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Top 20 Indian scholarships to fund your MBA

Want to explore options beyond an education loan to fund your MBA? Here's a list of the top 20 scholarships that will help your education.

With MBA programmes getting more expensive each year, students look for more ways to get funding for their studies.

From an average of 2-3 lakhs a few years ago, the cost has shot up to an average of 5-6 lakhs and in good schools the cost is over 10 lakhs at least for a two-year programme.

So to ensure that deserving students are not left out due to high fees quite a few institutes and trusts offer support through merit-cum-need scholarships, bursaries, topper discounts and complete fee waivers.

Here is a compilation of scholarships offered by select B-schools in the country.

1. Amity Business School

100 percent Scholarship: Candidates who obtain minimum 93 percent aggregate marks (excluding Physical Education, Fine Arts & Performing Arts) in Class 12 of CBSE/ICSE Board and 80 percent marks in graduation are eligible.

50 percent Scholarship: For students who secure 88 percent marks in aggregate and above in Class 12 of CBSE/ICSE and 75 percent marks in their graduation.

2. Indus Business Academy, Bangalore

Merit-cum-means scholarships: Five students are awarded a scholarship of Rs. 10,000 each.

Corporate scholarships: Two meritorious students are awarded a scholarship of Rs. 10,000 each.

Scholarship of Rs 30,000: Students who have secured 80 percent aggregate marks in their class 10, class 12 and graduation are eligible.

Entrance test based scholarships: Students with 60 percent aggregate marks in their class 10, class 12 and graduation and the following percentile in entrance tests:

Rs 40,000: 90 percentile or above in CAT 2011/XAT 2012 OR 99 percentile or above in MAT (Sept 2011, Dec 2011, Feb, 2012, May, 2012)/ATMA 2012/CMAT 2012/State Govt. Tests 2012

Rs 30,000: 80 percentile or above in CAT 2011/XAT 2012 or 96 percentile or above MAT (Sept 2011, Dec 2011, Feb, 2012, May, 2012)/ ATMA 2012/CMAT 2012/State Govt. Tests 2012

In case a student is eligible for both the above mentioned criteria, they can choose the best option.

3. Indian Institute of Management Ahmedabad

Need-based scholarships are on offer for economically weak students who wish to pursue the PGP and PGP-ABM from the institute.

The scholarship amount is decided on the basis of annual gross family income and some more factors. Apart from income-linked tuition fee waiver scholarships, the institute also offers the following schemes:

Family Income Linked Tuition Fee Waiver Scheme: Students who wish to pursue PGP and PGP-ABM and whose total family income does not exceed Rs. 6 lakh in the last financial year are eligible for the fee waiver scheme.

IIMA Special Scholarships (need-based): Students who wish to pursue the postgraduate programmes and whose gross annual family incomes did not exceed Rs. 200,000 during the last financial year are eligible to apply for scholarships up to full tuition fee under the IIMA Special Scholarship Scheme (ISSS). Family income is taken to mean the income of parents/guardians and spouse. It does not include income earned by the student or the student's siblings.

Industry Scholarships (need-based): Students who are ineligible to apply for the IIMA special scholarships can apply.

SC/ST Scholarships: All SC/ST students in the postgraduate programmes are awarded Rs. 150 per month for 10 months.

GOI Merit-cum-Means Scholarships: These scholarships are given both in the first and second year, awarded to a maximum of 25 percent of students (of the non-sponsored student body) each year. Each scholarship is worth Rs. 2,200 per annum.

Aditya Birla Group Scholarships: Selection for eligible candidates for these scholarships (about three each to PGP I and II) is entirely done by the ABG and is based on merit. The scholarship amount is about Rs.1.25 lakh per student p.a.

OP Jindal Engineering and Management Scholars: These scholarships (one each to PGP I and PGP II) are awarded by OP Jindal Group to candidates with strong academic background. The final selection is done through an on-line test and a personal interview.

Ocwen Scholarship for Competence in Academics: The scholarship is instituted by Ocwen Financial Solutions Pvt. Ltd. It is given to one first year student. The final selection is done through a research paper and PI.

