GMAT Scholarships for Indian Students: Check Eligibility and Score Requirements

GMAT scholarships are awarded by business schools, with the selection criteria depending on several factors. As an Indian student, study MBA from an international university can be super expensive. The fees of top business schools around the world range from INR 75 LPA to INR 90 LPA. GMAT scholarship for Indian students helps to sustain the loan interest, decreases college fees, and basic running costs. There are mainly 3 types of GMAT scholarships for international students; Merit-based, Need-based, and External or General. Scholarship in GMAT is mainly based on your achieved score on the exam. Aim to score 740 or higher to increase your chances of getting a scholarship.

Benefits of Having GMAT Scholarships

Below stated is information related to the benefits of GMAT Scholarships. you must have a better idea about the scholarships and scores before starting GMAT registration process. This will help to know more about GMAT scholarships for Indian students. You can go through below mwntioned points for a better understanding.

• GMAT-based scholarships provide funding to Indian aspirants for their study abroad courses.
• GMAT MBA scholarships benefit the candidates to study in B-school without any monetary burden.
• Other than this it helps to escape Student Loans, gives Recognition, and provides a distinguishing factor to put on an outstanding resume. Possessing this achievement makes the job search easier.

Eligibility Criteria for GMAT Scholarship 

Scholarship through GMAT may differ depending on the MBA schools and colleges and their score required for scholarship. Below mentioned are the eligibility criteria for the scholarship based on GMAT score.

• Aspirants' profile, CV, academic background, statement of purpose, and other documents, a GMAT score for a scholarship has an inestimable impact.
• The higher the GMAT score, the easier it is to grab the GMAT exam scholarship. However, in the case of the Merit-based GMAT score it is recommended to score 700+ marks to get admitted in the MBA schools. For instance: Alba Graduate Business School, The American College of Greece offers candidates a partial scholarship of 40% of the total tuition fees based on a scholarship on a GMAT score equal to or over 700.

Different Types of GMAT Exam Scholarships

Primarily there are three types of GMAT MBA Scholarship. Merit-based Scholarships, Need-based Scholarships, and General/External Scholarships. The requirement for other GMAT exam scholarships may vary depending on the MBA universities and colleges the candidates opt for pursuing MBA.

Merit-based Scholarships

Merit-based scholarships for GMAT are given to candidates possessing excellent academic records or candidates good in extracurricular activities. The financial background of the candidate is not a consideration for this GMAT scholarship. Below stated are a few scholarships on GMAT scores.

1. B.K. Birla MBA Scholarship (London Business School)
2. Tahir Fellowship (UC Berkeley Haas School of Management)
3. Kellogg Scholarship by Kellogg School of Management
4. George J. Stigler Fellowship (Chicago Booth School of Business)

Need-based Scholarships

Candidates with less affluent backgrounds get Need-based scholarships. Candidates possessing excellent academic knowledge, but have poor financial stability, and having difficulty paying their tuition fees for MBA education get this GMAT scholarship. Need based GMAT scholarship is being granted by Top B-schools in the USA, like Harvard and Stanford to the ones who have secured their position. Stanford grants two need-based scholarships: Charles P. Bonini Partnership for Diversity Fellowship (approximately $40,000), and Stanford Reliance Dhirubhai Fellowship.

General/External Scholarships

GMAT-based scholarships are provided by many MBA agencies and organizations. You should know the required GMAT scores for acquiring these scholarships. Depending on the score many colleges/universities give GMAT scholarships to MBA aspirants. Therefore, candidates with higher and good GMAT scores are honored by B-schools. There are some organizations and Govt programs that also offers scholarships to MBA aspirants. 

These are the few GMAT scholarships stated below:

1. Tibet Fund
2. East-West Center
3. Canadian Bureau for International Education
4. Hariri Foundation
5. Consortium for Graduate Study in Management
6. Harvey Fellows Program
7. Institute of International Education

GMAT Scholarships Validity and Offered Amount

Below stated are the few GMAT scholarships for International students that are offered by B-schools. Availing a scholarship after GMAT in India requires a higher score with a strong overall application. You can refer to the list below to some of the best GMAT scholarships and their offered amount:

Steps to Find GMAT Scholarships

Finding a scholarship, requires exact information and a good analysis. While searching for a GMAT sholarship, there are a few points to be kept in mind:

1. Get assistance from someone who already acquired the GMAT scholarship.
2. Candidates can go for MBA search engines like scholarshipportal.com, and studentsholarshipsearch.com for knowing about GMAT score sending and scholarship.
3. Read the notifications on the official page of the preferred B school to know the scholarship for the GMAT exam.
4. Google alerts help give knowledge about any type of business fellowship and GMAT score for the full scholarship.
5. A well-structured profile with excellent academic performance, leadership qualities, work experience, and goal clarity helps to acquire a GMAT-based scholarship very easily. Keep in mind that the GMAT score to get a scholarship plays an important role in getting into GMAT.

Types of GMAT Scholarships Offered by Top Business Schools

Below stated are a few scholarships and fellowships offered to Indian students based on their GMAT scores. You need to focus on a higher GMAT scores for a succesful scholarship application.

GMAT-based scholarships are acquired by aspirants with poor financial backgrounds who aim to pursue MBA from foreign B-schools. Scholarships for GMAT help them to bear the high tuition fee, running expenses, and repay the loans since the pay packages are quite high. Based on the College and Universities’ necessities and requirements, and GMAT score for scholarship aspirants get the respective GMAT exam scholarship and get admitted to the B-schools. It is not at all easy to get a scholarship in GMAT.