Opting for a top MBA course ranks high on the list of most important investments students can make. Getting an MBA enables them to occupy the driver’s seat in organizations or become entrepreneurs comfortably. However, one must bear in mind that an MBA does not come cheap. The total cost for studying an MBA in India is upwards of ₹10-50 lakhs. Besides, the cost for a program overseas is even higher. Given this, it can be imagined how tough it could be for students to afford an MBA. This is where scholarships come to the rescue. This guide on MBA Scholarships for Indian Students and International MBA scholarships for Indians will help you decide the prospective chances of monetary help available through different resources.
The world over is connected, and different people work towards their interests, which include financing education. Whether you’re aiming for an MBA in India or eyeing top global B-schools, this guide will be your go-to resource for securing a scholarship. Yes, it’ll take some effort — but we’ve mapped it all out clearly. From MBA scholarship eligibility criteria, fully funded MBA scholarships, and types of scholarships to application tips and a list of top MBA colleges that offer financial aid, this guide covers everything you need to move forward with confidence.
Why Consider MBA Scholarships?
An MBA is not simply a diploma to obtain, but also a projection for oneself later in life. However, the invoice can come in hard. Scholarships diminish and in some instances, remove all monetary bounds, thereby granting you an opportunity of a lifetime in the best universities abroad without touching your budgets or borrowing huge amounts of money. Need-based MBA scholarships in India and Government scholarships for MBA students have always helped the eligible candidates to pursue their dreams.
Types of MBA Scholarships for Indian Students
Before applying, it’s essential to know the different types of MBA scholarships available:
- Merit-Based Scholarships – Based on academic or professional achievements.
- Need-Based Scholarships – Awarded to students from financially weaker backgrounds.
- Diversity Scholarships – Offered to promote gender, region, or community inclusion.
- Fully Funded Scholarships – Covers tuition, living expenses, travel, etc.
- Partial Scholarships – Helps with a portion of tuition or other costs.
MBA Scholarship Programs in India
India has a growing number of scholarships offered by B-schools, companies, and trusts. Here are some prominent ones:
1. Aditya Birla Scholarship
- This grant is available for students of prestigious IIMs and XLRI.
- This amount is around Rs. 1.75 lakhs per annum.
- The merit for this scholarship hinges on academic merit and first-year potential.
2. OP Jindal Engineering and Management Scholarship (OPJEMS)
- These scholarships are for students of Certain IIMs, XLRI, and other management institutes.
- The scholarship offered is Rs 1.5 lakhs.
- The leaders of the eligible students are required to undertake a test to determine their ability to lead, as well as be assessed on their academic ability.
3. Tata Trusts Scholarships
- These scholarships are specifically meant for students from underprivileged backgrounds. The two key factors that usually determine eligibility are the student’s academic merit and financial need.
4. IIM Scholarships (Need-Based)
- Aimed IIMs of Ahmedabad, Bangalore, Calcutta, and Lucknow award their students with internal scholarships on the grounds of the students having low family incomes.
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Fully funded Scholarships for Indian students abroad
Thinking about an MBA at top schools like Harvard, Stanford, or Oxford but feeling overwhelmed by the costs? You’re not alone. An international MBA can be pricey, sometimes crossing ₹70–80 lakhs, but the good news is that there are scholarships designed specifically for Indian students that can take care of almost everything: tuition, living expenses, even travel.
Here are some of the most generous, fully funded MBA scholarships available to Indian students dreaming big:
1. Stanford Reliance Dhirubhai Fellowship
- This kind of fellowship opportunity is excellent for an Indian student who looks forward to studying a degree at Stanford’s Graduate School of Business.
- What’s the catch? You’ll need to return to India for at least two years after graduating. They intend that the knowledge you acquired from college will bring you home and develop the country. Though the process is highly competitive, the result is worth it.
2. INSEAD Deepak and Sunita Gupta Endowed Scholarship.
- If one is to undertake a course at INSEAD, then the scholarship, as applicable, can be of considerable financial help. This scholarship is for Indian nationals and the figure is not greater than € 25,000.
- Selections are made based on academic excellence and financial need, so if you have a strong academic record but are also not in a position to pay the full fee, you might have a chance to clinch it.
3. The Oxford – Pershing Square Scholarship
- Are you considering having an Oxford 1+1 MBA? This is when the Pershing Square Scholarship might be profitable.
- The scholarship covers full tuition and living expenses for the entire two-year master’s program. Applicants are evaluated based on their academic excellence, leadership potential, and commitment to creating social impact.
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Top Scholarships That Help Reduce the Cost of an MBA Abroad
Not all scholarships are fully funded, but many still cover a significant chunk of expenses, making studying abroad more accessible for Indian students. Here are a few big ones worth looking into:
1. Chevening Scholarship (UK)
Sponsored by the UK government, the Chevening Scholarship is to empower future leaders from around the world.
It offers full tuition, airfare, and a monthly stipend. The application process is selective; they look for individuals with strong leadership qualities, excellent academics, and at least two years of work experience.
