Best GMAT Scholarships for Indian Students in 2025

GMAT preparation can be challenging, and studying abroad might burn a hole in your pocket. However, there are several GMAT scholarships for Indian students, which we will inform you about in this article. You can choose the best option based on your academic background, financial needs, university/college, etc.

All the students who apply for an international MBA want to try their luck getting a scholarship. In this article, we will inform you about the GMAT scholarships and MBA scholarships for Indian students. The scholarship can vary from one form to another. However, no specific criteria guarantee a scholarship or financial assistance. Scholarships or grants can be need-based or merit-based, and as the opportunities are limited, it is recommended that you apply early. From getting a high GMAT score to applying early, there are a lot of criteria that one needs to fulfil to be eligible for a GMAT exam scholarship for pursuing a good MBA program.

What are GMAT Scholarships?

The GMAT scholarships are offered to applicants based on their GMAT scores. Majorly there are three types of MBA scholarships offered by the universities, and they are:

• Merit-based scholarships
• Need-based scholarships
• External scholarships

Students are often confused between merit-based or need-based scholarships. We have simplified this and explained below the difference between both scholarships. Candidates must also know the eligibility and criteria for applying to need- and merit-based scholarships. 

Does GMAT Help in Scholarship Approval?

Yes, GMAT scores help in getting a scholarship to study abroad. How let us understand it this way:

1. Merit-based scholarships are available for applicants who show exceptional academic performance and include GMAT scores as part of the process.
2. GMAT is a standardised exam, and getting an above-average score on the GMAT can help admission committees understand the applicant's potential to pursue the course. Plus, they will be given a scholarship to study at that university. 
3. Those with low GPA scores but have somehow managed to get a good GMAT score can again aim for a good scholarship. 
4. Apart from GMAT scores which is a crucial aspect of getting a scholarship. But other academic parameters are equally essential for assessing if the applicants are eligible for getting a GMAT scholarship or not. 

Thus, these reasons help us understand the fact that GMAT scores help in getting a GMAT scholarship approval from admission committees abroad. 

Types of GMAT Scholarships Abroad

Let us discuss the different types of GMAT scholarships abroad for those planning to avail themselves of one based on their GMAT scores. 

Merit-based GMAT Scholarships

Merit-based scholarships are granted to students with excellent academic records or extraordinary extracurricular or sports achievements. Here, the financial background of a student does not hold much relevance. Various universities and educational institutes offer MBA scholarships for Indian students.

Need-based GMAT Scholarships

Need-based scholarships are given to students with less privileged backgrounds. Students with good academic records but having financial difficulty in meeting their tuition fees for higher education. Below is a list of scholarships for GMAT offered by top business schools.

General/External GMAT Scholarships

Many agencies and organizations offer MBA scholarships to students. Many organizations also provide scholarships to MBA graduates. Students should know their GMAT scores for scholarships. Many colleges/universities offer scholarships to MBA aspirants based on their GMAT scores. So, candidates having good GMAT scores are rewarded by B-schools. However, this is not the case with every B-school. Some of the externally offered GMAT scholarships abroad are as follows:

• Tibet Fund
• East-West Center
• Canadian Bureau for International Education
• Hariri Foundation
• Consortium for Graduate Study in Management
• Harvey Fellows Program
• Institute of International Education

MBA Scholarships at Top Business Schools

Below are some of the scholarships and fellowships top business schools offer globally to international Indian students.

Applicants must note that GMAT scholarships may not solely rely on GMAT exam performance, there may be other factors that can be taken into consideration as well. Thus, applicants must not rely on scores only for GMAT scholarships.

Top GMAT Scholarships for International Students in 2025

Some of the top B-schools offering different types of scholarships for international and Indian students:

1. Stanford Graduate School of Business

The Stanford Reliance Dhirubhai Fellowship is awarded to up to five students and covers the tuition and fees for the two-year program. Within two years of pursuing the MBA at the Stanford Graduate School of Business, the beneficiaries must return to India for two years and work for an Indian organisation.

2. Imperial College London

Another popular B-school, Imperial College London, also offers GMAT score scholarships. The details of the scholarship to pursue an MBA at Imperial College London are as follows for those applying for an Advisory Board Scholarship:

• Eligibility requirements include - A self-funded applicant, demonstrating exceptional academic background or potential. Also, they should show a genuine financial need to enrol for the MBA (full-time). Also, they must have a track record of professional experience. There is also a requirement of a high GMAT score along with strong professional references. 
• Those who can fulfil all criteria can get a full tuition fee waiver of £73,000. 

