Dreaming of an MBA and finally a future that one would be proud of? If a student can get into India’s top b-schools but feels like a lack of funds could deter one. The IIMs have numerous scholarships and grants that you will gain from. Let’s dig deep into the world of IIM Scholarships offered by IIMs.
IIM Scholarships and Financial Aid
IIMB provides financial resources to students who need financial assistance. The purpose of the Financial Aid Program at IIMB is to ensure that, for financial purposes, no student is robbed of education at the Institute.
Both PGP students with a household annual income of less than INR 8,00,000 are entitled to qualify for financial assistance. Often considered are other students with considerable financial problems resulting from sudden unforeseen circumstances.
Everything You Need to Know About an IIM Interview
A two-step process for determining the number of awardees and the amount of assistance is conducted by the Financial Aid Committee. In the first step, a financial status score is granted to students based on four criteria: annual gross household income (including student income if working before entering IIMB and unpaid loans if any, except taken for conspicuous consumption), household deposits, real estate holdings, and other properties. Any of the students are called on to engage individually with a faculty panel based on this ranking. During these interactions, faculty panels assess the student’s financial need, as well as determine the genuineness of the student’s information in the application and grant a score of financial need. Applicants are offered 100 percent, 80 percent, 60 percent, 40 percent, or 20 percent financial assistance, depending on the weighted average of these two ratings.
IIM Scholarships can be broadly classified into 4 categories, depending on the people who provide the award. These are:
- The Government
- The B-school
- Other institutions or corporations
IIM Scholarship for tuition fees ranging from college to college will range from 10 to 100 per cent waiver. This is awesome! Merit is a standard qualifying factor, though, no matter who presents the scholarship award.
Here is a set of variables that will determine if you are qualifying for some kind of scholarship.
IIM Scholarship Eligibility
- The academic percentage of the student in 10th, 12th & Graduation
- The CAT/XAT/MAT/GMAT percentile of the student
- The performance in the written test conducted by the MBA college
- The performance in GD/PI conducted during the selection process
- The Merit-based Scholarship/ State Rank Holders
- The work Experience in reputed organization
- The Sports Scholarship for those who have represented the state at National Level Competition
- The performance during the academic session of the MBA College/ top performers in the college
- The scholarship for SC/ST/Physically Challenged Candidates
Please note that only some of these criteria may apply to a student.
List of IIM Scholarships
The IIM scholarships and prizes awarded by IIM A & B. Here are the various scholarships offered by both b- schools.
Here IIM A refers to IIM Ahmedabad and IIM B refers to IIM Bangalore.
Scholarships by Corporates/Institutes
By Both IIM-A and IIM-B
|Aditya Birla Group Scholarships||Candidates are shortlisted by ABG based on merit. Around six students are shortlisted.||Rs.175,000 per student per year.|
|OP Jindal Engineering and Management Scholarship||Two students are shortlisted for this scholarship based on the academic performance of the students and an online test along with a personal interview.||Rs.150,000 per student per year.|
|T. Thomas Scholarship||Awarded by Hindustan Unilever Ltd. to a second-year student based on merit-cum-means criteria||Rs.100,000 per year|
Only By IIM-A
|Dunia Scholarship for Scholastic Excellence||Dunia Finance LLC, Dubai, UAE has instituted this merit scholarship – two scholarships each to PGP-Is and PGP-IIs.||Rs.100,000|
Only By IIM-B
|Citi Women’s Leader Award||IIM Scholarship that covers the second year’s tuition expenses. Candidates are selected from the top 25% of the batch at the end of the first year. The nomination is done by the institute and the students are selected based on their Statement of Purpose and subsequent interviews scheduled by Citi Group.||Depends on the SOP and interview review and student requirement|
|Societe Generale Global Solution Center India Scholarship||This is an IIM Scholarship that covers tuition expenses in full. Candidates are selected from the neediest applicants in the first year and subsequent interviews conducted by Societe Generale.||Full tuition expenses|
|Runwal Education Trust Scholarship||This scholarship is given to a PGP student based on a combination of academic performance in the 1st year and the student’s financial need||INR 100000, a medallion and a certificate.|