2. Fulbright-Nehru Master’s Fellowship (USA)
This one’s funded by the US-India Educational Foundation (USIEF) and is designed specifically for Indian students pursuing a master’s degree in the U.S., including MBAs.
It covers tuition fees, travel costs, and living expenses, making it a true game-changer for students who want to study at top U.S. universities. Strong academics and professional experience are must-haves for this fellowship.
3. Erasmus Mundus Scholarships (Europe)
Looking at an MBA in Europe? The Erasmus Mundus Joint Masters program offers scholarships for select joint MBA/management programs across multiple European countries.
The scholarship covers tuition, travel, health insurance, and even a monthly living allowance, giving you a smooth and worry-free study experience abroad.
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International MBA Scholarships Just for Indian Students
A number of top business schools around the world go a step further by offering scholarships exclusively for Indian students, or at least giving them strong consideration.
Harvard Business School – Boustany MBA Scholarship
This prestigious scholarship covers up to 75% of tuition fees at HBS. It also includes support for travel and accommodation during a two-month internship with the Boustany Foundation. Open to candidates from India and other global regions, but incredibly competitive.
London Business School – Laidlaw Women’s Leadership Fund
If you’re an Indian woman aspiring to become a business leader, LBS offers a dedicated scholarship to support your journey. The Laidlaw Fund supports women from emerging markets and covers a substantial part of tuition costs.
Wharton Emerging Economy Fellowship
This one’s for students from developing nations, including India, and is awarded based on financial need and potential for impact. It can cover a big portion of your tuition if you meet the criteria.
How to Improve Your Chances of Winning an MBA Scholarship
Securing a scholarship isn’t just about filling out forms — it’s about having a clear, smart approach. Here’s how you can improve your chances:
Start Early
Most scholarships have deadlines that are months before the MBA intake. Start researching at least a year in advance to avail.
Crack the Entrance Exams
Whether it’s the GMAT, GRE, or CAT (for Indian B-schools), aim for a strong score. Many scholarships use these as a benchmark.
Craft a Compelling SOP (Statement of Purpose)
Your SOP is your chance to tell your story, your goals, your journey so far, and why you deserve the scholarship. Make it personal, focused, and future-oriented.
Highlight Leadership and Impact
Have you led teams? Managed projects? Volunteered or started something impactful? These experiences add weight to your application.
Strong Recommendations Matter
Pick people who truly know your journey — mentors, teachers, or colleagues who’ve worked closely with you. A genuine, specific recommendation from someone who’s seen your growth carries far more weight than a generic note from a well-known name.
Basic Eligibility Criteria for MBA Scholarships
Each scholarship has its own set of rules, but most look for these common elements:
- Good Academic Record – Your grades matter, especially in your undergraduate years.
- High Test Scores – Competitive GMAT/GRE/CAT scores often act as a gateway.
- Work Experience – For international programs, 2–5 years of professional experience is usually expected.
- Leadership Potential – Whether in college, work, or community, show you’ve made an impact.
- Financial Need – Especially for need-based scholarships and government-funded programs.
Top Indian MBA Colleges That Offer Scholarships
You don’t need to go abroad to find great MBA scholarships. Many top Indian B-schools offer generous aid to deserving students:
| College | Type of Scholarship | What It Covers |
| IIM Ahmedabad | Merit-based and Need-based | Partial to full fee waiver |
| ISB Hyderabad | Need and Merit-Based Waivers | Up to 100% tuition support |
| XLRI Jamshedpur | Aditya Birla, OPJEMS, internal awards | Full or partial tuition |
| SPJIMR Mumbai | Merit + Means Scholarships | Partial tuition |
| IIM Calcutta | Internal aid programs | Tuition + possible stipend |
Need-Based MBA Scholarships in India
If you come from a low-income background, don’t let finances stop you. There are many scholarships focused entirely on financial need.
- ISB Need-Based Waivers – Offered after admission to students who demonstrate an inability to pay full fees.
- IIM Need-Based Scholarships – Available at most IIMs for families with incomes below ₹6–8 lakhs per annum.
- BITS Pilani Scholarships – Combine merit and need for students from economically weaker sections.
Government Scholarships for MBA Students in India
The Indian government also provides multiple schemes to make higher education accessible:
1. National Scholarship Portal (NSP)
A one-stop platform for central and state government scholarships. MBA students from SC/ST/OBC/Minority backgrounds can find several relevant schemes here.
2. State-Level Scholarships
States like Maharashtra, Tamil Nadu, UP, and others have their own scholarships for MBA aspirants, typically based on domicile and family income.
Conclusion
An MBA might seem like a financial mountain to climb, but scholarships make the journey not just easier, but entirely possible. Whether you want to study in India or go global, there are plenty of opportunities waiting for students who are willing to prepare, apply, and believe in themselves.
The key is to start early, do research, and be honest in your application. With determination and the right guidance, you can get the funding you need and earn the degree that could change your life
