Comprehensive Scholarship Guide for the Finance Program
The finance program at ICFAI University Aizawl is committed to providing quality education to students from diverse backgrounds. To support this mission, the university offers a comprehensive range of scholarship programs designed to reduce financial barriers and promote academic excellence.
Institute-Wide Scholarship Programs
The university provides several institute-wide scholarship programs that are available to all students regardless of their specific program or background.
MCM (Merit Cum Means) Scholarship
The MCM Scholarship is one of the most prestigious financial aid programs offered by ICFAI University Aizawl. This scholarship combines academic merit and financial need to support deserving students.
Eligibility Criteria
To be eligible for the MCM Scholarship, students must:
- Demonstrate exceptional academic performance (minimum 80% in qualifying examination)
- Meet specific income criteria for financial need assessment
- Be enrolled in a full-time program at the university
- Not have received any other scholarship or financial aid from government or private sources
Scholarship Amount
The MCM Scholarship provides financial support of up to 75% of the total annual fee structure, with the remaining portion covered by the student or their family.
Application Process
Students interested in applying for the MCM Scholarship must:
- Complete the online application form available on the university website
- Submit required documents including academic transcripts, income certificates, and identity proof
- Attend an interview with the scholarship committee (if shortlisted)
- Receive notification of the decision within 30 days of submission
University Merit Scholarship
The University Merit Scholarship is awarded to students who demonstrate outstanding academic performance in their qualifying examinations.
Eligibility Criteria
Students must have secured at least 90% in their qualifying examination to be eligible for this scholarship.
Scholarship Amount
The scholarship covers 100% of the tuition fee for one academic year, with partial coverage (50%) available for subsequent years based on performance.
Application Process
The application process involves:
- Submitting an online application form
- Providing academic transcripts and other required documents
- Undergoing an evaluation by the academic committee
- Receiving notification of the decision within 20 days
University Need-Based Scholarship
The University Need-Based Scholarship is designed to support students from economically disadvantaged backgrounds.
Eligibility Criteria
Students must:
- Provide proof of income below the specified threshold
- Demonstrate financial need for educational expenses
- Be enrolled in a full-time program
- Not have received similar assistance from other sources
Scholarship Amount
The scholarship provides support ranging from 50% to 100% of the total fee structure based on individual need assessments.
Application Process
Students must:
- Complete the online application form with detailed financial information
- Submit income certificates, family income details, and other supporting documents
- Undergo verification by the financial aid committee
- Receive notification of the decision within 30 days
Donor and Alumni Scholarships
The university has established partnerships with several donors and alumni who have created scholarship funds specifically for students in the finance program.
Alumni Foundation Scholarship
This scholarship is funded by the university's alumni network and is available to students who demonstrate both academic excellence and financial need.
Eligibility Criteria
Students must have:
- A minimum CGPA of 8.0 in their qualifying examination
- Financial need as determined by the alumni committee
- Active participation in extracurricular activities or community service
Scholarship Amount
The scholarship provides up to 75% of the annual fee structure with potential for renewal based on performance.
Application Process
Students must:
- Submit an online application form with supporting documents
- Write a personal statement explaining their academic goals and financial situation
- Undergo evaluation by the alumni committee
- Receive notification within 45 days of submission
Corporate Partner Scholarship
This scholarship is funded by corporate partners who have established a commitment to supporting finance education.
Eligibility Criteria
Students must:
- Demonstrate academic excellence (minimum 85% in qualifying examination)
- Show interest in pursuing careers in the finance industry
- Be enrolled in a full-time program at ICFAI University Aizawl
Scholarship Amount
The scholarship covers 60% of the annual fee structure for the first two years, with potential for full coverage in subsequent years.
Application Process
Applications are processed through:
- The university's online portal with detailed application instructions
- Submission of academic transcripts and supporting documents
- Interviews conducted by corporate representatives
- Notification within 30 days of submission
Industry Foundation Scholarship
This scholarship is funded by industry foundations that support students interested in pursuing careers in finance.
Eligibility Criteria
Students must:
- Have a strong academic record (minimum 80% in qualifying examination)
- Demonstrate interest in financial innovation and technology
- Be recommended by faculty members or industry mentors
Scholarship Amount
The scholarship provides support of up to 50% of the annual fee structure for three years.
Application Process
The application process includes:
- Online submission with detailed academic information
- Recommendation letters from faculty or industry mentors
- Personal interviews and written assessments
- Decision notification within 35 days
External Scholarships
In addition to the university's internal scholarship programs, students can also explore external funding opportunities that are relevant to finance education.
Government Scholarships
The government of India offers several scholarship programs for higher education that students can apply for:
University Grants Commission (UGC) Scholarship
This scholarship is available for meritorious students pursuing undergraduate and postgraduate studies. Students must:
- Be Indian citizens
- Have secured minimum 60% in their qualifying examination
- Not have any pending dues with the university
Scholarship Amount
The scholarship provides financial assistance of INR 12,000 per month for the duration of the program.
Application Process
Students must:
- Register on the UGC portal and complete the online application
- Submit required documents including academic transcripts and income certificates
- Undergo verification by the university's financial aid office
- Receive notification of approval within 60 days
Central Sector Scheme of Scholarships for College and University Students (CSSS)
This scheme provides scholarships to meritorious students from SC, ST, OBC, and minority communities.
Eligibility Criteria
Students must:
- Belong to the specified category (SC/ST/OBC/Minority)
- Have secured minimum 60% in their qualifying examination
- Be enrolled in a full-time program at an approved institution
Scholarship Amount
The scholarship provides INR 25,000 per month for the duration of the program.
Application Process
Applications are processed through:
- The university's online portal with detailed instructions
- Submission of category certificates and academic transcripts
- Verification by the financial aid office
- Notification within 45 days
Corporate Scholarships
Several corporations offer scholarships specifically for students pursuing finance degrees:
Banks and Financial Institutions
Major banks such as ICICI Bank, HDFC Bank, and SBI offer scholarships to students from economically disadvantaged backgrounds who show potential in the financial sector.
Eligibility Criteria
Students must:
- Be pursuing a finance degree
- Demonstrate financial need and academic merit
- Be recommended by faculty members or industry mentors
Scholarship Amount
The scholarship provides support ranging from INR 50,000 to INR 100,000 per year for the duration of the program.
Application Process
Applications are submitted through:
- The bank's official website or regional offices
- Submission of academic transcripts and financial documents
- Interviews conducted by bank representatives
- Notification within 30 days
Technology Companies
Companies like Microsoft, Google, and Amazon also offer scholarships for students in technology-related fields, including finance technology (FinTech).
Eligibility Criteria
Students must:
- Be pursuing a degree in finance or related field
- Demonstrate interest in FinTech and innovation
- Have a strong academic record
Scholarship Amount
The scholarship provides financial support of up to INR 150,000 per year for the duration of the program.
Application Process
Students must:
- Apply through the company's official website or career portal
- Submit academic transcripts and project portfolios
- Participate in online assessments and interviews
- Receive notification within 45 days