How to Apply for an MBA Scholarship in India and Abroad?

Pursuing an MBA can be a significant step for students seeking to launch their professional careers. However, with the rise of education costs, this seems to be a challenging task, especially for students who cannot afford it. But the good news is that scholarships are available to pursue an MBA.

Different scholarships provide financial assistance to students to help them achieve their academic goals. But due to a lack of proper guidance, students are unable to get access to these financial supports. In this blog, we will discover what are the different types of scholarships available for students along with the eligibility criteria for the same. Additionally, we will also discuss how to apply for scholarships.

Are Scholarships Important?

• Yes, scholarships are a great financial aid for students with high academic dreams.
• They play a vital role in providing access to higher education to all students, irrespective of their economic background.
• These scholarships bridge the gap between the students and their academic goals by providing incredible financial assistance.
• The best part is unlike education loans, scholarships are not required to be repaid.
• Many students who dream of a career in the management field in India or abroad consider an MBA to be a crucial degree, but cannot pursue it due to financial constraints.
• This is when MBA scholarships step in to ease the financial burden. Students can avail these scholarships to fulfil their dreams of pursuing an MBA.
• Scholarships cover expenses of higher education such as tuition fees, living expenses, and other miscellaneous expenses such as lab fees, stationery, etc.

What are the Types of Scholarships Available?

Different types of scholarships are available for students. The most common types of scholarships are discussed below.

1. Scholarships Based on Merit

• These scholarships are awarded to students based on their outstanding performance in academics, leadership skills, and other exceptional achievements.
• Merit-based scholarships encourage deserving students with top talent and high performance. Some merit-based scholarships are fully funded, while others are funded partially. 
• Many government organisations, Private institutes, and non-profit organisations also fund these merit-based scholarships to pursue an MBA. For international students, some top MBA colleges also offer these scholarships.
• To be eligible for a scholarship, it is important to demonstrate high academic grades along with a good score in GMAT, CAT, XAT, etc.

2. Scholarships Based on Need

• These scholarships are awarded to students who need financial support.
• These scholarships are designed to make education accessible to all students, irrespective of their background.
• Many government bodies, private organizations, and other top universities offer these scholarships in India and abroad.
• Need-based scholarships offer fully funded and partially funded scholarships.
• To be eligible for this scholarship, students are required to demonstrate financial issues and meet the relevant eligibility criteria set by the scholarship provider.

3. Diversity Scholarships

• These scholarships are aimed at making education accessible to the underrepresented communities.
• Students who are women, minorities, those who belong to the LGBTQ community, and other marginalised communities fall into this category.
• Like other scholarships, many government organisations, private entities, and other top MBA universities offer these scholarships.
• To meet the eligibility students have to provide strong proof of ethnicity, gender, community, etc., as required by the scholarship provider.

4. Scholarships for International Students 

• Oftentimes, students prefer studying abroad in top universities for better career opportunities.
• International scholarships are made to provide scholarships for these students.
• These scholarships encourage global talent and promote cultural exchange.
• Many international universities, government bodies, and other private institutes sponsor these scholarships.
• The eligibility criteria for these scholarships are, they have to be an international student and have to score in language proficiency tests such as TOEFL and IELTS.

Top MBA Scholarships in INDIA

Below are the top scholarships in India to pursue an MBA.

1. Scholarship: Aditya Birla Scholarships
   Discipline: MBA
   Scholarship Type: Merit-Based
   Funding Type: Partial Funding
   Eligibility: Indian citizens, academic performance, application, essays, and interview.
   Scholarship can be taken at: IIMS across India
   Application: Click here to Apply
   
   
2. Scholarship: Post Matric Scholarship
   Discipline: All courses
   Scholarship Type: Need-based/ Underrepresented category
   Funding Type: Partial Funding
   Eligibility: Indian citizens
   Scholarship can be taken at:  IIMS across northern states
   Application: Scholarship Application Portal

Scholarships for MBA Abroad

1. Scholarship: Forte Fellowships(women) at Imperial College Business School
   Discipline: MBA
   Scholarship Type: Merit-Based
   Funding Type: Partial Funding
   Eligibility: Indian citizens, academic performance, application, essays, and interview.
   Scholarship can be taken at: Imperial College Business School (London)
   Application: Click here to Apply
   
   
2. Scholarship: Nehru Study Abroad Scholarship
   Discipline: MBA/ Any Discipline
   Scholarship Type: Merit-Based/ International scholarship
   Funding Type: Partial Funding
   Eligibility: Open to Indian Nationals, academic performance, application, essays, and interview.
   Scholarship can be taken at: Any University across the globe
   Application: Click here to apply

Read: Which Country is Best to study MBA abroad?

Government Scholarships for MBA

1. Scholarship: Central Sector Scheme of Scholarship for college and university students(CSSS)
   Discipline: MBA/ Any PG Discipline
   Scholarship offered by: Ministry of Education, India.
   Funding Type: Partial Funding
   Eligibility: Top Ranks in undergraduate studies
   Scholarship can be taken at: PG colleges, India.
   
   
2. Scholarship: Merit Cum Means scholarship for minority communities
   Discipline: MBA/ Any PG Discipline
   Scholarship offered by: Ministry of Education, India.
   Funding Type: Partial Funding
   Eligibility: 50% marks in the last exam, minority groups
   Scholarship can be taken at: PG colleges, India.

What is the Eligibility for MBA Scholarships?

The eligibility criteria for MBA scholarships vary based on the scholarship provider and, type of scholarship. However, the basic eligibility criteria include...

• Citizenship: The citizenship status as mentioned in the scholarship.
• Academic performance: A good academic background for merit-based scholarships.
• Bachelor's Degree: Since the student is applying for an MBA, a bachelor's degree is important to be eligible for the scholarship.
• Test score: Some scholarships require a good score in entrance tests such as CAT, XAT, and GMAT.
• Income Proof: For scholarships that are provided on a need basis, students have to submit financial proof, such as family income, to be eligible for the scholarship.

WeMakeScholars has a detailed and comprehensive database of all the possible scholarships from the top providers across the world. This data has all the courses that students from all the countries dream of attending. This makes WeMakeScholars a one-stop solution for all scholarships.

However, scholarships are highly competitive because of their easy access. Students should have alternate options for a successful academic journey. If students are unsure of getting scholarships, education loans serve as a backup option for students for a seamless education experience. 

How to Apply for Bachelor's Scholarships Through WeMakeScholars

Below steps are followed to apply for an MBA scholarship.

• Step 1: Visit the WeMakeScholars Scholarship Portal.
• Step 2: Select the categories that you are interested in from the filter that appears on the left-hand side.
• Step 3: All the listed scholarships will appear based on the categorise that you select. Choose the scholarships that meet your academic interests.
• Step 4: Click on eligibility to check the eligibility requirements for that particular scholarship and proceed further.
• Step 5: After you meet all the eligibility requirements, select Click Now to Apply for the scholarship.
• Step 6: You will be directed to the official website of the scholarship provider. Click and register for the scholarships, after which you will get an official email confirming your status.

Conclusion

Scholarships are an irreplaceable source of financial aid for students with great academic aspirations. They offer great financial assistance for economically disadvantaged students.

In this blog, we have explored different types of scholarships along with the scholarships available for MBA students and their eligibility. We have also covered how to apply for scholarships through the WemakeScholars Portal.