IIM Indore Scholarship: Overview, Eligibility, Benefits and More

IIM Indore belongs to a group of the most prestigious B-schools in India. While known for its high-quality education, it also comes with a hefty tuition fee, especially for students from economically weak sections of society. So if you want to study at IIM Indore without any financial burden, this blog will help you discover financial aid and some scholarships provided by the renowned institute. We will also cover their eligibility criteria and the rewards and benefits offered by them. Read on to know more!

Established	1996
Location	Indore, India
Accreditation	AMBA
Programmes	PGP, IPM, EPGP, PGPMX, FPM (Management), FPM (Industry)
Students	1,200+ students from India and abroad
Highest Package Offered (2023)	INR 1.14 crore

List of IIM Indore Scholarships

IIM Indore is primarily known to support its students’ education through Need-based Financial Assistance (NBFA). The institute also offers numerous scholarships sponsored by the Central and State governments and private sectors. Let’s explore each of these schemes, their eligibility, and benefits one by one:

Need-based Financial Assistance

The PGP Executive Committee and NBFA Committee at IIM Indore are responsible for offering NBFA to students coming from low-income families. Given below are the eligibility criteria they need to fulfil to avail of this financial aid:

1. The applicant must be enrolled in any one of these courses:

• Post-Graduate Programme in Management (PGP)
• PGP HRM (PGPH)
• Integrated Programme in Management (IPM)

2. The applicant’s annual family income must not exceed INR 9 lakh.
3. You must have availed of a bank education loan to pursue PGP/IPM/PGP HRM.

Selection process: Whether the applicant is eligible for financial assistance is further determined by the following selection process conducted by the respective committees:

1. First stage: The NBFA Committee will evaluate the student’s application form and supporting documents to assess the financial need of the applicant.

2. Second stage: Based on the first stage assessment, the potential applicants are called for a personal interaction with the NBFA Committee. During the personal interaction, the applicant’s financial need will be further assessed. The following factors are also considered by the NBFA Committee when awarding financial aid:

• Academic performance
• Extracurricular activities and achievements.
• Disciplinary record

3. Final selection: Based on the assessment of the previous stages, the NBFA Committee will select the applicants who will be awarded financial aid.

Benefits: 

1. Tuition fee reimbursement: NBFA scholarship recipients receive reimbursement of their tuition fees, either partially or fully, depending on their family income.

2. Interest subsidy on educational loans: NBFA scholarship recipients receive an interest subsidy on their educational loans, which reduces the overall cost of their education.

• For income < INR 4.5 lakh – 100% interest on the sum of money borrowed from the bank is reimbursed.
• For INR 4 lakh < income< INR 9 lakh – 50% interest on the sum of money borrowed from the bank is reimbursed.

3. Other financial assistance: NBFA scholarship recipients may also receive other forms of financial assistance, such as bursaries and grants, to help cover the cost of their living expenses and other educational expenses.

Also Read: Sonu Sood IAS Scholarship 2024: How to Apply, Registration, Benefits, Eligibility

IIM Indore Scholarships Provided By Central Government

In addition to NBFA, there are numerous IIM Indore scholarships sponsored by the Central and State governments. Here’s a list with their eligibility criteria and amount/benefits:

Scholarship	Eligibility	Amount/Benefits
Central Sector Scholarship for SC/ST Students	Students belonging to the SC/ST categories with a gross family income of < INR 4.5 lakhs	Financial aid is provided on merit basis
Minority Welfare Scholarship (Merit-cum-Means)	Students with an annual family income of < INR 2.5 lakh	Financial aid is provided on a merit basis
Swami Vivekananda Scholarship (SVMCM)	Classes 11 and 12, post-graduates, graduates, M.Phil and Doctoral students	INR 1000- 8000 per month
Schindler Igniting Minds Scholarship	Class 12 in Science with a minimum of 65% marks Family income should not exceed 2 lakh p.a.	INR 20,000
Chaatravriti Scholarship Yojana	Class 12 with at least 60% marks	–
IIM Indore Merit-Cum-Means Scholarship	Minimum 50% marks in 12 class Applicant must belong to the Minority category Must get admission in the professional course through a Common Admission process	INR 1,000 for 10 months, and a reward of INR 20,000 additionally to pay the tuition fee
IIM Indore Central Sector Scholarship	Applicant must have passed class 12 with 75% marks	For UG courses – INR 1,000 per month for 3 years For PG courses – INR 2,000 per month
IIM Indore AICTE Pragati Scholarship for Girls	Female candidates in 1st-year courses from any of the AICTE-approved colleges	Tuition fee waived INR 30,000 reimbursement for purchasing books, vehicles, laptops
IIM Indore Vidyasiri Scholarship	Post-matric students from backward classes	INR 1500 per month

IIM Indore Scholarships Provided By Industries

Apart from the government, many industries in the private sector also sponsor IIM Indore scholarships. Some of them are as follows:

Scholarship	Eligibility	Amount/ Benefits
Aditya Birla Scholarship	Meritorious students in the top 25 percentile of their class	INR 1,75,000 per student
OPJEMS Scholarships	Meritorious 2nd year students in the top 20 percentile of class based on their previous year’s grades/ CGPA	INR 1,25,000 per student
SBI scholarships	Based on the student’s academic performance	INR 1,50,000
Eicher Scholarships	Based on the student’s academic performance	INR 50,000
Uday Nayak Scholarship	Shortlisted second-year students	INR 10,000
T Thomas Scholarship	Shortlisted second-year students	INR 1,00,000
Rajesh Kaushik Memorial Scholarship	3 students were shortlisted based on academic excellence, leadership qualities, and willingness to serve the community and study further in the same field	INR 1,50,000 per annum
Cognizant Technology Solutions – B’izard Scholar	Students in need are nominated by the institute and shortlisted based on interviews.	Winner: INR 3 lakhs, 1st Runner-up: INR 2 lakhs 2nd Runner-up: INR 3 lakhs
Societe Generale Global Solution Centre India Scholarship	Students in need nominated by the institute and shortlisted based on interviews.	Full tuition fee waiver

Also Read: Aikyashree Scholarship 2024: Amount, Scholarship Status, and Last Date

How to Apply?

To apply for IIM Indore scholarships, you will need to follow the steps below:

1. Make sure that you meet the eligibility criteria for the scholarship(s) that you are interested in. 
2. Download the application form for the scholarship(s) that you are interested in. Fill out the application form completely and accurately.
3. Attach all of the required documents to your application form. 
4. Submit your completed application form and required documents to the IIM Indore Admissions Office. The deadline for submitting scholarship applications is usually in August.
5. Once you have submitted your application form, the IIM Indore Admissions Office will review your application and make a decision. You will be notified of the decision by email

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FAQs

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