It is well-known that colleges and universities offer scholarships to their students. Financial difficulties stop all candidates and students from being able to pay for their college education. In this article, you will read more about the many IIM Visakhapatnam scholarship options and their application process in this Formfee article.

Founded in 2015, the IIM Visakhapatnam is among the newest IIMs. IIM Bangalore acts as IIM Vizag's guardian. IIM Visakhapatnam costs INR 17.85 lakhs for MBA tuition. IIM Vizag is ranked 29th out of all the other top B-schools in India by NIRF 2023.

The main goal of IIM Visakhapatnam is to attain global benchmarks for excellence in management research, management, and associated disciplines. This would facilitate advancing the inclusive, equitable, and sustainable national development objectives specified in the Act's Objects.

At IIM Visakhapatnam, one of the top priorities is to provide good institutional, intellectual, and physical resources to support excellent teaching-learning methods and research culture.  The Institute has swiftly established a solid reputation among the IIM community, largely due to the vibrant and brilliant student body that comes from over 20 states across the country, as well as the founding faculty team's outstanding teaching and research credentials.

IIM Visakhapatnam Scholarship Details

IIM Visakhapatnam has introduced merit-based scholarships for the PGP Batch of 2022-24. Up to a maximum of INR 6.0 lakh in scholarships are available to the top two PGP batch (2nd year) scorers per student.

IIM Visakhapatnam, popularly known as IIM Vizag, has launched multiple grants with the goal of giving students access to high-quality schooling without putting them in financial hardship.

Students at IIM Visakhapatnam can apply for several IIM Visakhapatnam scholarships. The IIM Visakhapatnam scholarship serves as a support for students who are not able to pay for the cost of tuition for the IIM Visakhapatnam excellent education.

The most renowned IIM Visakhapatnam scholarship is the Need-Based Financial scholarship, which is a component of the university's internal scholarship program. Candidates must apply in order to be considered for the Need-Based Financial at IIM Visakhapatnam scholarship. For individuals who are selected for it based only on need, it is sometimes referred to as financial assistance. The IIM Visakhapatnam committee overseeing the Need-Based Financial Candidates is assessed for the scholarship by the IIM Visakhapatnam Scholarship. The institute considers a number of variables before awarding scholarships based on need. These eligibility requirements are decided by the committee itself.

The purpose of the IIM Visakhapatnam scholarship is to give students the necessary financial assistance. The university wants to ensure that no deserving candidate will be denied admission to IIM Visakhapatnam because of inability to pay. IIM Visakhapatnam is aware of the significance of exposing its students to modern developments and worldwide standards in order to enhance their learning.

Those who possess potential and abilities are encouraged to apply to the institute. The purpose of the IIM Visakhapatnam Scholarship is to support this specific group of worthy applicants. Candidates need help fulfilling the requirements for the fee. The company offers Need-Based Financial aid. IIM Visakhapatnam awards scholarships to those candidates in need of money assistance. Their tuition and other associated costs are covered by need-based financial aid.

Money problems should not prevent any deserving participant from receiving an excellent management and leadership education. For those who find the unrestricted structure too tall and confusing, the Need-Based Financial IIM Visakhapatnam scholarship could be helpful.

Need-Based Financial Award: Participants may apply to IIM Visakhapatnam for this award if they are experiencing financial difficulties covering their expenses or fulfilling program requirements. To monitor the Visakhapatnam scholarships, the Indian Institute of Management has formed a committee. The committee takes into account several variables specific to each participant's situation prior to selecting the recipients of the Need-Based Financial IIM Visakhapatnam scholarship. The committee responsible for overseeing the IIM Visakhapatnam scholarships conducts this evaluation each year. The committee takes the participant's family's income and assets from the prior fiscal year into account. An IIM Visakhapatnam scholarship is given by taking into account the participants' academic records and disciplinary histories. 

The main scholarship program that IIM Visakhapatnam Scholarships offers is the Need-Based Scholarship. We will examine the various scholarships offered by IIM Visakhapatnam in this article.

