Are you ready to enrol in an MBA program? But applying for an MBA program in India or abroad can prove to be an expensive affair. You can opt for bank loans or student loans, but they have high interest rates and it can get stressful when you start repaying. The better option would be to apply for GMAT scholarships offered by institutes and universities across the globe. Most popular and reputed universities offer various scholarships for their international students so that they can pursue their graduate program hassle-free, without the burden of debt on them.
In this article, we have listed various GMAT scholarships for Indian students so that you are aware of which scholarships are available for you and which amongst them you are eligible for.
Types of Scholarships
Before we move on to the GMAT scholarships offered to Indian students, let us understand the various scholarships that are made available to potential students. The scholarships offered are as follows:
- Minority-based: These scholarships are offered to a specific group — minorities. If you are a woman or a student from a developing country, then you can apply for this. There are some specific countries as well for which this scholarship is being offered.
- Excellent Academic record: If you have done exceptionally well in academics, then you are eligible for this scholarship.
- Merit-based: Some universities offer scholarships based on the merits you’ve achieved such as academic, professional experience or leadership. The objective of this scholarship is to award those who have given their best in any of these fields.
- Need-based: These scholarships are offered to those with limited or lack of funds but have had a good academic track record. If you are able to present evidence of your financial requirements, then this scholarship may be granted to you.
- Company-sponsored: These scholarships are offered by major industry players and reputed companies to students under certain terms and conditions. One of the many terms and conditions is that they are required to join the company once they’ve graduated from the program.
Scholarships in the US
The scholarships offered to Indian students by business schools in the US are as follows:
Haas School of Business
The Haas school of business offers a Dr. Tahir Fellowship to its Asian students. It is offered to those who have completed their undergraduate program in Asia and are looking to pursue an MBA program at Haas school of business. The scholarship awards over $40,000 to the candidate for all the expenses ranging from tuition to accommodation.
Stanford School of Business
The Stanford school of business offers the Stanford Reliance Dhirubhai fellowship to about five Indian students per year with exceptional academic performance. The scholarship covers the tuition fee for the two-year MBA program at Stanford. However, once you have completed the program, you are required to come back and work for an Indian organisation within the span of two years.
Wharton School of Business
The Wharton school of business offers two kinds of scholarships:
- Social Impact Scholarship: The social impact scholarship is offered to those students who have had past experience in working with non-governmental and non-profit organisations. This scholarship’s objective is to nurture its candidates to create a social impact at a global level. Hence, to be eligible for this scholarship, you need to showcase leadership, organisational and operational skills.
- Emerging Economies Scholarship: As the name suggests, this scholarship is offered to those students who hail from emerging economies or third world countries. The scholarship handpicks the most talented of the lot and offers to fund the two-year MBA program at Wharton. If you are a candidate from any third world country and have applied for Wharton’s MBA program, you are automatically eligible for this scholarship.
Booth School of Business
The University of Chicago offers two scholarships to students who are applying to their Booth School of Business. The two scholarships offered are as follows:
- Zonis Fellowship: The Zonis Fellowship is offered to those candidates who have exceptional academic records, sufficient professional experience and belong to emerging economies. The scholarship offers to cover the tuition fee annually for the two-year MBA program.
- Akhtarali H.Tobaccowala Fellowship: This scholarship is specifically offered to students who are from India. If you are from India and have performed exceptionally in academics and extracurriculars, you are eligible for the Akhtarali H.Tobaccowala Fellowship. The scholarship offers to fund the tuition fee of your MBA program, the duration of which is two years.
Harvard School of Business
The Harvard School of Business offers two scholarships to its international students. These scholarships are as follows:
- HBS Fellowship Program: The HBS fellowship is offered to those students who aspire to become MBA graduates but are unable to do so due to low or insufficient funds. This scholarship is a need-based one and you are eligible only if you submit relevant financial proofs and bank statements that indicate a lack of funds.
- Horace W. Goldsmith Fellowship: The Horace W.Goldsmith Fellowship is offered to those students who have worked with non-governmental, non-profit organisations and are willing to do so after they graduate as well. This scholarship is offered to only 7 to 10 students per year who have exceptional professional experience. However, the scholarship offers only a partial amount of $10,000 to students who are in their first year of the MBA program at Harvard School of Business.
Scholarships in France
The scholarship offered to Indian students by a business school in France is as follows:
INSEAD Business School
The INSEAD Business School offers the INSEAD Deepak and Sunita Gupta Endowed Scholarship to students who belong to third world countries or developing nations. If you have done exceptionally well in academics but have limited or insufficient funds, you are offered this scholarship. The scholarship offers an amount of £25,000 to its students who wish to pursue an MBA program at INSEAD. However, to qualify for this scholarship, you have to submit proof of your financial records including bank statements and salary proof if you were working, and an essay demonstrating why you are in need of this scholarship.
Scholarships in India
The scholarships offered to Indian students by business schools in India are as follows:
Indian School of Business Scholarships
The Indian School of Business (ISB), Hyderabad has collaborated with various partner companies to offer scholarships to students who want to pursue an MBA program at ISB.
- Citigroup: The ISB in collaboration with a popular banking company, Citigroup offers scholarships to those who are in need of financial help and have done consistently well in academics. The scholarship offers around INR 9,00,000 to about 4 to 6 shortlisted candidates.
- Novartis: The ISB in collaboration with an international pharmaceutical company, Novartis India offers merit and need-based scholarships to students wishing to pursue an MBA program. The amount covered in this scholarship is around INR 4,00,000 and is only offered to three students per academic year.
Oil and Natural Gas Corporation Limited (ONGC) Scholarship
The ONGC offers a scholarship to students in their first year of the MBA program and who belong to the general category. This scholarship covers an amount of INR 48,000, with INR 4,000 offered to the student per month. However, if you want to be eligible for this scholarship, you have to be below the age of 30, should have scored over 60% in the university exams, and your annual family income should be less than INR 12,00,000.
These are some of the GMAT scholarships for Indian students offered by various business schools across the globe. Now that you are aware of the scholarships available to you and which ones you are eligible for, what are you waiting for? Get started on your scholarship application immediately. All the best!