MIMS College provides scholarships primarily for merit students and those in the A-category with a white ration card. The Jagananna Vidya Deevena program offers full tuition reimbursement for eligible SC/ST/OBC/EWS students in the A-category, with additional maintenance support via Vasathi Deevena. The Merit-cum-Means Scholarship may apply to students from economically weaker backgrounds, and select reserved category students may receive AICTE/CM scholarships ranging from Rs 20,000 to Rs 30,000 annually. For B-category students, tuition fees amount to approximately Rs 13,50,000, with an additional Rs 41,500, while C-category fees can approach Rs 1 crore.
The college facilitates educational loans, with Punjab National Bank providing relatively low-interest rates. Hostel fees are approximately Rs 1,39,000, varying by batch. The fee for the convenor quota is Rs 45,000, and free seat students pay a yearly tuition fee of Rs 16,500, with an additional transportation fee of Rs 25,000.

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