MBA Scholarships: How to Get a Full Scholarship for MBA Abroad?

Types of MBA Scholarships

Scholarships are a great help for meritorious students. Even if you don’t get the entire tuition or stay covered, scholarships can alleviate some of the financial burden. Here are top scholarships for international students:

• Merit-based scholarships: This type of scholarship is awarded to students based on academic records, GPA, test scores, extracurricular participation, community service, and other professional as well as academic achievements. To be awarded merit scholarships, universities may consider applicants automatically without requiring a separate application.
• Need-based scholarships: This scholarship is meant for students with financial constraints and is awarded based on demonstrated need. Most universities require a separate application for offering need-based scholarships or will ask you to indicate it on your application.
• Diversity scholarships: B-schools abroad reward diversity in their student body by giving various scholarships where international students pay the same fees as domestic students. This way more and more international students can be attracted.
• External scholarships: Not only universities but private organizations, Government and sometimes even well-known employers award MBA scholarships for Indian students to study abroad. All external scholarships require a separate application to be submitted within the deadline. You must apply early for these scholarships to receive maximum consideration.

Ready to find your perfect MBA program? Use our College Finder tool to explore top universities that match what you're looking for!

Top Scholarships for Indian Students to Study MBA Abroad 

To ease the financial burden of Indian students, several Indian scholarships are available to help alleviate these costs and support talented individuals in achieving their educational and professional goals. Here are some other popular MBA scholarships for Indian students to study abroad along with their eligibility criteria and amount awarded:

1. National Overseas Scholarship

Offered by the Ministry of Social Justice and Empowerment, the National Overseas Scholarship provides up to INR 12,87,000 (US$15,400) to Indian students who want to study abroad. This scholarship aims to assist students from economically weaker sections.

Eligibility criteria:

• The student’s annual family income should be less thanINR 9,02,000 (US$10,800).
• The student should be younger than 35 years of age.
• The student must have at least 60% in their undergraduate degree.
• Only two children from the same family can apply.

2. Erasmus Mundus Scholarships

The Erasmus Mundus Scholarship, funded by the European Union, supports full-time postgraduate studies across European countries, covering tuition, flights, and living expenses.

Eligibility criteria:

• The student must meet specific academic and eligibility requirements for the chosen program.

3. Fulbright-Nehru Master’s Fellowships

The United States-India Educational Foundation offers the Fulbright-Nehru Master’s Fellowships, which cover tuition, living expenses, and related costs for Indian students looking to study in the U.S. It also provides support for J-1 visa application, health coverage, and round-trip economy travel.

Eligibility criteria:

• The student should hold a degree equivalent to a U.S. bachelor’s with at least 55% marks.
• The student should have at least three years of professional work experience.
• Commit to returning to India and contributing to the community post-study.

4. Akhtar Ali H. Tobaccowala Fellowship

The fellowship awards INR 20,95,550 (US$25,000) in financial aid to two Indian students pursuing a full-time MBA at Chicago Booth.

Eligibility criteria:

• Students applying for the Akhtar Ali H. Tobaccowala Fellowship should be Indian, and enrolled in a full-time MBA program at the Ross School of Business.

5. GREAT Scholarships India

Funded by the UK government’s GREAT Britain Campaign and the British Council, the GREAT Scholarships provide at least INR 11,42,000 (US$13,600) for Indian students pursuing graduate studies in the UK.

Eligibility criteria:

• The student must be an Indian citizen with an undergraduate degree.
• The student must have a genuine interest in the proposed subject area.
• The student must meet the English language requirements of the UK university.

6. Inlaks Shivdasani Scholarships

The Inlaks Shivdasani Scholarships provide financial support to Indian students applying to top business schools in the US, UK, and Europe.

Eligibility criteria:

• The student should hold a valid Indian passport during his education in the business school.
• The student should be a permanent resident of India at the time of application.

7. Felix Scholarships

The Felix Scholarship offers financial aid to exceptional Indian students pursuing graduate studies at the University of Oxford, the University of Reading, and SOAS University of London.

Eligibility criteria:

• The student should be a resident of India to avail of the Felix scholarships for studying an MBA at Oxford, Reading, and SOAS.

8. Commonwealth Scholarships

For students from Commonwealth countries, this scholarship covers tuition fees, airfare, and a living allowance of around INR 1,28,000 (US$1,500) per month, increasing to INR 1,62,500 (US$1,900) in London.

Eligibility criteria:

• The applicant must be a permanent resident of a Commonwealth country at the time of applying for the scholarship. This residency status should be maintained throughout the application process and duration of the scholarship program.
• The applicant must have completed an undergraduate degree from a recognized university or institution. This degree should meet the academic requirements necessary for admission to the program for which the scholarship is being sought.
• The student should have a genuine financial need.