Types of IIM Visakhapatnam Scholarship

Below is a table of different types of IIM Visakhapatnam scholarships

Name of IIM Visakhapatnam Scholarships	Amount of IIM Visakhapatnam Scholarships
Central Sector Education Scholarship Scheme for SC Students	N.A.
National Scholarships and Fellowships for Students from the Southeast Seeking Higher Education	INR 31,000
Minority Communities have a merit-based scholarship program	INR 20,000
Need cum Merit-Based Financial Assistance	Tuition Fee Exemption

Need-Based Financial Assistance (NBFA) Scholarship at IIM Visakhapatnam

At IIM Visakhapatnam, deserving individuals can apply for need-based financial aid (NBFA). These are some important details about the NFBA scholarship.

The Indian Institute of Management Visakhapatnam offers financial help (NBFA) to all qualified candidates who are admitted into the Postgraduate Programme in Management (PGP). IIM Visakhapatnam's Need-Based Financial Assistance (NBFA) program's main work is to ensure that no participant's financial limitations prevent them from enrolling in the program. When determining how much and to whom to provide aid, the NBFA Committee follows two processes.

• The participants' financial needs will be established in the first step by analyzing the students' applications. Based on the results of the first round, some of the candidates may be invited to meet with the NBFA Committee. The performance of applicants in phases I and II of the screening process will determine their eligibility for financial help.
• Financial aid is frequently granted at a level comparable to the cost of attendance for that academic year. Payments under the NBFA are computed as a percentage of the maximum amount specified and are based on the family's income.
• The following are the annual amounts: up to 1.5 lakhs, 1.5 lakhs to 3 lakhs, 3 lakhs to 5 lakhs, 5 lakhs to 8 lakhs, and 8 lakhs to 10 lakhs.
• It is necessary for candidates to take a loan from a reputable bank and use the funds from the loan account to cover their tuition during their stay in school. The total amount granted under the NBFA program will not exceed the amount allowed for that particular academic year.
• The participants' disciplinary histories will also be considered when awarding NBFAs.
• Only a portion of the tuition fee loan will be covered by the NBFA, and it won't be disbursed until the necessary documentation from the loan account verifying the fee submission is received. Individuals who fulfill the prerequisites should submit a completed application by the date specified by the Scholarship Committee.
• Applications received beyond the deadline won't be examined.  In the first round, applications that are comprehensive and have the required supporting documentation will be reviewed.

The need-based scholarships are meant especially for deserving students who are having financial difficulties covering their educational costs.

The quantity of financial aid awarded to the student and their eligibility for scholarships are both influenced by their family's income. If a student's household income is less than 1.5 LPA, they are qualified for a 100% scholarship.

Eligibility For Scholarship(%)	Family Income
100	<= 1.5 LPA
75	1.5 LPA - 3 LPA
50	3 LPA - 5 LPA
25	5 LPA - 8 LPA

IIMV is dedicated to creating an atmosphere in which students' access to education isn't restricted by their inability to pay. With this dedication and goal, IIMV has expanded the amount of need-based financial aid awarded to students and the number of students who are able to take advantage of the policy. Below is a summary of the financial aid statistics that the students received.

Batch	The mean amount of aid received (as a percentage of the total cost)	Percentage of the batch receiving financial assistance (%)
2021-23	30.91	17.46
2020-22	25.34	11.11
2019-21	40.00	6.40
2018-20	37.50	7.62
2017-19	58.33	9.84
2016-18	76.00	9.62
2015-17	55.00	7.41

IIM Visakhapatnam Scholarship for Merit cum Means

First- and second-year PGP students are eligible for the Merit Cum Means Scholarships, which are awarded only to worthy members of disadvantaged minority groups with modest yearly family incomes. The award was carefully crafted to support PGP students. Students are awarded scholarships based on their family income and their previous academic year's CGPA.

• Low-income students from ethnic backgrounds can receive financial assistance through the Merit-cum means-based Scholarships.
• Students with high academic standing who want to participate in PGP courses can apply for the IIM Visakhapatnam Scholarships for the Merit-cum-means Scholarship.
• A minimum cumulative GPA of 50% is required of the students (or a comparable grade on the previous final exam).
• The total annual income of the parents or guardians should not exceed INR 2 lakh.
• Every academic year, IIM Visakhapatnam selects 20 students for Merit-cum-scholarships. Candidates must have a grade of C+ or better and a minimum CGPA of 6.5 in order to be eligible.

