The Institute provides financial aid to students apart from scholarships from the Central Government and various State Governments; industry scholarships; and alumni.
In keeping with the belief that no student should be deprived of the opportunity to study at IIM Bangalore due to lack of financial resources, we extend financial aid every year to students in need of such assistance. The opportunity to apply for financial aid is given to all students whose annual household income is below Rs. 300,000 as well as to those with severe financial difficulties arising from sudden unforeseen circumstances. The primary assumption behind the IIMB financial aid/ scholarships scheme is financial needs would be the sole basis of financial aid rather than merit-cum-means. Attributes such as academic performance, category (SC/ST/OBC), prior education background and work experience of the applicant would not be considered (although some of these information would be sought in the application form).
The Financial Aid Committee undertakes a two-step process for deciding the number of awardees and quantum of aid. In the first stage, the applicants are rated on two criteria – income (family income + personal income before joining IIMB) and outstanding loans (provided they were not taken for any conspicuous consumptions). Based on this rating, some of the applicants are called for a personal interaction with faculty panels. During these interactions, faculty panels evaluate each applicants’ liquidity, credit-worthiness, and affluence; and arrive at a rank order of candidates. Based on the weighted average scores of these parameters, applicants are provided 100%, 75%, 50%, 25% or no aid.