBA Scholarships PG Students, with household income below Rs.8,00,000, have financial difficulties owing to unforeseen circumstances. June 11, 2024 (Tentative)
IIM Lucknow MBA Scholarship PG students with a family income of less than Rs.4,00,000, shortlisted based on merit June 30, 2024 (Tentative)

Also Check: 

IIMA Scholarships for MBA Maharashtra Scholarships

Steps to Apply for an MBA Scholarship in India

Eligible candidates for MBA scholarships can apply through the official portal of the scholarship and fill out the application form online. The steps to apply for MBA scholarships in India are as follows:

  • Step 1: Go to the official website of the National Scholarships Portal.
  • Step 2: Read the guidelines given on the website carefully before registering.
  • Step 3: Choose the type of scholarship.
  • Step 4: Enter the required details.
  • Step 5: Upload the required scanned copies of the documents
  • Step 6: Click on the Register Button.
  • Step: Download and keep a copy for future reference.

Documents to Apply for MBA Scholarship in India

  • A recent passport-size photograph
  • Aadhar card front & back view
  • The first page of the bank passbook scan
  • Permanent Residential Certificate of India
  • 10th, 12th, Graduation Class Pass Memos
  • Caste certificate duly signed by an authorised Revenue Officer
  • Birth certificate duly signed by an authorised Revenue Officer
  • Income certificate of the parents.
  • Note: All documents should be under 500kb

Also Check: MBA Syllabus

How to Check Payment List for MBA Scholarship India?

The payment list has been released for all the students who have applied online for the Chief Minister's graduate scholarship. To see the MBA Scholarship Payment List and to know the 

Payment Status, follow the steps given below:

Step 1: Go to the Medhasoft official website

Step 2: Select the University Name

Step 3: Enter the Registration Number

Step 4: Select List No. (If your name is not visible in List-1, then select List-2 or List-3 or the subsequent List. In this way you can check your name in the Payment List)

Step 5: At the Last Click on the View Button

Also Check: How to become a Project Manager?

Top MBA Colleges in India

The top MBA colleges in India and fees are given in the following table:

Top MBA Colleges Location Fee
IIM Bangalore Bangalore INR 23,20,000
IIM Calcutta Kolkata INR 22,60,000
IIM Ahmedabad Ahmedabad INR 23,00,000
S P Jain Institute of Management and Research (SPJIMR) Mumbai INR 20,42,000
IIM Kozhikode Kozhikode INR 19,00,000
Xavier School of Management (XLRI) Jamshedpur INR 23,60,000
IIM Lucknow Lucknow INR 19,25,000
Indian School of Business (ISB) Hyderabad INR 22,50,000
IIM Indore Indore INR 21,07,000
Faculty of Management Studies (FMS, Delhi) New Delhi INR 1,92,000

Also Check: Tier 1 MBA College Admissions

MBA Scholarship in India: FAQs

Ques. What is the average MBA Scholarship amount?

Ans. The average MBA Scholarship amount is INR 1 LPA in Indian universities.

Ques. What are the leading business schools in India?

Ans. The leading business schools in India are IIMs, XLRI, NMIMS, etc.

Ques. What are the top MBA Scholarships in India?

Ans. The top MBA Scholarships in India are 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, ONGC Scholarship, Scholarships offered by IIMs, and NMAT Scholarships.

Ques. What is the benefit of the BML Munjal University MBA Scholarship?

Ans. The benefit of the BML Munjal University MBA Scholarship is up to a 100% waiver in the tuition fee based on scores in CAT/ XAT or GMAT.

Ques. What is the maximum income limit to get Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities)?

Ans. The maximum income limit to get Merit Cum Means Scholarship for Professional and Technical Courses CS (Minorities) is INR 2.5 LPA from all sources.

Ques. What is the maximum income limit to get the IDFC FIRST Bank MBA Scholarship?

Ans. The maximum income limit to get the IDFC FIRST Bank MBA Scholarship is INR 6 LPA from all sources.

Ques. Students from what kind of institutions get a Post Graduate Scholarship for Professional Courses for SC/ST?

Ans. Students from Universities/Institutions/Colleges come under sections 2(f) & and 12(B) of the UGC Act, Deemed to be Universities included under Section 3 of the UGC Act, 1956, and are eligible to receive grants-in-aid from UGC, Universities/Institutions/College funded by Central/State Government, and Institutes of National Importance get a Post Graduate Scholarship for Professional Courses for SC/ST

Ques. What is the benefit of the Post Graduate Scholarship for Professional Courses for SC/ST?

