If you would like to pursue your MBA then you would be aware that it is an expensive affair and you will need to plan your finances accordingly. One way to ease your expenses is to apply for scholarships. There are various types of scholarships available for MBA aspirants. The top 5 MBA Scholarships are:

  • PNB Housing Finance Protsahan Scholarship – This scholarship is offered by PNB housing finance limited. It is aimed at giving financial support to students who want to pursue their MBA or PGDM programs. The screening process for this scholarship is based on the financial situation and academic performance of the candidate.
  • Aditya Birla Group Scholarship – This scholarship is awarded to exemplary students to help motivate them to pursue their academic excellence. This scholarship is inclusive of hostel fees as well as academic fees for the complete course duration. The candidates must maintain a good academic report throughout the entire duration of the course. There are a lot of eligibility criteria for this scholarship and the candidate needs to satisfy all of them to avail the scholarship.
  • BML Munjal Scholarship – The scholarship is offered by BML Munjal University which is an initiative of Hero Group. MBA aspirants can get up to 100% waiver in the tuition fee based on their scores in CAT/ XAT or GMAT.
  • IDFC FIRST Bank Scholarship – First-year students enrolled in a full-time MBA program, who also fulfill the criteria can avail this scholarship. It is sponsored by the IDFC FIRST Bank. This scholarship programme is need-based and its objective is to assist students to pay for the tuition fees of their MBA program.
  • Stanford Dhirubhai Scholarship – Stanford Reliance Dhirubhai Fellowship’s goal is to support students who are from India and are currently living in India. It is for those who need financial assistance in obtaining an MBA degree at Stanford GSB.

To get these scholarships, below are the 5 steps that candidates can keep in mind while applying:

1. Work-experience – Work experience plays an important role in your application since it helps the candidate to understand the industry better. It is not mandatory, but having a few years of work experience has benefits. The candidate would be aware of all the different functions of each department in a firm if they have prior work experience. This will in turn help during their MBA studies since they would already have practical knowledge of the subjects.

2. Define your career goals – The candidate should be clear about their plans after completing their MBA degree. One should keep a clear and focused view while looking for apt courses and colleges. What course requirement suits your personality the most? Where do you see yourself ten years down the line? Answers to these questions would help in eradicating confusion and hence would help in getting better clarity.

3. Apply Early – If you would like to maximize your chance of receiving merit-based scholarships then it is best recommended that you send in your applications early. This effort starts by optimizing your overall professional, academic, and personal profile to make the application appealing. When you send in your applications early it creates a good impression with the admissions committee to grant you scholarships.

4. Tailor your Application – Familiarity with the merit policies of each school is essential. The candidate should include things that would be required by each school. This may increase the chances of them obtaining the scholarships. For example, some schools may require students to submit essays or some supporting material during the scholarship application process.

5. Be Patient – Last but certainly not least, the candidate should be patient and wait to hear back from the schools regarding the scholarships.

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