Indian Institute of Management Visakhapatnam – [IIMV], Visakhapatnam Scholarships

Scholarships Offered at IIM Visakhapatnam

1. Ministry of Tribal Affairs Scholarship (ST)

The Ministry of Tribal Affairs, under the Government of India, provides financial assistance for higher education to Scheduled Tribe students in the first year of the PGP program. This scholarship covers full tuition expenses.

Scholarship Details: National Scholarship for Higher Education for Scheduled Tribe students

2. Ministry of Social Justice and Empowerment Scholarship (SC)

The Ministry of Social Justice and Empowerment, Government of India, offers financial support for higher education to meritorious Scheduled Caste students in the first year of the PGP program. This scholarship is a means scholarship that covers full tuition expenses.

Scholarship Details: National Scholarship for Higher Education for Scheduled Caste

3. Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD)

Students with a disability of not less than 40% and holding a disability certificate issued by a competent medical authority are eligible for this financial aid. This means scholarship is worth INR 2,55,000 per annum.

4. Merit Cum Means Scholarship for Professional and Technical Courses CS

This scholarship is awarded to economically disadvantaged and meritorious students from minority communities who have achieved an aggregate of not less than 50% marks or an equivalent grade in their previous final examination. Additionally, the annual income of their parents/guardians from all sources must not exceed INR 2.50 lakh.

5. Complimentary Scholarships offered by Official Authorities

In addition to the above-mentioned scholarships, students have the opportunity to apply for scholarships offered by other official organisations. IIM Visakhapatnam encourages students to explore merit-based scholarships offered by state and central governments, as well as private bodies.

Students can also explore scholarships on the official National Scholarship Portal (NSP) website at https://scholarships.gov.in/ and apply based on the eligibility criteria of the respective schemes.

IIM Visakhapatnam Scholarships Eligibility Criteria and Procedure

Eligibility: Scholarships at IIM Visakhapatnam are available to all PGP students with an annual household income of less than INR 6,00,000 (Rupees Six Lakh only). In the event of unforeseen circumstances, students may also be eligible to apply for such financial aid.

Scholarship Allocation Procedure:

The Financial Aid Committee has established specific guidelines for determining the number of recipients and the amount of financial aid. This process involves two steps:

1. Initial Scoring: Students are evaluated based on the following factors: i) Annual Gross Household Income (including the student’s income if employed before joining IIMV and any outstanding loans, provided they were not taken for conspicuous consumption) ii) Household Savings iii) Real Estate Assets iv) Other Assets

2. Personal Interaction: Students meeting the initial scoring criteria will have a personal interaction with a faculty panel. This interaction aims to assess the genuine need for financial aid, and based on this, students will receive a Financial-need Score.

The final scholarship amount, whether it’s 100%, 80%, 60%, 40%, or 20%, will be determined by the overall weighted average of these scores.

Required Documents for Applying for Scholarships at IIM Visakhapatnam:

To apply for financial assistance at IIM Visakhapatnam, you will need the following documents:

1. Income Certificate
2. Income Tax Returns for the last two years
3. Household Savings Documents: This includes all savings and investments, such as bank savings accounts, PPF, term deposits, savings certificates, investments in bonds, mutual funds, equity, etc., for both the applicant and all family members.
4. Property Documents: Any documents related to real estate assets, such as apartment, home, or land ownership.
5. Other Asset Documents (Affluence): This includes details of assets like two-wheelers, four-wheelers, washing machines, refrigerators, home theaters, air conditioners, televisions, digital/video cameras, etc.
6. Loan Documents (if applicable)
7. EMI Payment Receipts (if applicable)

How to Apply for Scholarships at IIM Visakhapatnam:

Here’s the step-by-step procedure for applying for scholarships at IIM Visakhapatnam:

Step 1: Visit the official website or portal where you want to apply for financial aid. This could be the IIM Visakhapatnam website or the National Scholarship Portal (NSP) at https://scholarships.gov.in/, among others.

Step 2: Check for the scholarship programs available on the chosen portal.

Step 3: Prepare the necessary documents required for the applicable scholarship scheme. Commonly needed documents include Income Certificate, IT Returns for the last two years, Household Savings documents, Property documents, and other asset documents (Affluence) like details of vehicles, appliances, electronics, etc. Some scholarships may also require Loan Documents and EMI payment receipts.

Step 4: Apply for the scholarship once you meet the eligibility criteria and have all the required documents. Make sure to save the temporary or permanent ID generated for future reference.