|Yes Bank Scholarship||Open to students who are among the top 20 students as per the admission criteria, belong to the top 20% of the batch based on the current CGPA, and are members of at least one student committee.||INR 2 lakhs|
Scholarships offered by the B-school
|IIM A Special Need-Based Scholarships||IIM A||If your or your guardian’s gross annual family income is below Rs.15,00,000 during the previous financial year.||Depends on the annual gross family income|
|SC/ST Scholarships||IIM A||Only SC/ST category students having valid certificates can apply for this scholarship.||Rs.150 per month for 10 months|
|IIM A Exit Scholarships For Entrepreneurship Students||IIM A||The applicants shall opt-out of placement and must-have business plans.||Rs. 30,000 Stipend for 3 years post-graduation|
|Exit Scholarship for students who join not for profit organizations||IIM A||Students who choose to work in NGOs||Rs. 3- 4 Lakh per year per student to assist paying off their education loans.|
|Assistance ships for Doctoral students||IIM A||To encourage students to go for doctoral studies in India or abroad, 2 students will be given this scholarship for at most three consecutive years.||Rs. 3- 4 Lakh per year per student|
|Siddhartha Padam Award||IIM B||Awarded to a PGP student who is on the Director’s Merit List and gets the highest CGPA in Economics, Finance & Accounting core courses in the first year.||INR 50,000, a medallion, and a certificate.|
|IIMB PGP Alumni First Batch (1976) Scholarship||IIM B||This scholarship is given to a differently-abled female student from PGP.||INR 75000, a medallion and a certificate.|
|Employment in Social Sector Scholarship||IIM B||This scholarship reimburses the recipient one-third of the fees at the end of each year of work for the first three years in the social sector.||One-third of the fees.|
List of Scholarships Closing in February 2021
Scholarships offered by the Government
|GOI ST/ SC Scholarship||IIM A||Awarded to meritorious SC/ST students, whose family income does not exceed Rs. 4,50,000 per annum.||Depends on the annual gross family income|
|GOI Merit-cum-Means* Scholarship||IIM A||Awarded to students from the minority communities, whose family income does not exceed Rs.2.50 lakhs per annum by the Ministry of Minority Affairs.||Depends on the annual gross family income|
|Scholarships for students with disabilities||IIM A||Awarded to meritorious DA/PWD students, whose family income does not exceed Rs.6,00,000 per annum||Depends on the annual gross family income|
|NTPC Scholarship Scheme||IIM B||Students who belong to SC/ST/PwD categories and are in their second year of management studies, having passed the first-year examination in one attempt.||INR 48,000 per year|
|Ministry of Tribal Affairs Scholarship (ST)||IIM B||National Scholarship for Higher Education for Scheduled Tribe students of PGP first year.||Covers tuition expenses in full|
|Ministry of Social Justice & Empowerment Scholarship (SC)||IIM B||National Scholarship for Higher Education for Scheduled Caste students from Meritorious SC students PGP first year.||Covers tuition expenses in full|
|Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD)||IIM B||A person with a disability having not less than 40% disability and having a disability certificate issued by any competent medical authority.||INR 2,55,000 per year|
Scholarships by Alumni
|PGP Alumni Endowment Fund||IIM A||Financial support extended to nine PGP 1 & PGP/FABM II students from economically and socially challenged background, based on their financial status, every year||Each student would be eligible to get an amount in the range of Rs. 200,000 – 300,000.|
|Peri Viswanath Scholarship (Merit-cum-Means)||IIM A||this scholarship aims to extend financial support to one student in the PGP/PGP-FABM||The Amount is Rs.200,000 per year and the scholar will get Rs.400,000 over 2 years|
|Shri GC Mittal Entrepreneurship Aid||IIM A||For 1 student who intends to start their venture, opting out of the IIMA placement process.||A sum of Rs.200,000 is awarded every year to one graduating student of PGP/PGP-FABM|
|Smt. J Nagamma Memorial Award||IIM A||Awarded to one PGP first-year student at the end of the first year as a merit scholarship based on academic performance.||Rs.15,000|
Frequently Asked Questions
Q1. Do the IIMs offer scholarships?
Ans. The IIMs offers a variety of scholarships to outstanding individuals. There are essentially two kinds of scholarships available: Scholarships for applicants from low-income families and Scholarship for deserving scholars.
Q2. Can I acquire a full IIM scholarship?
Ans. Tuition costs for IIM Scholarships will vary from 10-100% waiver depending on the institution. However, regardless of who offers the scholarship, performance is a fundamental qualifying element.
Q3. Do top CAT scorers receive scholarships?
Ans. No, simply passing the CAT exam will not get you a scholarship. After passing the Cat test, you may apply for a variety of scholarships, however all the scholarships are performance-based and differ between B-Schools.