9. GyanDhan Scholarship

The GyanDhan Scholarship provides one Indian student each year with INR 1,11,920 (US$1,300) to support a two-year postgraduate course in the US, UK, Canada, Australia, New Zealand, or Germany.

Eligibility criteria:

• The student should be an Indian resident with an undergraduate degree from an Indian institution.
• The student should have strong academic performance and GRE/TOEFL/IELTS scores.
• The student should have a stellar statement of purpose and/or letters of recommendation.

10. Stanford Reliance Dhirubhai Fellowships for Indian Students

Stanford GSB offers financial support worth INR 7,79,91,500 (US$95,000) annually to five Indian nationals. This funding can be used for tuition, living expenses, and health insurance.

Eligibility criteria:

• The applicant must be an Indian citizen who is applying for the Stanford MBA program. They should hold valid proof of Indian citizenship throughout the application and admission process, and demonstrate a clear intent to pursue their studies in the United States.
• The applicant must meet the required GMAT score for admission to the Stanford MBA program, as well as demonstrate English language proficiency through standardised tests such as IELTS or TOEFL, as per Stanford’s admissions guidelines.

11. Indian Trust Fellowship

The University of Chicago Booth offers two fellowships annually, each worth INR 8,38,220 (US$10,000), to support full-time MBA students.

Eligibility criteria:

• Indian students who have demonstrated exceptional leadership abilities, strong academic performance, and active participation in extracurricular activities are eligible to apply for this fellowship. These qualities should be evident in the applicant's track record and align with the fellowship’s values and objectives.
• The applicant must have been residing in India at the time of admission to the program. This residency requirement ensures that the student maintains a connection to their home country during the application process.

12. Orange Tulip Scholarship

This scholarship supports students from Neso countries, including India, to study in the Netherlands. The scholarship amount and criteria vary based on the university and program.

Eligibility criteria:

• The applicant must be both a resident of India and a citizen of a Neso country, ensuring eligibility under the specific residency and nationality criteria required for the program. Neso countries include India and other nations that fall under the Netherlands Education Support Office network.
• The applicant must not have previously obtained an undergraduate degree or any work experience in the Netherlands. This condition is set to ensure that the scholarship is aimed at students who have not yet had academic or professional exposure in the country.

13. BK Birla Scholars Program

Awarded to MBA candidates at London Business School, the BK Birla Scholars Program covers up to full tuition fees.

Eligibility criteria:

• The student should demonstrate outstanding academic records and leadership qualities.

14.Cardiff India Scholarships

Cardiff University offers INR 4,57,920 (GBP 5,000) to Indian students applying for eligible master’s degree programs, including an MBA.

Eligibility criteria:

• An Indian student applying for a master’s program at Cardiff can apply for this scholarship.

15. SP Jain School of Global Management Postgraduate Merit Scholarship

This scholarship offers financial aid ranging from INR 4,19,660 (US$5,000) to INR 8,39,330 (US$10,000) based on academic records and achievements in extracurriculars and social service.

Eligibility criteria:

• The student should have at least 75% in undergraduate degree.
• The student should have a GMAT score of 720 or above, CAT/SPJET 95 percentile or higher.

16. L'Oréal Scholarships

INSEAD offers this scholarship funded by L’Oréal, worth INR 22,89,620 (€25,000), for students demonstrating creativity, diversity, and an entrepreneurial spirit.

Eligibility criteria:

• The student should have creativity, diversity, and entrepreneurial spirit.

17. Fulbright-Nehru Doctoral Research Fellowships

The Fulbright-Nehru Doctoral Research Fellowships are designed for Indian scholars who are registered for a Ph.D. at an Indian institution. This 6-9 month fellowship provides an opportunity to conduct research at U.S. institutions, gain exposure to new research techniques, and collaborate with U.S. researchers. The fellowship covers round-trip travel, a monthly stipend, and health insurance.

Eligibility criteria:

• The student must be registered for a Ph.D. at an Indian institution.
• The student should demonstrate research skills and academic achievements.

18. Rotary Foundation Global Study Grants (Global)

The Rotary Foundation Global Study Grants support global mobility for students wishing to pursue studies abroad. These scholarships start at INR 25,14,000 (US$30,000) and cover all academic and travel-related expenses, including tuition, accommodation, language courses, and supplies. It aims to foster cross-border education and empower students to make meaningful global contributions.

Eligibility criteria:

• The student should be open to students globally who want to study abroad.
• The student must demonstrate a commitment to Rotary’s focus areas like peace, education, or community development.

19. Joint Japan World Bank Graduate Scholarships (Global)

The Joint Japan World Bank Graduate Scholarship Program (JJ/WBGSP) supports students from developing countries who wish to pursue a Master’s Degree at a university abroad. The scholarship covers tuition fees, health insurance, and accommodation, and offers a stipend for living expenses. Recipients are expected to return to their home countries and contribute to national development after completing their studies.