ONGC SC/ST Merit-cum-Means Scholarships: These scholarships are awarded to selected SC/ST candidates yearly.

Other Scholarships: Awarded by various State governments to students from those states.

Source: www.iimahd.ernet.in/users

4. Indian Institute of Management, Bangalore

Aditya Birla Scholarship: This is a merit-based scholarship given for PGP students of both the first and second years. The students who are granted the scholarship during the first year are eligible to apply for renewal of the scholarship in the second year provided they belong to top 25 percent of the batch in the first year. The scholarship amount is Rs.1.75 lakh per student.

Uday Nayak Scholarship: This merit-cum-means scholarship is instituted in the memory of Uday Nayak, a PGP student. The scholarship of Rs. 10,000 is given to a second-year student.

T Thomas Scholarship: This merit-cum-means scholarship of Rs. 1 lakh is given by Hindustan Unilever Limited to one PGP second-year student. The selection is based on criteria like leadership, academic performance and business thinking.

OPJEMS Scholarship: Merit-based scholarship of Rs.1.25 lakhs is given by the OP Jindal Group to one student of each academic year.

Rajesh Kaushik Memorial Scholarship: Merit-cum-means scholarship of Rs. 1.5 lakhs given per year.

Ocwen Financial Solutions Private Limited: Ocwen Scholarship for Competence in Academics and Research (OSCAR) is awarded to one student. The scholarship amount is Rs. 1.80 lakhs. The award is based on a research paper submitted by the students.

Cognizant Technology Solutions - B'izard Scholar: The B'izard scholarship is awarded to students of exceptional academic and leadership achievements and scholarly promise who are committed to serving their communities and for whom further study in Management would be particularly appropriate. The scholarship amount is Rs. 3 lakhs for the winner, Rs. 2 lakhs for first runner-up and Rs. 1 lakh for second runner-up.

Societe Generale Global Solution Centre India Scholarship: Candidates are selected from the most needy applicants in the first year. Nomination is done by the Institute and the students are selected on the basis of their need and subsequent interviews conducted by Societe Generale. It includes full tuition fees waiver.

5. Indian Institute of Management Lucknow

Need-Based IIML Scholarships: IIM Lucknow awards scholarships for up to 15 percent of the student intake based on merit and family income. Any student, including those belonging to the reserved category, whose total annual family income does not exceed Rs. 150,000 is eligible for consideration.

Industry Sponsored Scholarships: Several industry sponsored scholarships are awarded at the end of each academic year based on merit. The value of these scholarships presently ranges from Rs. 6, 000 to Rs. 100, 000 per annum. The benefactors are: Hindustan Lever Ltd., Reckitt Benchiser, Aditya Birla , Ratan Tata, Citibank, EXIM Bank, Hughes Software Systems, Nestle India Ltd., Central Bank of India, Apeejay Trust and Bharti Foundation.

Merit-cum-Means Scholarships: These scholarships of Rs. 2200 per annum are available to a maximum of 25 percent of the students subject to specified norms.

Bharti Scholarship: An amount of Rs 50,000 p.a. is given to meritorious and needy students (annual income not exceeding Rs 1.08 lakhs). The scholarship continues for both years of the PGP.

SC/ST Scholarships: The Government of India SC/ST Scholarships of Rs. 1500 per annum are available to all SC/ST students admitted to the programme.

Candidates are also eligible for scholarships, from their respective State governments, covering the non-refundable components of the fees and maintenance charges, bsed on family income.

6. Institute of Productivity & Management

The institute offers 30 percent scholarship to students who secured First Division throughout their career.

And 30 percent scholarship to international-level sports persons.

7. Institute of Rural Management, Anand

Merit-based scholarships from Sir Ratan Tata: Five scholarships that cover a part of the fees during the second year, subject to a ceiling of Rs. 50,000 per year to 2nd year students on a year-to-year basis.

Scholarships for SC/ST candidates: More than 15 scholarships that cover entire costs of education of SC/ST candidates are available by the Ministry of Social Justice and Empowerment.