The sum that is accessible through the Merit Cum Means Scholarship

IIM Visakhapatnam Scholarships Amount	IIM Visakhapatnam Scholarships Amount
For both hostelers and day scholars, the annual salary is INR 20,000, whichever is less, subject to actuals.	Course Fee
For 10 months, day scholars will pay INR 500 per month, and hostel-residing students will pay INR 1,000 per month.	Maintenance Allowance

IIM Visakhapatnam Scholarships of Need-Based SC/ST

The most popular scholarship offered to MBA students at IIM Visakhapatnam is the need-based financial aid program. Financial aid is often awarded to worthy students from low-income backgrounds. At the time of enrollment, students who wish to participate in this program must submit the required paperwork. Aid will only be awarded to selected students once their eligibility has been confirmed.

Financial aid is offered by the Indian Institute of Management Visakhapatnam to all eligible candidates who are accepted into the courses. With the goal of ensuring that no participant's financial limitations prevent them from participating in the institute's educational programs, IIM Visakhapatnam offers grants according to need through its Need-Based Financial Assistance program.

• In the first round, the applications that the students submitted will be examined to ascertain the participant's financial needs. Following the first nomination phase, the Committee might decide to arrange a meeting with a few of the candidates. Whether or whether candidates are qualified for financial aid will depend on the outcomes of stages I and II of the screening process.
•  financial help is given out at a rate that is somewhat less than the tuition for that particular academic year. The scholarship amount is based on the family's income, with a part of the maximum amount being set away. The following are the annual amounts: up to 1.5 lakhs, 1.5 lakhs to 3 lakhs, 3 lakhs to 5 lakhs, 5 lakhs to 8 lakhs, and 8 lakhs to 10 lakhs.
• It is required that students have taken out a loan from a reputable bank and paid for their tuition during their time in school using the money in the loan account. The total amount awarded by the program will not be more than the budgeted amount for that particular academic year.
• The scholarship recipient will be chosen after taking into account the participants' academic performance.
• Only a portion of the tuition fee loan will be covered by the scholarship, and it won't be awarded until the necessary loan account payment proof has been received. Those who fulfill the prerequisites ought to submit a thorough application by the date specified by the Scholarship Committee.
• Applications cannot be submitted by candidates after the deadline.  In the first round, applications that are complete and include all necessary documentation will be processed.

The need-based scholarships were specially made for deserving students who have financial difficulties funding their education. A student's eligibility for scholarships and the income of their family determine how much financial aid they receive. A student is eligible for a 100% scholarship if their family's income is less than 1.5 LPA.

Family Income	Eligibility for Scholarship(%)
<= 1.5 LPA	100
1.5 LPA - 3 LPA	75
3 LPA - 5 LPA	50
5 LPA - 8 LPA	25

The Central Sector Scheme (CSS) offers National Fellowships and Scholarships to Scheduled Tribe Students Pursuing Higher Education

• The IIM Visakhapatnam scholarship, formerly the Top Class Education for Scheduled Tribe Students, provides financial aid to ST students.
• Scholarships for Ph.D., M.Phil., and integrated M.Phil. + Ph.D. programs are available to students seeking advanced degrees through National Fellowships.
• For students to be eligible for National Fellowship Scholarships, they need to have earned at least 55% in their graduate program at an accredited university. The pupils will be chosen based primarily on merit.
• Students can apply for the National Fellowship Programs without having to meet any specified income requirements.
• The maximum age for National Fellowship Scholarships should be 36 as of July 1st, the year the fellowship is awarded.
• Students must have completed their Master's degree exams in order to be eligible for the National Fellowship and Scholarship for Higher Education of Scheduled Tribe Students (Central Sector Scheme).
• Students will be chosen according to their credentials. Students who fit the conditions can apply for the scholarships online at https://fellowship.tribal.gov.in.
• The combined National Fellowship and Scholarship programs have 750 slots available.
• If more people apply than there are spaces available for the fellowship program, post-graduation grades will be taken into consideration during the final selection process.

IIM Visakhapatnam Scholarship for M.Phil. and Ph.D. Eligibility and Duration: National Fellowship and Scholarship for Scheduled Tribe Students' Higher Education (Central Sector Scheme).

