Everything You Need to Know about IIM Scholarship

Everything You Need to Know about IIM Scholarships

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

IIM Scholarships can be broadly classified into 4 categories, depending on the people who provide the award. These are:

  • The Government
  • The B-school
  • Alumni
  • 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

  1. The academic percentage of the student in 10th, 12th & Graduation
  2. The CAT/XAT/MAT/GMAT percentile of the student
  3. The performance in the written test conducted by the MBA college
  4. The performance in GD/PI conducted during the selection process
  5. The Merit-based Scholarship/ State Rank Holders
  6. The work Experience in reputed organization
  7. The Sports Scholarship for those who have represented the state at National Level Competition
  8. The performance during the academic session of the MBA College/ top performers in the college
  9. The scholarship for SC/ST/Physically Challenged Candidates

Please note that only some of these criteria may apply to a student.

IIM Fees [2021 Update]

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

Scholarship NameEligibilityAmount
Aditya Birla Group ScholarshipsCandidates are shortlisted by ABG based on merit. Around six students are shortlisted.Rs.175,000 per student per year.
OP Jindal Engineering and Management ScholarshipTwo 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 ScholarshipAwarded by Hindustan Unilever Ltd. to a second-year student based on merit-cum-means criteriaRs.100,000 per year

Only By IIM-A

Scholarship NameEligibilityAmount
Dunia Scholarship for Scholastic ExcellenceDunia 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

Scholarship NameEligibilityAmount
Citi Women’s Leader AwardIIM 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 ScholarshipThis 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 ScholarshipThis scholarship is given to a PGP student based on a combination of academic performance in the 1st year and the student’s financial needINR 100000, a medallion and a certificate.
Yes Bank ScholarshipOpen 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

Scholarship NameSchoolEligibilityAmount
IIM A Special Need-Based ScholarshipsIIM AIf 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 ScholarshipsIIM AOnly 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 StudentsIIM AThe 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 organizationsIIM AStudents who choose to work in NGOsRs. 3- 4 Lakh per year per student to assist paying off their education loans.
Assistance ships for Doctoral studentsIIM ATo 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 AwardIIM BAwarded 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) ScholarshipIIM BThis scholarship is given to a differently-abled female student from PGP.INR 75000, a medallion and a certificate.
Employment in Social Sector ScholarshipIIM BThis 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

Scholarship NameSchoolEligibilityAmount
GOI ST/ SC ScholarshipIIM AAwarded 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* ScholarshipIIM AAwarded 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 disabilitiesIIM AAwarded to meritorious DA/PWD students, whose family income does not exceed Rs.6,00,000 per annumDepends on the annual gross family income
NTPC Scholarship SchemeIIM BStudents 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 BNational 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 BNational 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 BA 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

Scholarship NameSchoolEligibilityAmount
PGP Alumni Endowment FundIIM AFinancial support extended to nine PGP 1 & PGP/FABM II students from economically and socially challenged background, based on their financial status, every yearEach student would be eligible to get an amount in the range of Rs. 200,000 – 300,000.
Peri Viswanath Scholarship (Merit-cum-Means)IIM Athis scholarship aims to extend financial support to one student in the PGP/PGP-FABMThe Amount is Rs.200,000 per year and the scholar will get Rs.400,000 over 2 years
Shri GC Mittal Entrepreneurship AidIIM AFor 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 AwardIIM AAwarded to one PGP first-year student at the end of the first year as a merit scholarship based on academic performance.Rs.15,000

Explore More: How to Get a Scholarship to Study Abroad for Indian Students?