Scholarships for International MBA Programs
Are you looking to pursue an MBA program but stuck in financial chaos despite having extraordinary academic achievements? In that case, you do not have to worry about this because top management colleges worldwide offer several opportunities to get MBA scholarships. Each offers various benefits, including waiving full or partial tuition fees and funding travel expenses to a dream foreign country.
This blog has discussed the different types of MBA scholarships, including their benefits, eligibility criteria, application process, and more.
Importance of MBA Scholarships
Scholarships are the kind of financial aid that helps students afford their education without worrying about their study expenses. Colleges, private establishments, and the government usually provide it. Pursuing MBA abroad countries comes with a high cost of affordability, in terms of tuition fees and living expenses, which most students cannot bear due to weak financial backgrounds. If we compare the cost of study in top business schools in India and abroad countries, we would find that it is nearly two times higher in foreign institutes than in Indian counterparts.
Scholarships are provided on merit and financial basis. However, in some countries like France, Germany and Switzerland, public colleges’ tuition fees are slightly lower than private institutes.
MBA Fees in Different Countries: A Comparison
MBA fees in foreign countries vary significantly depending on the institute and the region in which institutes are located. We have tabulated below the average MBA fees per year, which usually these foreign countries charge. The purpose is to understand the significance of MBA scholarships by going through it.
| Country | Average Tuition Fees (Per Year) |
|---|---|
| India | INR 20,000-40 Lakhs |
| USA | USD 30,000-100,000 (25 Lakhs-83 Lakhs INR) |
| UK | GBP 25,000-130,000 (26 Lakhs-1.30 Crore INR) |
| Canada | CAD 10,000-50,000 (60,000-30 Lakhs INR) |
| Australia | AUD 30,000-90,000 (16 Lakhs-50 Lakhs INR) |
| Europe | EUR 9,000-110,000 (80,000-98 Lakhs INR) |
| Singapore | SGD 22,000-90,000 (13 Lakhs-55 Lakhs INR) |
Types of MBA Scholarships for Indian Students
There are two types of scholarships for an MBA abroad, as discussed below:
Need-based Scholarships: These types of scholarships are provided to those Indian students who cannot afford their education because of significant financial issues or obstructions. Scholarships are provided when students demonstrate their needs or requirements by submitting a separate application and the relevant documents.
Merit-based Scholarships: The MBA scholarships are often awarded to students based on their previous academic performance, extracurricular participation, community services, etc. There is no need to make separate applications for this type of scholarship, as universities consider students automatically.
Also read – A complete guide to Masters in Marketing Courses
Popular MBA Scholarships for MBA Abroad
The government, universities, B-Schools, and private or external establishments provide MBA scholarships. Below, we have categorised the various types of popular MBA scholarships for Indian students under different sources, including their overview, duration, benefits, eligibility criteria, the application process, and application deadlines.
Government Scholarships for MBA Abroad
Following are some of the scholarships for MBA abroad provided by the government of India to Indian students.
Rajiv Gandhi Scholarship for Academic Excellence
The government of Rajasthan launched the scholarship scheme to provide financial assistance to needy students of the state who want to go abroad for higher education, including an MBA. Nearly 200 scholarship awards are given to deserving students every year to study in approximately 150 global universities.
Duration
2 Years.
Benefits
- INR 10 Lakhs are provided under this scheme as an annual maintenance allowance.
- INR 1,00,000 are provided for books/essential apparatus/study tour/typing and thesis binding.
- Airfare with economy class will be given for the shortest route from India to the destination and back to India.
Eligibility Criteria
- Applicants must possess a graduation degree in the respective discipline from a recognized university/board.
- The applicant must have JanAadhar.
- The age of the applicant should not be more than 35 years as of 1st July.
- The applicant should have the domicile certificate of Rajasthan.
- The annual income of the applicant’s family should not be more than INR 8 lakh per annum.
- Only one candidate from one family is eligible to get the grant
Application Process
The candidates can apply online on the official website of Higher Technical Education, Government of Rajasthan.
Application Deadlines
The application deadline is January 15th, 2025.
National Overseas Scholarship Scheme
The Ministry of Social Justice and Empowerment, Government of India, offers the National Overseas Scholarship Scheme to students belonging to economically weaker sections of Scheduled Castes, Denotified Nomadic and Semi-Nomadic Tribes, Landless Agricultural Labourers, and Traditional Artisans.
Duration
2 Years.
Benefits
- 125 awards, subject to availability of funds, will be given under the Scheme.
- It waives total tuition fees and provides an annual maintenance allowance worth INR 12,83,000.
- It also waives visa fees and medical insurance premiums.
Eligibility Criteria
- A minimum of 60% marks are required in the bachelor’s degree program.
- The age of the candidate must not exceed 35 years
- Total family income from all sources shall not exceed 2.5 Lakhs INR per annum.
Application Process
The candidates can apply online on the official portal of the ministry.
Application Deadlines
The application portal opens every year in February (first cycle) and September (second cycle).