Course	Eligibility	Duration
Ph.D.	Qualification: Minimum 55% marks at the final examination at the post-graduate level from a recognized university. Income Requirements: The National Fellowship and the Scholarships program does not impose any income requirements on its eligible students. Age Requirement: As of July 1st, the year the scholarship is awarded, the applicant may not be older than 36.	5 years or the date of submission of the dissertation, whichever is earlier.
M.Phil.		two years, or until the dissertation is submitted, whichever comes first.
M.Phil. + Ph.D.		Five years, or until the dissertation is submitted, whichever comes first.

Program fees and other expenses are reimbursed by the National Fellowship & Scholarship program.

Below is a list of the compensation amounts for each course and stream

Amount of National Fellowship & Scholarship Reimbursement

Course	Stream	Contingency Annually	Scholarship
Ph. D	Humanities and Social Sciences	INR 20,500	Three years at INR 31,000 and the final three years at INR 35,000
	Engineering Technology/Science	INR 25,000
M.Phil.	Humanities and Social Sciences	INR 10,000	INR 31000
	Engineering Technology/Science	INR 12,000

Note:

• Monthly Escort Allowance for Divyangjan: INR 2000 (comparable to UGC rates)
• HRA for each course (monthly): 8%, 16%, or 24%, depending on the city, is equal to UGC rates.

IIM Visakhapatnam Scholarship offered by External

In 2018, IIM Visakhapatnam created an account on the National Scholarship Portal (NSP). IIMV encourages its students to submit scholarship applications to different outside financing organizations. Additionally, IIMV pledges to offer all support and help to students who submit an application for an external scholarship. A list of students who have benefited from outside financing is provided below.

Batch Year	The mean amount of aid received (as a percentage of the total cost)	The percentage of the batch that was awarded external scholarships
2021-23	-	-
2020-22	39	8
2019-21	76	6
2018-20	100	5

Scholarship for Professional and Technical Courses in Merit Cum Means

The Merit Cum Means Scholarship for Professional and Technical Courses is only given to deserving minority candidates with modest yearly family incomes. The award was carefully designed to support students pursuing technical and professional degrees.

• Merit-cum means-based scholarships provide financial assistance to low-income students from a variety of ethnic backgrounds.
• Applying for the IIM Visakhapatnam Scholarship at Merit-cum-means is open to students with good academic records who want to study professional and technical courses.
• Students must have a cumulative grade point average of at least 50% (or have received an equivalent score on the previous final exam).
• The total annual income of the parents or guardians should not exceed INR 2.50 lakhs.
• Students who identify as members of minority groups, such as Muslims, Sikhs, Christians, Buddhists, Jainites, and Zoroastrians (Parsis), are eligible to apply for IIM Visakhapatnam Scholarships under Section 2(c) of the National Commission for Minorities Act, 1992.

What are the IIM Visakhapatnam Scholarship Eligibility Criteria and Procedure?

IIM Visakhapatnam Scholarship Eligibility: PGP students may apply for scholarships at IIM Visakhapatnam if their annual household income is less than INR 6,00,000/- (Rupees Six Lakh only). Students may also be qualified to request for this kind of financial assistance in the event of unforeseen circumstances.

The process for granting Scholarships

The selection of recipients and the amount of financial aid are made in accordance with rules established by the Financial Aid Committee. It's a two-step procedure wherein the students are first scored according to the following criteria:

i) Annual Gross Household Income, which includes any outstanding loans and the student's income if they were taken out for conspicuous consumption if they were employed before attending IIMV.

ii) Cash in the Home

iii) Assets in Real Estate

iv) Extra Resources

Following consideration of the aforementioned elements, students will be invited to have a one-on-one meeting with a panel of faculty members. Students will receive a financial score after demonstrating their actual need for financial assistance.

The scholarship recipients would be determined by the aggregate weighted average of the scores thus obtained, which may be 100%, 80%, 60%, 40%, or 20%.

What type of documentation is required to apply to IIM Visakhapatnam for scholarships?

In order to apply for financial assistance from IIM Visakhapatnam, the following documents are required

• Income Declaration
• For the previous two years, IT Returns
• Documents related to household savings: Contains all investments and savings for the individual and every member of the family, including term deposits, PPF, bank savings accounts, savings certificates, investments in bonds and mutual funds, equities, etc.
• Property paperwork: Contains ownership documents for any type of real estate, including homes, apartments, and land.
• Additional asset records Wealth): Contains possessions such as a washing machine, refrigerator, home theater, air conditioning, TV, digital/video camera, and other items.
• Loan records, if any
• receipts for EMI payments (if any)

How can one apply to IIM Visakhapatnam for scholarships?

