As most of the students these days are aware, funding the Master of Business Administration course is a costly affair. However, there are different categories under which students can
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As most of the students these days are aware, funding the Master of Business Administration course is a costly affair. However, there are different categories under which students can fund their course. Some of the ways in which finances can be managed include educational loans from banks and other financial institutions and university scholarships. However, all these finances cannot be obtained all of a sudden and being an MBA aspirant, you will have to do some homework in this regard and it is important that you will have to meticulously plan your finances.
Getting costlier every year:
The MBA programme in India is getting costlier year after year. For instance, an average cost of Rs.2-3 lakhs a few years ago, has now reached a stage of Rs.5-6 lakhs and even when you choose top-ranked B-schools the cost may go up to Rs.10 lakhs too. So, to make sure that the deserving candidates can get the right opportunity, a few institutions and trusts offer financial support in the form of merit-cum-need based scholarships, complete fee waivers and topper discounts. In addition to educational loan, if you need more finances, you can opt for these options as well. There are B-Schools in India that provide complete or partial waiver to selected candidates through different financial aids and scholarships.
Institutes offering financial assistance in India:
- Welingkar Institute of Management Development & Research, Mumbai
- Tata Institute of Social Sciences, Mumbai
- SRM School of Management
- NMIMS School of Business Management
- National Institute of Industrial Engineering, Mumbai
- Management Development Institute, Gurgaon
- Indian School of Business, Hyderabad
- Institute of Rural Management, Anand
- IIM, Lucknow, Ahmedabad and Bangalore
- Indus Business Academy
- Amity Business School
These are few schools that offer financial assistance in the form of scholarship and financial aids to MBA aspirants. Most of the institutions take the marks of candidates in the qualifying examination for financial aid during the first year of the MBA course, while the merit secured during the first year of the course is considered for financial aid or scholarship for the second year of the programme.
Here are the details about some of the scholarships offered by B-schools in India:
100 percent scholarship: Candidates obtaining at least 93 percent aggregate marks in Class 12 and 80 percent of mark in the graduation level are eligible for 100 percent scholarship in some B-schools.
50 percent scholarship: Students, who have secured 88% marks in class 12 and 75% at the graduation level, are eligible for 50% of scholarship for funding their MBA course in some B-schools in India.
Merit-cum-means scholarship: Under this scheme, five toppers will be awarded scholarship to the tune of Rs.10, 000 for each one of them.
Corporate scholarship: Under this scheme, two meritorious students will get a financial aid to the tune of Rs.10, 000 each.
Scholarship of Rs.30, 000: Under this scheme, students who have secured more than 80% of marks at their class X, XII and graduation level are eligible for financial aid.
Entrance test based scholarship: Of course, this is based on the merit secured by the MBA entrance test if and only if the applicant has secured more than 60% of marks in higher secondary and graduation courses.