The Ministry of Education revealed the National Institutional Ranking Framework (NIRF) 2024, ninth edition, on August 12. The Indian Institute of Management Bangalore maintained its position as one of India’s most esteemed management colleges by ranking second in the management category. Furthermore demonstrating its popularity, IIM Bangalore has maintained the number two position in the management category of the NIRF Rankings continuously since 2020.
Naturally, many management aspirants aspire to pursue their higher education at IIM Bangalore. However, gaining admission is not only challenging but also costly. To assist students, IIM Bangalore offers several scholarships and financial aids. Let’s explore them.
Financial Aid
The Indian Institute of Management Bangalore provides financial aid to students who need financial assistance. All PGP students with a household income below Rs 8 lakh are eligible to apply for financial aid. Other students facing serious financial difficulties arising from unforeseen circumstances are also considered.
IIM Bangalore’s financial aid committee undertakes a two-step process for determining the number of awardees and the amount of aid. In the first stage, students are given a financial status score based on four criteria:
- Annual Gross Household Income
- Household Savings
- Real Estate Assets
- Other Assets
Based on this score, some students are called for a personal interaction with a faculty panel. During this interaction, the faculty panel evaluates the financial need of the students and assesses the genuineness of the details provided in the application, assigning a financial need score. Based on the weighted average of these two scores, students are provided with 100%, 60%, 40%, or 20% financial aid, as per the official website of IIM Bangalore.
Scholarships
Apart from financial aid, the institute also provides scholarships to students. These scholarships vary from government to private organizations. Here are some examples:
- NTPC Scholarship Scheme: This scholarship amounts to INR 48,000 per year. Students who belong to SC/ST/PwD categories and are in their second year of management studies, having passed the first-year examination in one attempt, are eligible for this scholarship.
- Ministry of Social Justice and Empowerment Scholarship (SC): The Ministry of Social Justice and Empowerment, Government of India, invites applications for the National Scholarship for Higher Education for Scheduled Caste students. This merit-based scholarship covers tuition expenses in full for meritorious SC students in their first year of PGP.
- Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD): This scholarship is for persons with disabilities who have at least 40% disability and possess a disability certificate issued by a competent medical authority. It is a means-based scholarship amounting to INR 255,000 per year.
Additionally, the Indian Institute of Management Bangalore provides Alumni scholarships awarded on the day of inauguration. Some examples are:
- IIMB PGP Alumni First Batch (1976) Scholarship: The eligibility criteria for this scholarship include being a woman DAP candidate (or a man DAP if no woman candidate is eligible) who has successfully completed the first year of PGP.
- Runwal Educational Trust Scholarship: The eligibility criteria include being among the top 40% of students at the end of the first year. The financial aid score of students who have applied for financial aid in the first year is compared, and common candidates from these two lists are identified. A weighted average score is calculated by applying 30% to their CGPA and 70% to their financial aid score.
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Source: TOI