3. Wharton School of Business

• Emerging Economy Fellowships: As the name suggests, this scholarship is designed for talented students from emerging economies. Students admitted to the Wharton MBA program are automatically considered for this scholarship. It includes funding for the two-year MBA program.
• Social Impact Fellowships: Students need to showcase leadership in non-profit organizations. It strengthens the graduates' and undergraduate students' leadership, operational and strategic skills. This program aims to make a positive impact in the world. 
• Joseph Wharton Fellowships: This scholarship is named after the Wharton School of Business founder, i.e. {Joseph Wharton. All students who got admitted to the B-school of the University of Pennsylvania are eligible for this scholarship. It is awarded to students with exemplary professional, personal, and academic records.

4. Booth School of Business

• The Zonis Fellowship: It is awarded to students from emerging economies. Students with excellent academic, extracurricular, and leadership achievements are eligible for this fellowship.
• Akhtar Ali H. Tobaccowala Fellowship: Those students who want to pursue a full-time MBA program from the Chicago Booth School of Business based in India are awarded this fellowship. This scholarship was created for Indian students after a donation of $1 million by the Tobaccowala Foundation. 

5. Harvard Business School

• Horace W. Goldsmith Fellowship: This scholarship was established in 1988 by Horace W. Goldsmith. The recipients of this scholarship should have worked in a non-profit organization before applying for this fellowship. It is awarded to 7-10 students willing to join the non-profit sector after completing their studies at Harvard Business School. The $10,000 fellowship is given to the first-year MBA students at Harvard University.
• The Robert S. Kaplan Life Sciences Fellowship: It is awarded to ten students who want to work in the life sciences. The $20,000 scholarship is given at admission, preferably to students who want to work in a science-related organization.
• HBS Fellowship Programs: It is a need-based fellowship awarded to aspirants with minimal financial resources to pursue higher education.

6. Haas School of Business

• Dr. Tahir Fellowships: The $40,000 scholarship is preferably awarded to students who completed their undergraduate studies in Asia and are now planning to pursue a full-time MBA from Haas Business School.

Apart from these, the Amsterdam Business School also offers scholarships based on high GMAT scores, with amounts up to €12,000 for the highest scores. Check out the complete list of scholarships available for international and Indian students.

Eligibility Criteria for GMAT Scholarship

A variety of GMAT scholarships are available for Indian and international applicants. However, the key to getting a scholarship for GMAT solely depends upon multiple factors that form a part of the eligibility criteria. Check out the eligibility criteria for GMAT scholarships below for reference:

• Any score of 655 or above is considered a good GMAT score, which can help applicants to obtain a GMAT-based scholarship.
• Since the GMAT scholarship is merit-based, it is essential that along with GMAT scores, applicants must also show exemplary academic performance and high GPA score as well.
• Those who score higher than average on GMAT to compensate for a weaker academic background can still be eligible for a GMAT scholarship. 
• Finally, universities abroad may automatically consider applicants for a GMAT scholarship, so applicants should focus on getting a good GMAT score and GPA score (check GPA using a GPA calculator). 

Students with average or low GMAT scores can also hope to get a scholarship, depending on he/she must have something concrete to showcase to the admissions committee. The low GMAT score can be compensated with any achievement in sports, extracurricular activity, or anything impressive which sets the candidate apart from other applicants. Students generally believe that getting a 695-705 GMAT score or higher is enough to win a scholarship. However, getting a scholarship based on a GMAT score may not be possible as schools look at the bigger picture and consider the complete profile of the candidate.

Students should also have a holistic approach when applying to top B-schools and prioritise their profile building. Even after fulfilling all the requirements and getting a 645 GMAT score, the scholarship is not guaranteed due to intense competition. Getting a high GMAT score also does not guarantee a scholarship at a top MBA program. However, an excellent work profile and many skills and achievements can always give you an upper hand over other aspirants.

Also, one of the most common mistakes students commit is treating the scholarship deadline the same as the admission deadline. Moreover, numerous GMAT scholarships are available for international students, and the requirements for all these vary. Students should always search the institutions or colleges to which they are applying to determine their specific requirements for financial aid. Before applying for a scholarship, one should always check the eligibility criteria.