Ans. The benefit of the Post Graduate Scholarship for Professional Courses for SC/ST is INR 4,500 per month credited through Direct Benefit Transfer (DBT).

Ques. Who gets ONGC Scholarships?

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

Ques. What is the last date to apply for the ONGC Scholarship?

Ans. The last date to apply for ONGC Scholarship is 08 July 2023

Ques. What are the five top MBA colleges in India?

Ans. The five top MBA colleges in India are:

  • IIM Bangalore
  • IIM Calcutta
  • IIM Ahmedabad
  • S P Jain Institute of Management and Research (SPJIMR)
  • IIM Kozhikode

Master of Business Administration [MBA] : 738 answered questions

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Ques. Is it worthwhile doing an MBA in UPES Dehradun?

● Top Answer By Akriti Banerjee on 03 Aug 23

Ans. Every B-school has its unique strengths and so does UPES Dehradun which is famous for its domain-specific MBA. If you are willing to pursue an MBA in oil and gas, power management, or energy trading, choosing UPES Dehradun will be the right decision. It offers a plethora of opportunities in these domains and the ROI is also great. There are some industry-specific courses too but their placements are just average. The best part about UPES is the diversity of the crowd. You will get the chance to interact with people from various backgrounds such as law, management, engineering, and design thus enhancing the learning experience manifolds.  Ultimately, I will suggest you go for UPES Dehradun only if you are planning to pursue a domain-specific MBA, else you can go for better B Schools.Read more
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Ques. Should I go to IBS Hyderabad (ICFAI) for an MBA? Why or why not?

● Top Answer By Harshita Sinha on 30 Apr 22

Ans. IBS Hyderabad isn’t a good option for MBA. The placement record of the institute isn’t good. You won’t get a good ROI. The course fee for an MBA at IBS Hyderabad is INR 16.02 lakhs. While the average CTC offered to the students according to IBS Hyderabad placement highlights for 2022 is INR 7.97 LPA.  The student intake is huge. Batch strength for MBA is 1300. So, students don’t get equal opportunities in terms of academics and placements. Read more
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Ques. I joined SBI as a PO in 2015 and currently a scale 2 officer. Is it wise to leave SBI for an MBA from NMIMS Mumbai, SIBM Pune or MDI Gurgaon? Also, I do not want to continue in SBI.

● Top Answer By Rahul Pandey on 17 Aug 20

Ans. Since you do not want to continue with SBI due to whatever reasons, so it would be a better option to follow what you want to and don’t continue in your job. Now, you have three options to choose what you want to do:- You can resign your current job and search for a job in a private bank. This option might not be a feasible one as the entry-level pay at SBI is much more lucrative than other banks. Your experience might not be valued in case you do not have much of it. You can go for an MBA from NMIMS Mumbai, SIBM Pune, or MDI Gurgaon. In this case, your experience will be valued during the placement process and you will be an eligible contender for middle management jobs in private banks and you may also explore new fields like corporate finance or trade finance. The other option is to wait for two more years of experience and pursue a one-year MBA provided you are ready to continue in SBI for two more years. Furthermore, there are other factors as well like GMAT score you get after two years.Read more
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Ques. What is MBA salary in India?

● Top Answer By Disha Sinha on 27 May 22

Ans. MBA salary of a B-Schol graduate in India is proportional to their qualification and experience. It also depends on other factors like Almameter of the candidate, MBA specialization, industry, designation, etc. The MBA average salary for the topmost B-School in the country is as follows. Name of the institute  MBA salary(in INR) IIM Ahmedabad  26.13 LPA IIM Bangalore  33.8 LPA IIM Calcutta 26.24 LPA IIM Lucknow 26 LPA FMS Delhi  32.4 LPA XLRI Jamshedpur 30.73 LPA MDI Gurgaon 26.07 LPA SPJIMR Mumbai 23.6 LPA  IIFT Delhi  25.16 LPA.  MBA salary depends a lot on specialization as well. Among the specialization, Marketing and Finance offers better placements. Read more
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Ques. How good is KJ Somaiya (SIMSR) for doing an MBA in India?