GREAT Scholarships India
GREAT Scholarships are offered to Indina students desiring to pursue an MBA program in participating UK universities. It is jointly funded by the British Council, the UK Government’s GREAT Britain campaign, and UK universities.
Duration
2 Years.
Benefits
It provides a minimum of £10,000 towards tuition fees for a two-year postgraduate course.
Eligibility Criteria
- Candidates must be a citizen of India.
- A minimum of 60% marks are required in the bachelor’s degree program.
- Candidates must have proficiency in the English language.
- Candidates must join the British Council and UK-based Great Britain campaign for networking events.
Application Process
The candidates can apply online on the participating university’s official webpage.
Application Deadlines
The application deadlines vary depending on the university.
University-based Scholarships for MBA Abroad
Following are some of the MBA scholarships provided by the top B-schools.
INSEAD Business School – Deepak and Sunita Gupta Endowed Scholarships
This scholarship is only offered to students with extraordinary academic backgrounds and poor financial backgrounds. This scholarship helps students to pursue an MBA program in INSEAD, France.
Duration
2 Years.
Benefits
It provides an amount of EUR 25,000 towards tuition fees for a two-year postgraduate course.
Eligibility Criteria
- Candidates must be a citizen of India.
- An excellent academic record is required for application.
- Candidates must demonstrate their need in the application form in case of limited finances.
Application Process
The candidates can apply online on the participating INSEAD’s official webpage.
Application Deadlines
For January intake (spring), the last date for applying for the scholarship program is June 18th, 2024 (3rd round) and August 06th, 2024 (4th round).
Harvard University – Boustany Foundation MBA Scholarships
In association with the Boustany Foundation, Harvard University offers an excellent opportunity to apply for a scholarship to pursue an MBA program at the Harvard Business School. This scholarship is offered on merit and need-based scenarios, provided the candidates must demonstrate their willingness to receive financial aid.
Duration
2 Years.
Benefits
It provides an amount of USD 102,000 or USD 51,100 per year as part of the university’s tuition fees.
Eligibility Criteria
- Candidates must be a citizen of India.
- A strong academic record is required for application.
- Candidates must demonstrate a strong commitment to a brighter future.
- They are required to submit an offer letter given by Harvard Business School.
- Candidates must have a good GMAT score.
Application Process
Application including application form and required documents such as CV, GMAT results, a photograph, and a letter of admission from the school can be submitted via email at admissions@boustany-foundation.org
Application Deadlines
For September intake (fall), the last date for applying for the scholarship program is May 31st, 2024.
University of the West of England, Bristol – International Student Scholarships
The UWE, Bristol offers International Students Scholarships to Indian students desiring to pursue the taught post-graduate courses like MBA at the university. This is to promote global education and create diverse career opportunities for students.
Duration
1 Year
Benefits
It provides an amount of GBP 4,000 as a part of tuition fees for the first year only.
Eligibility Criteria
- Candidates must be a citizen of India.
- An excellent academic record is required for application.
- Personal statements, academic references, interviews, skills, and domicile will also be considered.
- Candidates must satisfy the UKVI criteria regarding bearing the cost of expenses in the country.
Application Process
No application is required, as the university will automatically consider successful candidates.
Application Deadlines
For the next intake, the dates are yet to be announced
University of Sydney – MBA Director’s Scholarships
The University of Sydney offers MBA Director’s scholarships for Indian students enrolled in an MBA (Leadership and Enterprise) program but are restricted by constrained finances or other issues. This scholarship scheme is only for full-time programs.
Duration
2 Year
Benefits
It provides an amount of AUD 40,000 as a part of tuition fees for the entire academic duration.
Eligibility Criteria
- Candidates must be a citizen of India.
- Candidates must have an unconditional offer letter of admission into the MBA (Leadership and Enterprise).
- Applicants who have already begun their studies are not eligible.
Application Process
The application can be submitted on the official website of the University of Sydney.
Application Deadlines
For the next intake, the dates are yet to be announced
Edinburgh Business School – MBA Merit Scholarships
Edinburgh Business School, University of Edinburgh, offers several MBA merit scholarships to Indian students with outstanding academic records and demonstrates a commitment to a brighter future. Their professional qualifications and GMAT scores will also measure their candidature.
Duration
2 Year
Benefits
It provides an amount of EUR 5,000 per year.
Eligibility Criteria
- Candidates must be a citizen of India.
- Candidates must have an unconditional offer letter
- Applicants must showcase their extraordinary academic records.
Application Process
The application can be submitted on the official website of the University of Edinburgh.
Application Deadlines
For the next intake, the dates are yet to be announced
Privately-Funded MBA Scholarship Schemes
Following are some of the MBA scholarships provided by the private establishments such as NGOs and corporates:
Inlaks Shivadasani Scholarships
The Inlaks Shivdasani scholarship is granted to Indian students pursuing full-time MBA programs at top-rated US, UK, and European institutions. The scholarships are offered on a merit and need basis, provided the students have appropriately demonstrated their requirements.
