How to Finance Your MBA: Scholarships, Loans, and Other Funding Options?
Financial constraints should not be a hindrance to attaining quality management education. Students looking for a quality management degree at MBA top universities can explore multiple funding options offered by public and private organisations, governments, and trusts. We can say scholarships, loans, and other funding support ensure an equitable education system.
While discussing funding support for MBA, we must mention Bennett University, Noida , the best university for MBA in Delhi NCR, for its commendable policies to attain education for all despite the financial status. We will explore funding support in BU later in the passage.
Let’s dig into the various financial support options available for an MBA in India.
MBA Fees Scenario in India
An MBA is considered one of the best investments for a brighter future. MBA top universities charge a significant amount as an MBA fee that might be tough for some people to pay despite having merits. Funding options help to fill this gap and help those students fulfil their dreams.
The average MBA fee in India is around Rs. 10 lakh per year. It varies from B-School to B-School. MBA fees at IIMs range between Rs. 12 Lakh and Rs. 25 Lakh. MBA fees at MDI Gurgaon, SPJIMR, and XLRI range between Rs. 15 Lakh and 23 Lakh. Also, fees for an MBA in HR, an MBA in Sales and Marketing, and an MBA in Finance are higher than other specialisations.
Different Options to Fund Your MBA
1) Education Loans
Students can apply for loans at public sector banks, private commercial banks, and NBFCs to fund their MBA tuition fees and other expenses. Here are the top education loans available in India for students preparing for MBA admissions in 2024.
Public Sector Banks- Education Loan for MBA
| Banks Name | Loan Amount in Lakh (Max.) | Interest Rate |
| SBI | 30 | 8.05-10.15 |
| PNB | 75 | 8.35-10.95 |
| Canara Bank | 40 | 8.65-10.75 |
| Dena Bank | 15 | 10-11.8 |
| Central Bank of India | 20 | 8.9-10.4 |
| Punjab & Sind Bank | 10 | 9.75-10.75 |
| Union Bank of India | 30 | 8.65 onwards |
Private banks and NBFCs also offer attractive loan offers for MBA students. Explore different lenders, compare their offerings, and learn without financial constraints.
Advantages of Education Loan for MBA in 2024
- Students who have applied and been accepted into an MBA programme at one of the MBA top universities can apply for an education loan. You can take a loan and continue learning with a manageable repayment structure.
- MBA education cost has risen significantly. As mentioned, the average MBA costs around INR 10 lakh in India. Therefore, without financial support, many students could not afford the high fees of an MBA in top B-Schools. Fund support helps students learn from the experts, advance their careers, and explore better national and international opportunities.
- Education loans are adequately curated to cover all the expenses you incur during MBA admissions, tuition and more. Therefore, students can focus solely on learning rather than stressing out about the financials.
- Students can apply to multiple universities and B-Schools despite worrying about high fees. You can compare learning outcomes and costs to choose the best university for an MBA.
2) Scholarships
There are multiple sources of scholarships for students looking to pursue an MBA. Top B-Schools, Government Agencies, Corporates, International and National Universities and other financial institutions offer student scholarships. Most of them are merit-based or based on an examination performance.
Some of the MBA top scholarships offered by Government and PSUs in India are :
- Post Graduate Merit Scholarship for University Rank Holder
- ONGC Foundation Scholarship Scheme for OBCs
- Post Graduate Scholarship for Professional Courses for SC/ST
- Merit cum Mean Scholarship for Professional and Technical Courses
Other means to fund your MBA are:
- Business School Fellowships
- Graduate Scholarships
- Graduate Assistantships
- Industry Scholarships
- Employer Sponsorship
Some prominent institutions and organisations also offer merit-based scholarships to fund MBA students. Their assessment is based on leadership potential, academic excellence, and extra-curricular achievements.
Top Universities and Organisations for MBA Scholarship 2024
- Aditya Birla Scholarship
- Harvard Business
- IIM Ahmedabad Exit Scholarship
- EDHEC Business School
- INSEAD
- IUBH Online MBA Scholarship
- Lancaster University Management School MBA Scholarship
3) Loan-Scholarships
Another option to fund the MBA programme is a loan scholarship. It is a unique combination where students can avoid paying interest on loans. Scholarships are paid based on the student’s academic achievement, extra-curricular performance and more. There are broadly two types of loan scholarships.
1. Students do not have to repay the loan amount back if the lender wishes. It is known as the Complete Waiver Loan Scholarship.
2. MBA students can avail of Interest-Free Loan Scholarships usually instituted by top MBA universities.
Funding Options for MBA at Bennett University, Noida
Scholarship for MBA Admission 2024 at Bennett University, Noida
The Bennett University scholarship is awarded to the first-year students of the MBA programme. Continuation of the MBA Admission Scholarship in the second year is subject to obtaining a CGPA of 8 on a scale 10, with no discipline case and no backlog recorded against the student. The decision for this merit-based scholarship is based on the candidate’s scores in qualifying exams (CAT/XAT/CMAT/MAT/NMAT) percentile or Graduation percentage or GMAT score.
| Banks Name | Loan Amount in Lakh (Max.) | Interest Rate |
| SBI | 30 | 8.05-10.15 |
| PNB | 75 | 8.35-10.95 |
| Canara Bank | 40 | 8.65-10.75 |
| Dena Bank | 15 | 10-11.8 |
| Central Bank of India | 20 | 8.9-10.4 |
| Punjab & Sind Bank | 10 | 9.75-10.75 |
| Union Bank of India | 30 | 8.65 onwards |
Bennett University, Noida, offers special scholarship provisions for;
- The Times Group Employees
- Sibling Scholarship
- Continuation of Academic Scholarship
- Alumni Scholarship
- Single Girl Child Scholarship
- Defence Personnel Scholarship
- Sports Scholarship
Education Loan for MB Admission 2024 at Bennett University, Noida
Bennett University, Noida, offers easy-term customised loans for MBA aspirants. Deserving candidates can assess their eligibility and apply for a suitable student loan for a quality MBA degree at the best university for an MBA in Delhi NCR.
Bennett University, Noida, has partnered with ICICI Bank, GrayQuest, Bank of Baroda, Union Bank of India, and Axis Bank to help students avail education loans for MBA.
Explore and apply for a scholarship or education loan at Bennett University for MBA admissions 2024.
