IIMB extends financial aid to students in need of financial assistance. The objective of the Financial Aid Policy at IIMB is to ensure that no student is deprived of an education at the institute for financial reasons.
All PGP students with annual household income below INR 6,00,000 are eligible to apply for financial aid. Other students with severe financial difficulties arising from sudden unforeseen circumstances are also considered.
The Financial Aid Committee undertakes a two-step process for deciding the number of awardees and quantum of aid. In the first stage, the students are given a financial status score based on four criteria – Annual Gross Household Income (including income of the student if employed before joining IIMB and outstanding loans if any, provided they were not taken for conspicuous consumption), Household Savings, Real Estate Assets, and Other Assets. Based on this score, some of the students are called for a personal interaction with a faculty panel. During these interactions, faculty panels evaluate the financial need of the student, as well as establish the genuineness of the details provided by the student in the application and assign a financial need score. Based on the weighted average of these two scores, applicants are provided 100%, 80%, 60%, 40% or 20% financial aid.
Thus, in an effort to support the students studying at IIMB, the Development Office has worked with Alumni and Corporates to institute scholarships which are listed here.