The following is the general process for IIM Visakhapatnam scholarship applications

Step 1: Go to the official website of the organization you want to apply to for financial aid. The websites of IIM Visakhapatnam and the NSP Portal, https://scholarships.gov.in/, among other governmental bodies, maybe the source.

Step 2: Check the portal you visited to see if any scholarship programs are now live.

Step 3: Gather the necessary paperwork for the relevant scholarship program. Income Certificates, IT Returns for the previous two years, Household Savings documents, Property documents, and other asset papers (Affluence) such as Washing Machines, Refrigerators, Home Theaters, Air Conditioning Units, Televisions, Digital/Video Cameras, and so on may be among the mutual documents. Loan documentation and receipts for EMI payments are two examples of optional documents.

Step 4: After meeting the requirements and submitting the necessary paperwork, apply for the scholarship. For future use, store the generated temporary or permanent ID.

Frequently Asked Questions About IIM Visakhapatnam Scholarships

Q. Can I get 100% scholarship for MBA in IIM?

Ans. Financial aid is awarded to candidates at 100%, 80%, 60%, 40%, or 20% based on the weighted average of these two scores.

Q. Which IIM has lowest fees?

Ans. The MBA fees at IIM Bodhgaya are the lowest. Right now, the cost is INR 15.50 lakh. It is possible to pay the MBA tuition at IIM Bodhgaya in installments, and there are loan and scholarship options.

Q. What are important documents required for applying at IIM Visakhapatnam Scholarships?

Ans. In order to apply for financial assistance from IIM Visakhapatnam, the following documents are required

• Income Declaration
• For the previous two years, IT Returns
• Documents related to household savings: Contains all investments and savings for the individual and every member of the family, including term deposits, PPF, bank savings accounts, savings certificates, investments in bonds and mutual funds, equities, etc.
• Property paperwork: Contains ownership documents for any type of real estate, including homes, apartments, and land.
• Additional asset records Wealth): Contains possessions such as a washing machine, refrigerator, home theater, air conditioning, TV, digital/video camera, and other items.
• Loan records, if any
• receipts for EMI payments (if any)

Q. What is the eligibility criteria for availing scholarships?

Ans. Eligibility: PGP students may apply for scholarships at IIM Visakhapatnam if their annual household income is less than INR 6,00,000/- (Rupees Six Lakh only). Students may also be qualified to request for this kind of financial assistance in the event of unforeseen circumstances.

Q. Who is eligible for IIM scholarship?

Ans. Details of the IIM Bangalore Scholarship. Any PGP student whose family income is less than INR 8,00,000 per year is qualified to apply for financial aid. We also take into consideration other students who have serious financial challenges as a result of unexpected events that happened suddenly.

Q. Can I study for free in IIM?

Ans. No, you won't, but if you meet the requirements, you can apply for one of the scholarships that the institutions offer. Additionally, banks are more than delighted to grant you loans without collateral if you are unable to pay the cost. The rest will take care of itself, so concentrate on getting into IIMs.

Q. Do CAT toppers get scholarship?

Ans. For each semester in which the CAT percentile is greater than 90, there is a scholarship available for INR 50,000. A 40,000 INR grant every semester is available to those with CAT percentiles between 80 and 80.99. Per semester, INR 30,000 is the scholarship amount if the CAT percentile is between 70 and 79.99.

Q. Can I get a loan if I get a admission in IIM?

Ans. Under section 80E, students can claim the interest paid on their education loans and take advantage of the student loan tax education program. Students who are accepted into a prominent university like IIM can also benefit from lower loan interest rates than they would at other kinds of universities.

Q. What is the right age to join IIM?

Ans. 25 years of age minimum as of March 31st of the year the PGPX program starts. (For example, in order to be eligible for PGPX 24–25, which starts in April 2024, a candidate must be born on or before March 31, 1999, and must have reached the age of 25 by March 31, 2024). The maximum age is not specified.

Q. Does IIM accept freshers?

Ans. Here, you can observe that a sizable portion of the candidates are freshmen, despite the fact that many of them have job experience from a real class at IIM Ahmedabad. They had no prior work experience when they enrolled in the MBA program immediately after receiving their bachelor's degree.