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IIM Indore Scholarships 2024

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Updated on Feb 12, 2024 0:05PM IST

IIM Indore Scholarships

Students often wonder can I study in IIM Indore for free? Such students should know that IIM Indore extends financial aid to those students who are in need of financial assistance. The IIM Indore scholarship scheme is known as the Need Based Financial Assistance (NBFA). This IIM Indore scholarship is aimed to ensure that no student is deprived of higher education for financial reasons. Moreover, NBFA maintains the required diversity in the IIM Indore classrooms. NBFA is available to all enrolled PGP, PGP-HRM, and IPM students. The last date to apply for the IIM Indore NBFA scholarship is September 15, 2024. 

IIM Indore Scholarship: Need Based Financial Assistance (NBFA)

Family annual Income from all sources per annumAny other condition which will be considered before sanction and can render the student ineligibleNBFA- educational loan interest reimbursementOther benefits
Up to Rs 4,50,000Ownership of any building not more than 600 sq. ft. anywhere in India (residential or commercial building), movable assets like FDs/ shares limit is Rs 10 lakh, and ownership of a car.100% reimbursement of the interest on the educational loan amount actually withdrawn from the bank for paying the IIM Indore fees.Rs 4,500 per month for 10 months towards mess fee reimbursement in a year. Or, Rs 1,000 per month is reimbursed for internet connection if not on campus due to the Covid19 situation.
Rs 4,50,001 to Rs  9,00,000Ownership of a building not more than 600 sq. ft. Movable assets like FDs/shares limit is Rs 10 lakh.50% reimbursement of the interest on the educational loan amount actually withdrawn from the bank for paying the fees.-

In addition, IIM Indore offers a merit-based award to a limited number of recipients of the NBFA based on their academic performance to encourage them to excel in their academic pursuits. The value of the award will be equal to the tuition fees for the year.

YearNumber of Awards
PGP Year-13 awards
PGP Year-23 awards
IPM Year-11 award
IPM Year-21 award
IPM Year-31 award
PGP-HRM Year-11 award
PGP-HRM Year-21 award

IIM Indore Scholarship: Fellowship for FPM Students

IIM Indore also provides financial assistance to its FPM students. 

  • Currently, IIM Indore FPM students can get a fellowship grant/stipend of Rs 30,000 per month during their course work and Rs 35,000 per month after clearing the area comprehensive examination as per norms. 
  • A contingency grant of Rs 25,000 per annum for four years is also provided to FPM students to support the research efforts. This IIM Indore fellowship is subject to the norms of the programme.
  • IIM Indore subsidises for presenting papers in national conferences from 2nd year onwards. For national conferences, IIM Indore subsidises expenses subject to a ceiling of Rs 30,000/- per year. 
  • For international conferences, the institute provides a subsidy of Rs. 2 lakh with a provision of attending a maximum of two international conferences.
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Indian Institute of Management (IIM Indore, IIM-A, IIMA, Indian Institute of Management Indore), Indore Scholarship Statistics 2024

Gender Male Female
Total 40 12
OBC 10 0
SC 15 3
ST 9 5
Muslim 2 0
PWD 3 2
Minority Community 0 0
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Scholarships are termed as awards of financial aids given to students for their proper education. This is a way to support deserving candidates in completing their studies and achieving their desired career. In general, there are two types of scholarships, one is the merit-based scholarships and the other is the need-based scholarships. The merit-based scholarships are given to the candidates who have performed extremely well in their studies and have a good academic record of accomplishment. Whereas, the need-based scholarships are given to the candidates who are financially deprived and cannot afford to finance their tuition fees for their desired course and degree.
Indian Institute of Management, Indore Scholarships is technically based on the needs of the candidates applying for admission into Post Graduate Programme in Management and Integrated Programme in Management. This IIM Indore scholarship has been termed as need-based Financial Assistance (NBFA). Candidates with annual family income less than 9 lakhs can apply for the IIM Indore scholarship. Candidates seeking financial help are required to fill in the IIM Indore need-based Financial Assistance form in the correct format and procedure as prescribed by the institutional website. Candidates can download the form and fill in their correct details in the blanks given. It is to be submitted at the time of admission by the interested IIM Indore candidates.

Candidates submitting the form must follow and remember few points before submitting the filled form to the concerned authorities. These points are as under:

  • Remember to fill in correct details as any wrong information might lead to cancellation of the candidature.
  • The application form must be complete and no blanks are to be left vacant by the applicants. Incomplete forms will be subject to rejection from the concerned authorities.
  • Read the instructions and information given on the form and follow the same as mentioned.
  • Signature of the parents/ guardians and students are necessary.
  • Remember that the details mentioned on the form will be crosschecked and verified by the concerned authorities and any fault found will lead to the cancellation of candidature of the candidates.
  • It is to know that the final decision will reside in the hands of the NBFA committee and no change will be initiated after the final decision of the committee. 
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FAQs about IIM Indore Scholarship

Can I get a contingency grant at IIM Indore?

At IIM Indore, a contingency grant is available for the FPM students besides the fellowship/stipend. A contingency grant of Rs 25,000 per annum for four years is provided to FPM students to support their research efforts.

Does IIM Indore provide any fellowship?

Yes, IIM Indore provides fellowship/stipend to the FPM students. The FPM students at IIM Indore can get Rs 30,000 per month during their course work and Rs 35,000 per month after clearing the area comprehensive examination as per norms. IIM Indore also provides subsidies on student’s expenses for presenting seminars in the national and international conferences.

My family income is Rs 5 lakh annually. Am I eligible for the NBFA scholarship?

The Need Based Financial Assistance (NBFA) scheme is dedicated only to the PGP, PGP-HRM, and EPGP students. As per this IIM Indore scholarship scheme, students with an annual family income of less than Rs 9 lakh are eligible to apply. So, if your annual family income from all sources is Rs 5 lakh, you are eligible to apply for the IIM Indore NBFA scholarship.

What is NBFA at IIM Indore?

Need Based Financial Assistance (NBFA) is a IIM Indore scholarship scheme for students belonging to underprivileged backgrounds. This IIM Indore scholarship is only for PGP, PGP-HRM, and EPGP students. Students with an annual family income of up to Rs 9 lakh can apply for this scholarship and can receive financial benefits. As per the scheme, the institute also awards selected students for their academic performance.

Does IIM Indore offer scholarships?

Yes, IIM Indore offers scholarships to needy and deserving students. The list of IIM Indore scholarships includes the Need Based Financial Assistance scheme. IIM Indore also offers fellowship/stipend to FPM students.
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