An MBA degree opens a glorious gateway to careers for the students. Having said that the course does not come cheap. The larger and reputed the B- School, the better the placement and higher the packages. The average fees at top colleges are between 8 - 22 Lakhs INR. This includes the fees of IIM Indore as well. But the college also offers Need-based Financial Assistance to economically weaker students and excellent placements. The average salary last year at IIM Indore was 22.92 Lakhs INR. So, what looks like a huge expenditure to study MBA is balanced out through Financial Assistance and excellent packages.
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Such huge fees require scholarships and other assistance to cover the cost burden. The NBFA initiative of IIM Indore provides financial assistance to meritorious students based on need. Let’s know about this initiative below.
IIM Indore Need-Based Financial Assistance
IIM Indore offers financial aid to the needy aspirants to experience quality education. The objective of Financial Assistance (NBFA) at IIM Indore is to ensure that no meritorious students are deprived of quality education. According to the college authorities, meritorious students who have taken admission to the PGP program, PGP (HR), and Integrated Programme in Management, with annual income 9,00,000 INR can avail this aid.
The NBFA (Need-Based Financial Assistance) Committee initiates a two-step process for determining the number of awardees and amount of aid. The NBFA amount will be a percentage of the maximum quantity of financial assistance that IIM Indore decides to offer to nominees in the year. The amount of aid will be decided each year and may vary. The percentage of the aid will also be communicated to the parents of students. Disciplinary conduct of the students will be considered along with the family income of the student.
Steps of Assessing the NBFA
In the first phase, the student’s financial need will be determined by evaluating the application submitted by the students. The second phase depends on the first phase assessment; the aspirants will be called for personal interaction with the NBFA members. The NBFA Committee assesses the financial help of the participant after interacting with them. They also verify all the details related to the applications. Depending on the outcome of the above, students are provided financial assistance.
Who can apply?
All students accepted to the Post-Graduate Programme in Management (PGP, PGP HRM, IPM) with annual family income below 9,00,000 INR are eligible to apply for NBFA at IIM Indore.
Capable students who wish to avail financial assistance must apply through application forms available at PGP / IPM Office. They must apply in the form taken from the respective IIM Office only.
Any aspirants who have applied through the EWS quota but have obtained a seat through a general quota or any other quota can also apply. Any candidate who has applied through SC / ST / OBC or PwD quota can also avail NBFA if they meet the eligibility requirements.
Important Notes for students before applying NBFA at IIM Indore
One should follow a few pointers, as mentioned below before applying:
- The application forms should be complete in every respect and must be attached with the requisite documents.
- Any form which is not complete, will not be considered. Also, any application after the prescribed deadline will not be entertained.
- Before filling the form, one must read all the instructions carefully. Parents will have to fill a part of the NFA form.
- The Institute reserves all right to investigate or verify the particulars as mentioned on the application forms of Need-Based Financial Assistance.
- The NBFA Committee reserves the authority to award this assistance, and their decision is final in this case.
IIM Indore - NBFA Coverage this and previous year
In the current year, NBFA will be available to those whose family income is less than 9,00,000. The coverage will based slab-wise and provided equally - Slab I will be Below 1,50,001 INR; Slab II will be between 3,00,000 - 1,50,001 INR; Slab-III = Between 4,50,000 and 3,00,001 INR; Slab IV will be between 6,00,000 INR to 4,5,001 INR, Slab V = Between 7,50,000 INR and 6,00,001 INR, and Slab VI will be between 9,00,000 INR and 7,50,001 INR. The past year the NBFA coverage was somewhat like this as mentioned below:
The Indian Institute of Management, Indore also offers superb placement packages. The highest offered CTC last year was 50 LPA. The Median CTC was somewhere around 22 LPA. So, overall, for spending between 15 - 20 Lakhs INR, the return to such huge investment is good. Also, students receive stipends hovering between 1.54 to 4 Lakhs INR during their studies.
Added to all this, initiatives like NBFA by IIM Indore is a Godsend for the students. It further reduces the cost burden. IIM Indore also accepts various other scholarship programs like Aditya Birla Scholarship, OPJEMS Scholarship, Minority Welfare Scholarships, and others. We are hopeful that aspirants who have that skill in them to be part of prestigious institutes but are often worried to take the plunge because of the expensive study cost, will find this piece of writing useful.