10 GOI scholarships to IRMA for SC/ST students (www.socialjustice.nic.in).

5 scholarships from the Ministry of Tribal Affairs, Government of India to IRMA for ST candidates (www.tribal.nic.in).

National Dairy Development Board scholarships to SC/ST candidates.

8. Instt. for Financial Management & Research, Chennai

Merit-cum-means assistance: Awarded to a few commendable candidates. The scholarship amount ranges from Rs 100,000 to full waiver of tuition fees.

T Thomas Scholarship: The Institute is also nominated by Hindustan Unilever Limited (HUL) to receive award of Rs 100,000 to the best outgoing student of PGDM.

9. Indian School of Business, Hyderabad

This year, the ISB will award scholarships of either INR 500,000 or INR 1,000,000 to 110 deserving candidates.

ISB awards both need and merit based scholarships, every year, in the form of fee remission, to outstanding candidates. They scholarships vary in amounts and include some full scholarships.

The ISB also partners with several corporates to provide scholarships during the course of the academic year. Citibank, HSBC and Novartis Group offer scholarships up to INR 600,000.

Below is a summary of the company and external scholarships that are available to students.

Citigroup offers merit based scholarships worth USD12,500 to 4-6 students

Novartis offers scholarship of Rs 400,000 to 3 students on merit and need basis

Nurture India offers a need based scholarship of Rs 400,000.

Manhattan Review scholarships of Rs 100,000 to 5 students.

Jamboree India-Talent Promotion Award offers Rs 100,000 upto 5 students on need and merit basis.

ISB@10 Global Scholarship: Ten scholarships will be offered to applicants from ten different international geographic areas. The scholarship amount ranges from INR 300,000 to INR 1,500,000 depending on the merit of the application. Specific scholarships are also there for North America, Latin America, Western Europe, Eastern Europe, China, South East Asia, Far East Asia, Australia, SAARC countries and Africa.

10. Jaipuria Institute of Management, Lucknow

The institute awards scholarships based on a student's performance in CAT/MAT/XAT and in the selection process comprising group discussions and personal interview for first year.

In the second year, scholarships would be available to the first three rank holders.

11. Lovely Professional University, Phagwara

The institute awards scholarships based on the candidate's performance in sports, cultural, co-curricular and national bravery awards.

Financial aid is also granted on the basis of LPU-TFA (LPU-Test for Financial Aid).

Several scholarships are awarded based on the candidate's performance in entrance test. The details are as follows:

CAT/XAT percentile of 90 or above or MAT percentile of 95 or above: A scholarship of Rs. 50,000 per Semester. (Scholarship equivalent to student scoring equal to more than 90 percent)

CAT/XAT percentile of 80 to 89.99 or MAT percentile of 90 to 94.99: A scholarship of Rs 40,000 per Semester. (Scholarship equivalent to student scoring 80 to 89.99 percent)

CAT/XAT ]ercentile of 70 to 79.99 or MAT Percentile of 80 to 89.99: A scholarship of Rs 30,000 per Semester. (Scholarship equivalent to student scoring 70 to 79.99 percent)

12. Management Development Institute, Gurgaon

Merit scholarships to five students of Rs 10,000 each at the end of second year. In addition to this, Bharti Foundation Scholarship is also awarded on the basis of merit.MDI students are also eligible to apply for O.P. Jindal Scholarship.

International scholarships, France: Eiffel scholarships are available for students going for dual degree programme.

Germany: DAAD Scholarship. Besides, students get scholarships/funding support from Copenhagen Business School, Denmark, European Business School, Oestrich-Winkel, and Bergische Universitat Wuppertal, Wuppertal, Germany.

13. National Institute of Industrial Engineering, Mumbai

Need-based concession in the tuition fee to the extent of 30 percent for those students whose family income is less than Rs. 150,000 (for PGDIM/PGDISEM/PGDITM students)

SC/ST students are granted financial assistance as per the scheme of Govt. of India, (applicable to all eligible PG students).

