Financial Aid and Scholarships

Financial Aid

IIMV extends financial aid to students in need of assistance. The objective of the Financial Aid Policy at IIMV is to ensure that no student is deprived of education at the institute for financial reasons.

All PGP students with annual household income below INR 6,00,000/- (Rupees Six Lakh only) are eligible to apply for financial aid. Other students with financial difficulties arising from sudden unforeseen circumstances are also considered.

The Financial Aid Committee undertakes a two-step process for deciding the number of awardees and the quantum of aid. In the first stage, students are given a Financial-status Score based on four criteria:

  1. Annual Gross Household Income (including income of the student if employed before joining IIMV and outstanding loans if any, provided they were not taken for conspicuous consumption)
  2. Household Savings
  3. Real Estate Assets
  4. Other Assets

Based on this score, some of the students are called for personal interaction with a faculty panel. During the interaction, the faculty panel evaluates the financial need of the student, as well as establishes the genuineness of the details provided by the student in the application and assign a Financial-need Score. Based on the weighted average of these two scores, applicants are provided 100%, 80%, 60%, 40%, or 20% financial aid.

IIMV students wishing to apply for the Financial Aid are advised to be ready with the following documents by the time of Program Registration:

  • Income Certificate
  • IT Returns for the last two years
  • Household Savings documents: This will include all savings and investments such as bank savings accounts, PPF, term deposits, savings certificates, investments in bonds, mutual funds, equity, etc. of self and all members of the family.
  • Property documents: This will include any real estate asset, such as apartment, home, or land ownership.
  • Other asset documents (affluence): This will include assets such as Two-wheeler, Four-Wheeler, Washing Machine, Refrigerator, Home theatre, AC, TV, Digital/Video camera etc.
  • Loan Documents (if any)
  • EMI payment receipts (if any)

Scholarships

In addition to the Financial Aid, which is provided purely based on financial need, students are also encouraged to apply and avail the benefit of the following scholarships:

  1. Ministry of Tribal Affairs Scholarship (ST):
    The Ministry of Tribal Affairs, Government of India, invites applications for the National Scholarship for Higher Education for Scheduled Tribe students (i.e. of PGP first year). This is a means scholarship that covers tuition expenses in full.
  2. Ministry of Social Justice and Empowerment Scholarship (SC):
    The Ministry of Social Justice and Empowerment Government of India invites applications for the National Scholarship for Higher Education for Scheduled Caste students from Meritorious SC students (i.e. of PGP first year). This is a means scholarship that covers tuition expenses in full.
  3. Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD):
    A person having not less than 40% disability and having a disability certificate issued by any competent medical authority, may apply. This is a means scholarship which is Rs.2, 55,000 per annum.
  4. Merit Cum Means Scholarship for Professional and Technical Courses CS:
    This scholarship will be awarded to the poor and meritorious students belonging to minority communities who have secured not less than 50% marks or equivalent grade in the previous final examination and the annual income of whose parents/guardians from all sources does not exceed Rs.2.50 lakh.

Note: Apart from the above Scholarships, IIMV strongly encourages students to apply for Merit-based Scholarships offered by the various state governments or private bodies. IIMV will extend all possible help to the students to complete the necessary formalities for them to avail of respective scholarships.

 

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Andhra Bank School of Business Building
Andhra University Campus
Visakhapatnam – 530 003
 +91 891-282 4444
 info@iimv.ac.in

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