Duration
1 Year
Benefits
It provides scholarship funds of USD 100,000, depending on the course and specialisation.
Eligibility Criteria
- Candidates must be a citizen of India.
- Candidates must have an unconditional offer letter.
- Applicants must have extraordinary academic records.
- The minimum academic grade should be around 65-70%.
Application Process
The application can be submitted on the official website of Inlaks Shivdasani Foundation.
Application Deadlines
March 29th, 2025
Tata Scholarships – JN Tata Endowment Loan Scholarships
The Jamsetjee Nusserwanjee Tata Endowment loan scholarships are offered at low interest rates to Indian students. If the students repay the loan within the allotted time frame, Tata may waive the interest charges. Till now, it has helped almost 5,400 students.
Benefits
- Depending on the performance in the scholarship interview, the shortlisted candidates can get scholarships of upto INR 10 Lakhs.
- They would also receive a travel allowance fund of up to INR 50,000.
- It also includes a gift scholarship of upto INR 7.50 Lakhs.
Eligibility Criteria
- Candidates who want to study in the USA, the UK, or Europe can apply for the Tata scholarship.
- Candidates must hold a bachelor’s degree from a reputable university.
- For the MBA course, candidates must have a working experience of at least 2 years.
Application Process
The application can be submitted on the official website of the Tata Foundation.
Application Deadlines
For the next intake, the dates will be announced soon
Stanford-Reliance Dhirubhai Ambani MBA Fellowship
Under this scheme, every year 5 Indian students are offered support by the Reliance Group who are studying at Stanford Business School and are committed to returning to India after the completion of the MBA program.
Benefits
It covers the entire MBA tuition fee.
Eligibility Criteria
- MBA graduates must be committed to returning to India after the completion of their MBA program and they must work in the country for at least 2 years.
- Candidates must hold a bachelor’s degree from a reputable university.
- Candidates must have the minimum scores in either of the language proficiency test as follows:
- TOEFL iBT: 100
- IELTS: 7.0
- PTE: 68
Application Process
The application can be submitted on the official website of the Reliance group with the following documents:
- Mark sheets showing educational performance in class 10th, 12th, and graduation
- Essay of 250 words (on a given topic)
- Curriculum Vitae
- Certificate of any work experience
- GMAT/ GRE scores
- Financial and tax-related documents
- Annual Family income
Application Deadlines
For the next intake, the dates will be announced soon
How to Apply for Scholarship for an MBA: Required Documents
Different types of scholarships have their requirements regarding the application process and documents. As mentioned above, the application process for most scholarship schemes can be made through the official websites of the concerned authorities, such as universities, foundations, or government agencies. Below, we have listed some commonly required documents that can be included in the application form while applying for the scholarships.
- Two passport-size photographs
- Copy your passport’s first page (with photo and expiration date).
- Curriculum Vitae (maximum two pages).
- A copy of your admission or acceptance letter from the Dutch higher education institution.
- Copy of mark sheets and degree of higher secondary school (XII), bachelor’s degree.
- English language proficiency certificate (TOEFL/IELTS/PTE etc.)
- Document of employment or internship record (if applicable).
- Letter(s) of recommendation from the current Indian university, employer, or institution last attended.
- Motivation letter
- Bank statements
- Proof of extraordinary academic or athletic achievement
- A civil liability certificate
Conclusion
In summary, scholarships financially aid needy students to pursue MBA programs in the top B schools worldwide. Since the cost of study in foreign countries is higher than in India, students explore the opportunities to opt for bursaries and scholarships to fund their education. Apart from universities, government and private establishments such as corporates, NGOs, and foundations also help students fulfill their dream of studying abroad.
The eligibility for the scholarships is meritorious. Some scholarships act as tuition fee waivers, while others can reimburse the whole cost of living, including tuition fees, visa fees, and medical insurance premiums.
FAQs
When is the right time to apply for an MBA abroad scholarship?
The right time to apply for an MBA abroad scholarship is when the application portal for the MBA course opens. Candidates can apply for the scholarships alongside the MBA program. Many institutes automatically consider candidates for the scholarship schemes without any application process.
What is the possibility of getting a scholarship for an MBA abroad?
The possibility of getting a scholarship for an MBA abroad depends on students’ academic and financial background in front of scholarship providers. Since the foremost eligibility for applying to a scholarship program is merit, students must highlight their academic achievements.
How to get a 100% scholarship for an MBA abroad?
To get fully funded scholarships, candidates must have strong academic credentials, GMAT scores, and unmatched professional or extracurricular achievements.
Which country is best for an MBA abroad?
The best country for an MBA abroad can depend on several factors such as personal interests, availability of preferred specialisations, preferred location, financial means, etc. The USA, UK, Australia, Canada, Singapore, and France are the popular destinations for MBA for Indian students.
Is there any age limit for receiving the scholarship benefits abroad?
Yes, most foreign universities have fixed the age limit to 31-35 years to receive the scholarship benefits.
If you are an aspirant looking to study at your dream university, book an appointment with AdmitX today and start your applications early to avail yourself of all the benefits.