14. NMIMS School of Business Management

The institute awards need-based scholarship to the students of Social Entrepreneurship Programmes.

Need-based scholarships are offered by Shroff Family Charitable Trust.

15. SRM School of Management

SRM Founder's Scholarships: It is the most prestigious scholarship with full fee waiver of tuition, hostel, mess, plus stipend Rs 1,000/- per month. It is offered to top state rankers in school final, SRMEE and exemplary sports persons at national and international level

Merit Scholarship: Students who have secured above 95% in CBSE or in State board examinations and also ranked amongst the top 8000 in SRMEEE are eligible to apply for this scholarship having a value of up to 50 percent of tuition fee waiver in the branch they are eligible for at the time of counselling. The quantum and number would vary from time-to-time.

Merit-Cum-Means Scholarship: Full scholarships, 25 percent to 100 percent tuition fee waivers, are offered to students with financial difficulties, based on their performance in the qualifying examination.

Scholarship for minority community: Full scholarships, 25 percent to 100 percent tuition fee waivers, are offered to students of minority communities based on the performance of students in the qualifying examination.

Scholarship for physically-challenged/differently-abled: Scholarship with full tuition fee waiver is offered to select students who are physically-challenged/differently-abled.

Scholarship for Special Merits: Scholarships with tuition fee waivers up to 100 percent, are offered to select students possessing exemplary skills in literary debating, fine arts and others.

16. SSN School of Management & Computer Applications, Kalavakkam

The institute awards over 400 scholarships every year to meritorious and deserving students.

Merit Scholarship: Scholarships are awarded to students based on the academic performance in the qualifying examination for freshers. For senior students, the scholarship is awarded based on his/her performance during the previous year.

Merit-cum-Means Scholarship: Students are awarded these scholarships based on their academic performance. Demonstrated economic need is an added benefit to avail of the scholarship.

Wavier of Tuition Fees: First year students of the College who secure the highest marks in the 10+2 examinations have their full tuition fees waived for the first academic year. Senior students are offered scholarships on the basis of their performance in the previous year.

Sports Scholarship: Students who have represented the State at national level competitions conducted by accredited Sports Boards are eligible.

17. Skyline Business School

The institute offers merit-based scholarships for MBA admissions.

A candidate is eligible to apply for any one of the following scholarship:

Excellent performance in GD/PI: A scholarship of up to Rs 20,000 is awarded.

First class in graduation (60 percent and above): A scholarship of up to Rs 20,000 is awarded.

75 percentile or above in CAT/MAT/ATMA/XAT: A scholarship of up to Rs 20,000 is awarded.

Work experience in 'A' grade organisation: A scholarship of up to Rs. 20,000 is awarded.

50 percent of scholarship's amount will be adjusted on last fee installment payable during first year.

The scholarships will be continued in second year provided the student clears all first year examinations and maintains minimum 80 percent attendance.

18. TA Pai Management Institute, Manipal

The institute offers a scholarship of Rs 1 lakh to three students in the first year and three in the second year.

Candidates joining PGDM after securing 99 percentile or above in CAT would be eligible for special scholarships. Industry-sponsored scholarships are also available.

A few scholarships, which cover part of the tuition fee, awarded on the basis of merit are available for self-sponsored candidates in the eGPX programme.

19. Tata Institute of Social Sciences, Mumbai

MK Tata Trust Scholarship: Rs. 90,000 per annum for students in Social Work, HRM&LR, Master of Health Administration, and Master of Hospital Administration on a need-cum-merit basis.

Sorab Framroze Manekshaw Scholarship: For an economically poor student of the BA/MA/MPhil/PhD programmes of the institute.

Twenty Free Studentships: They are available for deserving students who come from poor financial circumstances. The studentships are awarded to the first year students at the time of admission and are tenable for one year. Students desiring the renewal of the studentship for the second year should submit a fresh application at the end of the academic year.

20. Welingkar Institute of Management Development & Research, Mumbai

Welingkar rewards the topper in selection process with a 100 percent tuition waiver.

The second ranker receives a free laptop. The third ranker has foreign internship sponsored.