IBS Mumbai Scholarship Details

Krishmand Chettri

Updated on - Sep 25, 2024

ICFAI Business School (IBS) Mumbai extends scholarship opportunities to eligible students, with government scholarships not being available.  IBS has recently announced scholarships worth INR 10 Crores for the same. Various scholarship types are offered at IBS Mumbai, including the following:

• IBSAT Scholarship
• Merit-based scholarships
• Wards of Defence Personnel Scholarship (Retired/Serving)
• Bridge Loan Facility
• IBSAT National Mock Test

IBSAT Scholarship

Scholarships amounting to INR 10 Crores have been announced by IBS for the IBSAT 2023 top performers. Candidates applying with the scores of the management entrance tests like GMAT, CAT, NMAT, and XAT should also appear for IBSAT in order to be considered for the scholarship. IBS is planning to award around 500 merit scholarships to the below categories of students in addition to the IBSAT top performers. 

Each scholarship amounts to INR 2 lakhs per candidate, with the flexibility of adjusting INR 1 lakh each in the first and second-term installments against the program fee. Apart from the IBSAT Toppers, the scholarships are provided to the following section of students listed below.

• Wards of IBS Alumni
• Wards of Defense Personnel (Serving/Retired)
• Physically Challenged Candidates

Merit-Based Scholarships

• Top performers in the management entrance exam i.e. IBSAT are eligible for this merit-based IBS Mumbai Scholarship.
• The IBS Mumbai scholarship is given based on the graduate student's past academic performance. 
• This scholarship amount will be prorated equally over the course of five program fee installments.

Wards of Defence Personnel Scholarship (Serving/Retired)

• Defence personnel are eligible for a discount on the programme price at IBS Mumbai however they are not eligible for service or retirement.

Bridge Loan Facility

• Under the Bridge Loan Facility, IBS Mumbai accepts the first installment of the Program fee in partial payments by way of one Demand Draft and three cheques in equally distributed amounts. IBS students may utilize this facility until the bank loan is sanctioned. The details are provided in the Selection Letter.

IBSAT National Mock Test

IBSAT 2024 is an online proctored management entrance test designed to assess candidates for admission to the IBS (ICFAI Business School) MBA/PGPM 2025-27 campuses. The test syllabus, similar to CAT, consists of four sections, with 140 marks to be completed in 120 minutes. As part of the preparation, IBS offers a National Mock Test series starting from August 31st, with eight test dates available until December 7th. These mock tests provide a valuable opportunity for candidates to practice in a simulated environment, and only those who take the proctored mock tests will be eligible for prize money.

Students willing to appear for the test need to register for it online.  Students can either write the practice test or the proctored test and can take a maximum of 5 practice tests, either before or after the proctored test.

A total of 100 prizes will be awarded, with the top three prizes being Rs 1,00,000, Rs 50,000, and Rs 25,000, respectively, and 97 additional prizes of Rs 5,000 each. Registrations for these mock tests are free, making it an accessible opportunity for all aspiring management students.