A financial aid or a scholarship can ease the tension of funding an educational program like MBA. Read the following post to know more about the available scholarships for MBA aspirants. The Masters of Business Administration (MBA) is one of the most coveted courses pursued by Indians at the postgraduate level. The study of MBA in India was introduced right after independence. The Government of India realized the importance of management education and thus the Indian Institutes of Management were launched.Initially restricted to specializations like Marketing and Finance, gradually new entrants forayed into the arena. Today students can choose to specialize in domains like MBA in IT, MBA in Retail Management and even MBA in Fashion Management.
Some students are under the impression that pursuing an MBA is a difficult and expensive task. However, these days, students who want to pursue an MBA can avail certain financial benefits.
Availability of Bank Loans
Both nationalized and private banks offer student loan at affordable interest rates to MBA aspirants. This is very convenient for those who have limited economical means to pursue a professional course like MBA.
Keeping Track of Financial Aids
However, Scholarships and Financial Aids are offered by almost all established Business Schools in India. All kinds of organizations are ready of to offer financial aids to all students who meet the scholarships requirements. Those who want to apply for scholarships programs must keep a track of the scholarships that are on offer at the various B-Schools. Spend some time on the Internet and find out about the various scholarships available on obviously along with their eligibility criteria. Remember, there are several scholarships available, some of which are not publicized accordingly.
Get in touch with fellow students and alumni. Networking can help a lot in such circumstances. They can suggest how they ended up financing their MBA education or how can you approach a particular B-School for a scholarship. They are probably the best source to find out about scholarships available both outside and inside a B-School.
A majority of B-Schools offer Financial Aids and Scholarships on the basis of merit. These are normally based on the student’s performance and also on the student’s admission applications.
While applying for a scholarship, as an applicant you should strive to write the best essay or your statement of purpose, score a high percentile in the MBA entrance exam (CAT/XAT or MAT).
Applying Early for Scholarships
Being an early bird in these activities is of much help. Apply as early as possible to your choice of B-School. It lies on the part of the B-Schools to decide upon whom to accept and offer the scholarship. Early applications for scholarships also uphold the idea that a candidate is genuinely interested in availing a scholarship.
MBA applicants seem to go on spending spree especially during the admission procedure. There are CAT/XAT courses and coaching classes, application fees, admission consultancies and a lot more.
The good news for MBA aspirants are that most Indian B-Schools are competing towards acquiring top talents. This acts as a great motivation towards offering more financial aids and scholarships.
Some of the scholarships that management institutes in India offer are explained below:
Faculty of Management Studies
One of the premier B-Schools in India, Faculty of Management Studies offers various scholarships to eligible candidates. Some of the major scholarships that students can avail are:
Nestle India Scholarship: for Two students of first and second year MBA (Full-time). The amount slated is INR 100000 and INR 75000 per year.
Sanwa Bank Foundation Scholarship: This scholarship is available to ten students, five each in first year and five in second year for Full-Time MBA programme. The amount is equivalent to US $ 500 in Indian currency.
The third in line is the GE Scholarship of INR 100000 per annum to MBA students (Full-Time). This scholarship is offered to students based on their performance in first year.
Management Development Institute, Gurgaon
This institute also offers merit based scholarships. There are five merit-based scholarships of INR 10000 each that are offered to the top five students in second year. The Bharti Foundation Scholarship is also awarded on the basis of merit.
Xavier’s Labour Research Institute, Jamshedpur
The oldest B-School in India, students can avail a host of scholarships at XLRI. Some of them include the following:
OP Jindal Scholarship for Engineering and Management; Sir Ratan Tata Trust; T Thomas Scholarship; BhartiWalmart among others. All these scholarships are offered on the basis of merit to deserving students.
Apart from the above-mentioned scholarships, there are several others that students can choose from. It goes without saying that the Indian Institutes of Management have their own set of scholarships and financial aids. The terms and condition for the same are laid down by the respective institutes. Students applying for scholarships at the IIMs should follow the same method as explained above. Other management institutes like the Mudra Institute of Communications, Xavier’s Institute of Management Bhubaneshwar - all offer merit based scholarships.
Offering scholarships do not only help needy students, but the institutes also end up admitting some of the best talents.
image credit: skolkovo
image credit: skolkovo
Author Bio:Sampurna Majumder is a professional writer and studied at Xavier’s Institute of Management Bhubaneshwar. Currently she is writing content for several websites such as Shiksha.Com that cover latest trends related to education in India such as management and engineering and other fields.