● Top Answer By Aditya Shah on 25 Apr 22

Ans. As a B-School, KJ Somaiya has certain factors which are advantageous, such as location, ROI, alumni base. Since Mumbai is the corporate hub of India, the college easily attracts many companies. SIMSR has a huge alumni base with people working at imminent positions in the corporate world.  However, it doesn’t come under the top B-Schools in India. SIMSR brand doesn’t have much recognition. Although it attracts many companies, the placement average isn’t at the same level as top B-Schools. KJ Somaiya placements 2022 had an average CTC of INR 10.95 LPA. Read more
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Ques. Is NMIMS a good college for an MBA?

● Top Answer By Akriti Gupta on 12 Sept 23

Ans. Yes, NMIMS is considered to be the MBA college in Mumbai city and its MBA program is highly regarded among aspirants. Here are a few pros and cons of the institute that might help you  Pros The college is well-known for its state-of-the-art infrastructure. The classrooms have all modern facilities and the library too is well-stocked. Its location gives it leverage in establishing healthy industrial relations. The parity of the faculty cannot be doubted as they deliver excellent lectures. The academics are much more than just bookish language as students are made to solve Case-based studies. The food served in the canteen is quite good. Students get the chance to participate in lots of competitions and earn well, or get PPI. Cons : NMIMS fees are exorbitantly high. The first-year fee is INR 11.95 Lakhs. You also need to consider the expenses of living in Mumbai. Hostel faculties for only limited students  A few faculties have no interest in teaching.  The placement stats are inflated and thus misleading.  The MBA batch of NMIMS has a huge batch of around 600 students affecting the quality of education. There is a huge gap between the administration and the students.  Easy entrance exam affects the quality of the crowd. So, NMIMS was once a great B School but the increasing batch size has affected its reputation largely. You can go for colleges with a smaller batch size and similar fees to get better job opportunities.Read more
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Ques. I completed my BBA two years back and now I have 2 years of work experience. I did a distant PGDM from NMIMS. If I clear the CAT this year, should I go for a regular MBA?

● Top Answer By Varsha Roy on 27 Jun 21

Ans. Since you already have a work experience of 2 years you should go for an executive program from a reputed institute rather than doing any regular program. You should never hold your career because of continuing with a regular MBA program rather than you should choose an executive program. For the executive program, you can choose a 1-year global MBA degree in collaboration with 3 B schools. They are Cardiff School of Management, UK, IIM-Indore, and Universal Business School, Mumbai. In this program, you will be able to learn from these big institutions, especially IIM’s. You will also be getting good global exposure. The curriculum of the college will be the British curriculum and all these programs will develop your skills and will help you in your career development. The executive program of IBS Hyderabad is also very good. There are several other institutes offering executive MBA programs where you can research and choose the best option.Read more
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Ques. How is the NMIMS distance learning program in MBA?

● Top Answer By Namrata Das on 22 Jul 22

Ans. NMIMS Global MBA program is better than other distance MBA programs available. The course is designed as per the requirements of working professionals. Students get the required support from the university and the centers.  They have student portals and Whatsapp groups to keep students updated regarding course-related information. The year-wise examination is taken in an online mode at students’ convenience.Read more
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Ques. Which is best course in MBA?

● Top Answer By Advait Joshi on 15 May 23

Ans. There are numerous top MBA programs around the world, and the program best suited for you depends on your personal and professional goals, as well as your budget and other factors. Some of the most highly ranked MBA programs include: Harvard Business School MBA program Stanford Graduate School of Business MBA program Wharton School at the University of Pennsylvania MBA program Kellogg School of Management at Northwestern University MBA program University of Chicago Booth School of Business MBA program MIT Sloan School of Management MBA program Columbia Business School MBA program INSEAD MBA program (based in France, Singapore, and Abu Dhabi) London Business School MBA program Yale School of Management MBA program All the above MBA programs are consistently ranked among the top MBA programs in the world by various rankings organizations, such as the Financial Times, Forbes, and Businessweek.Read more
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Ques. How is NMIMS Mumbai for an MBA?

● Top Answer By Ankita Sinha on 31 May 22

Ans. NMIMS Mumbai offers a good MBA program. It has a brilliant faculty base. Most of the faculty members are well-experienced and cooperative. If you are interested, you can research under any professor of your choice. It follows the Harvard case studies. You can learn and participate in the case study competitions.  NMIMS Mumbai placements 2022 had an average CTC of INR 19.40 LPA. While the highest CTC offered by the institute was INR 24.84 LPA. Located in the finance capital of the country, it also offers good exposure to students. Read more
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