Less-Known MBA Scholarships in India: Unlock Your Tuition Support
Pursuing an MBA is a powerful investment in your career, but the financial commitment can feel overwhelming. The good news? India offers a surprisingly wide range of scholarships—from government schemes and corporate grants to alumni endowments and niche fellowships—that can significantly ease the burden.
This guide brings together under-the-radar domestic scholarships for MBA aspirants, plus practical strategies to maximize your chances of securing them. The B-Schools you are applying will have relevant details of scholarships from there stakeholders. It is advisable to check these from their respective websites as well. This list is not all inclusive.
- Government-Backed Scholarships & Grants
Merit-cum-Means (Minority Communities)
Offered by the Ministry of Minority Affairs, this award provides ₹20,000 annually toward course fees, plus ₹1,000/month for hostellers or ₹500/month for day scholars. Eligible candidates must belong to a notified minority community, score at least 50% in Class 12 or graduation, meet a family income cap of ₹2.5 lakh, and secure a strong MBA entrance score.
Post-Graduate Scholarship for SC/ST Students
Administered by the UGC/Ministry of Education, this scholarship gives SC/ST students in their first year of professional studies (including MBA) ₹4,500 per month.
ONGC Foundation Scholarship
Reserved for OBC and other groups, it offers ₹48,000 per year to first-year MBA students. Applicants must be Indian nationals under 30 years old, with at least 60% in Class 12 or graduation, and a family income under ₹2 lakh.
- Corporate & Private Scholarships
Aditya Birla Group Scholarship
For top MBA aspirants at elite institutions (IIM Ahmedabad, Bangalore, Calcutta, Lucknow, Indore, Kozhikode, Shillong, and XLRI), this covers up to ~₹3 lakh over two years for around 20 top-ranked entrance exam performers.
IDFC FIRST Bank MBA Scholarship
A need-based award of ₹1 lakh per year for students in a two-year full-time MBA program with family income under ₹6 lakh.
PNB Housing Finance Protsahan Scholarship
For first-year MBA/PGDM students at BIMTECH, IMT Nagpur, or Indira Institute. Offers ₹2 lakh, with eligibility requiring ≤65% in school/undergrad and family income ≤₹8 lakh.
HUL T. Thomas Scholarship (IIM Ahmedabad)
A merit-cum-means award for deserving second-year students worth ₹1 lakh annually.
OP Jindal Engineering & Management Scholarships (OPJEMS)
Awarded to top management students nationwide—₹1.5 lakh per year. First-year selection is based on entrance exam rank; later years are based on academic performance.
- B-School–Specific & Institute-Based Scholarships
IIM Ahmedabad
- Special Need-Based Scholarships: For families earning under ₹15 lakh; amounts vary.
- SC/ST Merit-cum-Means: For incomes under ₹4.5 lakh.
- Alumni Scholarships, Entrepreneurship Aid, Exit Scholarships, and Non-Profit Stipends: ₹15,000 to several lakhs depending on career path and eligibility.
IIM Bangalore
- Need-Based Financial Aid: Calculated case-by-case based on income and assets.
- Citi Women’s Leader Award: Full second-year tuition for top 25% female students.
- Alumni Batch Sponsorships: ₹75,000 for women with special needs.
IIM Lucknow
- Need-Based Scholarships: For incomes under ₹4 lakh, covering tuition.
- Amrit Kala Dayal Scholarship: ₹75,000 for top female students based on CGPA and need.
- Bharti Scholarship: ₹50,000/year for household incomes under ₹1.08 lakh.
- Government Merit-cum-Means: ₹2,200/year for up to 25% of eligible students.
IIM Kozhikode
- Merit Scholarships: Based on academic performance.
- Support from external trusts: Sir Ratan Tata Trust, HCIL, O.P. Jindal, and others.
IIM Indore
- Need-Based Financial Assistance: For incomes under ₹9 lakh, with personal evaluation.
IRMA (Institute of Rural Management Anand)
- 20 merit-based scholarships worth ₹1.17 crore in total, covering ~50% tuition for PGDM students.
BML Munjal University
- Up to full tuition waivers for high CAT/XAT/GMAT scorers.
ISB Hyderabad
- Waivers from 25% to 100% of tuition based on merit, need, or diversity—no separate application needed.
Amity Business School (Noida)
- 100% waiver for graduation ≥ 80% and Class 12 ≥ 93%, or 50% for slightly lower scores.
ICFAI Business School (Hyderabad, Jaipur, Dehradun)
- ₹20k–₹50k per semester for merit; additional domicile and academic record scholarships up to ₹1 lakh.
- Other Foundations & Charitable Grants
- Foundation for Excellence (FFE): Scholarships for low-income, high-achieving students, including MBAs.
- Nirankari Rajmata Scholarship: ₹50,000/year for meritorious, needy students.
- Sitaram Jindal Scholarship: ₹1,000–₹1,500/month for students in Karnataka and West Bengal; specific minimum graduation scores apply.
- Sahu Jain Trust Scholarship: ₹2,500–₹25,000 for B-school students; applications open July–August.
- Additional Scholarship Categories Worth Exploring
- State-Government Scholarships: Maharashtra’s EBC & OBC, Karnataka’s Post-Matric SC/ST, Delhi’s Pragati (for girls) & Saksham (for specially-abled).
- Alumni-Funded Awards: Many lesser-known B-schools like NMIMS, SP Jain, and Great Lakes have endowment funds.
- Sector-Specific Grants: FMCG, IT/Tech, and healthcare management scholarships.
- Minority/Underrepresented Group Schemes: State minority boards, tribal development departments, and NGO-run trusts.
- Women’s Leadership Scholarships: Outside the IIMs, some B-schools and corporates offer “Women in Business” awards.
- CSR-Funded Scholarships: L&T, Mahindra, Aditya Birla, and others run education-focused CSR grants.
- Meta-Tips for Finding & Winning Scholarships
- Start Early & Track Deadlines: Keep a spreadsheet with names, deadlines, documents, links, and essay prompts.
- Use Aggregator Platforms: Buddy4Study, Shiksha, and Vidyasaarathi list state and institutional awards.
- Craft a Strong “Need” Narrative: Be personal and specific; quantify your challenges.
- Showcase Leadership: Highlight measurable impact in academics, work, or social projects.
- Tailor Your Application: Align essays and recommendations with the scholarship’s mission.
- Network with Current Awardees: They can share tips and nuances not listed online.
- Monitor CSR Announcements: Many open between April–June.
- Look for Early Commitment Awards: Some schools waive deposits or fees for exceptional early applicants.
Final Word
An MBA doesn’t have to be financially out of reach. By casting a wide net—government aid, corporate sponsorships, institute-based awards, and philanthropic grants—you can stitch together substantial support. Pair this with proactive search strategies, and you’ll not only reduce your tuition burden but also enter your MBA with greater confidence and financial freedom.