Eligibility criteria:

• A national of a developing country who does not hold any dual citizenship can apply for this scholarship.
• The student should be committed to returning to their home country and contributing to its development.

20. Swedish Institute Study Scholarships (Sweden)

The Swedish Institute Study Scholarships offer financial aid to Indian students as part of a group of 550 international students aiming to pursue a Master’s degree in Sweden. The scholarship covers tuition fees, living expenses, insurance, and travel costs.

Eligibility criteria:

• Indian students with an undergraduate degree can apply for this scholarship.
• The student must have a valid offer letter from a Swedish university for a Master's program.

21. The Gates Millennium Scholarship (USA)

Funded by The Gates Foundation, the Gates Millennium Scholarship provides full financial coverage for 1,000 students annually. This prestigious scholarship aims to support outstanding students from underrepresented communities, covering tuition, living expenses, and other related costs for students pursuing higher education in the United States.

Eligibility criteria:

• To apply for this scholarship, the student must be from a minority group underrepresented in U.S. higher education.
• They should have a strong academic record and leadership skills.

Popular International MBA Scholarships for Indian Students

Now that we have learned about the types of scholarships for MBA abroad for Indian students, let us browse through the most popular scholarships for studying at leading B-schools in the USA, UK, Australia, Canada, and other countries along with some important insights:

1. Global Study Awards

The Global Study Awards are given by the British Council to ambitious students who wish to pursue postgraduate studies at reputed universities abroad. To be considered for this award, you must take the IELTS in the year preceding the deadline to apply.

2. Forte Fellowships

The Forte Fellowships are prestigious awards given to students selected for an MBA at Forte partner business school. Only female candidates can apply for this award. Generally, Forte fellows have a GPA of more than 3.6, a GMAT score of around 700, and 5 years of work experience.

Thinking about studying for an MBA abroad? Did you know that Yocket has helped students get scholarships worth USD 35 million? Schedule a free 1-on-1 consultation call with our experts to get personalised advice for admissions, scholarships and more! 

3. Sydney Future Leaders MBA Scholarships

The Sydney Future Leaders MBA scholarships are university-specific, merit-based scholarships awarded only to part-time MBA students which is the no.1 program of its kind across Australia. 

4. Skoll Scholarship

If you wish to avail the Skoll scholarship, you must apply for admission to MBA at the Said Business School in rounds 1, 2, or 3. The Skoll Scholarship wishes to recognize and award students with entrepreneurial capacities that can solve social and environmental problems prevailing in society.

5. DAAD Scholarship

The German Academic Exchange Service popularly known as DAAD provides fully-funded scholarships for MBA in Germany. Over 1,00,000 such scholarships are awarded every year to deserving candidates who are available for the duration of the program.

Want extra help with your MBA journey? Check out our Yocket Premium services for personalized support!

MBA Scholarships Offered by Top Business Schools

Top business schools around the world offer a variety of MBA scholarships to attract talented students and make their programs more accessible. These scholarships range from need-based and merit-based awards to fellowships that support diversity, leadership, and specific industries. International students are also eligible for many of these funding opportunities. Most universities offer college-funded scholarships. Make sure to check the official website for more information. 

How to Get a Fully-Funded Scholarship for an MBA Abroad?

Securing a scholarship for an MBA abroad involves several strategic steps, including thorough research, preparing a strong application, and meeting specific criteria set by the scholarship providers. Here’s a detailed guide on how to go about it:

• Networking: Get in touch with instructors, alumni, and the admissions team, and then ask them a specific set of questions that will help you understand the scholarship process better. 
• Attend B-school webinars: Attending B-school webinars will allow you to build your network as well as provide important information regarding the scholarship process.
• A good GMAT score: Your GMAT score will matter when you are applying for scholarships. So, it’s great if you attempt the exam multiple times and raise your score as high as possible. Try to get a 700+ score.
• Identify your Strengths: The MBA application and interview process will have you answering various questions about yourself, and some of them can be challenging. It’s best to prepare for these questions beforehand and identify your key strengths.

From the Desk of Yocket

From understanding the financial requirements of top destinations to diving into specific scholarships for women and country-wise opportunities, this blog covers everything you need to know to make your dream of studying an MBA abroad a reality. By leveraging the right scholarships, you can significantly reduce the financial burden and focus on achieving your academic and professional goals. At Yocket, we are committed to helping you navigate the complex scholarship landscape with personalised guidance and expert advice. Book a consultation call today with yocket experts to get tailored support to enhance your application and maximise your chances of securing funding. Join us today, and take the first step towards your global MBA journey with confidence.