Top B-schools in India offering affordable MBA

Top B-Schools in India Offering Affordable MBA - There are many B-schools in India offering an affordable MBA program in various specializations. Those students who are looking for the same can check this page to know the names of the best MBA colleges in India. There are plenty of MBA colleges across the country with low fees, as against other top MBA colleges charging Rs. 50,000 to Rs.7 lakhs for a full 2-year full-time residential MBA program. This article by Careers360 analyzes the most affordable MBA low fee colleges in India offering 2-year full-time MBA/ PGDM programs to guide you in making the right MBA admission decision.

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Top B-schools in India Offering Affordable MBA

The fees for the top MBA colleges in India such as IIMs, XLRI, MDI, IIFT, NMIMS are among the highest, starting at Rs. 15 lakh and above, and so it is important to know the MBA Colleges which have low fee and good placement records at the same time. Along with those, there are many other MBA colleges fees of less than 1 lakhs. Despite securing a high percentile, MBA aspirants are often in a dilemma to choose the right B-School owing to the high fee amount and a not-so-satisfactory Return of Investment (ROI). For example, for a top MBA colleges in India like IIM, the fee could be as high as Rs. 20 lakh. This means that the candidates have to rethink whether they must pursue Management studies or go for hefty MBA education loans to pay their B-School expenses. Apart from IIMs, there are many Top MBA colleges in India with low fees.

Fortunately, a dream of pursuing an MBA is not necessarily an expensive one because there are many B-schools across the country that offer an MBA program with various specializations that too with low fee structures along with an impressive ROI. With a fee of only Rs. 25,000 for a full-time two-year MBA programme, FMS Delhi continues to be the most economical MBA college in India with good placements and in turn, a high ROI. With top-level placements at par with the IIMs and an average placement salary of Rs. 20.96 lakh in 2019, FMS Delhi takes the cake! As per the fee structure, Careers360 has compiled a list of the top B-schools in India that not only offer affordable MBA programmes at a low fee, but also have a promising future ahead in terms of career prospects and placement trends.

Best MBA Colleges in India with Low Fees

B-School Accepting CAT Scores - Location-wise

Top B-schools with Low Fees

MBA aspirants should first prepare a list of the colleges they want to join. They should make a decision based on the specification and their budget and not get carried away with the flow. Below is a list of BSchools with low fee structures.

1. Faculty of Management Studies, Delhi - Current tuition fee Rs 20,960

Established in the year 1954, the fee for a Two-Year Full-time MBA programme in FMS is regulated by Delhi University (DU). This is one of those MBA colleges fees less than 5 lakhs. The fee structure has remained the same around Rs.10,000 per annum with the total cost including food and accommodation not exceeding Rs.1 lakh for two years. In 2019, FMS Delhi witnessed an average salary of Rs. 20.96 LPA and has topped the charts in the most affordable B-schools in India which are high on Return of Investment. FMS is amongst the top MBA colleges in India with low fees.

FMS considers CAT scores for admission to its MBA programme and the cutoff is around 98.00+ percentile. Finding a good placement is no concern at this Red Building of Dreams and top recruiters include EY Consulting, Accenture Strategy, Star India, ITC, IBM, Goldman Sachs, HSBC, ICICI Bank, RBL Bank, and Reliance among others. The institute is part of one of the premier Universities world – the University of Delhi with some of the finest faculty. FMS is considered to be the best MBA colleges in India with low fees. FMS also hosts a part-time MBA programme where candidates with work experience can join.

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2. Department of Financial Studies (DFS), Delhi University (DU) – Current Fee Rs. 26,000

DFS offers two full-year MBA Programmes -an MBA in Financial Management and an MBA in Business Economics with numbers of seats 32 and 82 respectively. Selection is on the basis of the CAT score in DFS. The average placement salary was Rs. 9.2 LPA. Top recruiters for placements at DFS include Axis Bank, ICICI Bank, and American Express among many others.

3. Delhi School of Economics (DSE), Delhi University (DU) – Current Fee Rs. 36,000

For a fee as low as Rs.18,000 per annum, DSE offers a Master of Business Administration (MBA) in International Business (IB) and Human Resource Development (HRD) in a Full-Time Two-Year Course. It accepts CAT scores for admission into 146 seats. Number of seats for MBA(IB) and MBA(HRD) is 75 (62+13) for each Program. The average Placement for the MBA programmes was Rs.13 to 14 LPA.

4. Tata Institute of Social Sciences (TISS), Mumbai – Current fees Rs. 1 Lakh

TISS Mumbai is known for the Human Resources Management programme. The placements of roughly up to Rs. 20.06 LPA average salary, location, reasonable course etc., thereby producing hundreds of polished students every year. Admission is based on the TISSNET score. The entire cost of an MBA at TISS is approximately Rs. 2.38 lakh including accommodation/ hostel fees.

5. Department of Management Sciences (PUMBA), Pune University - Current fee Rs 1.3 lakh

Pune University Department of Management Sciences (PUMBA) has a slightly higher fee for candidates Outside Maharashtra State (OMS). While the fee for Maharashtra candidates stands at Rs.66,194 for one year, the fee for All India candidates for flagship two year MBA is Rs.66,694 for the same. Reserved candidates such as SC/ST/OBC are charged Rs. 32,500 per annum. The qualifying exam for PUMBA also has a slightly different structure. For Maharashtra candidates, students have to qualify for the MAH CET exam. For Outside Maharashtra Candidates (OMS), students can apply through CAT/MAT/ATMA/XAT/MAH CET.

Founded in the year 1971, PUMBA is one of the first management institutes in India and is a pioneer by itself. Recently, the university has been granted the highest rating by the National Council of Assessment and Accreditation (Bangalore). The University is also recognized by the University Grants Commission (UGC) as the University of Potential Excellence. The average placement salary was Rs. 7.06 LPA.

6. KJ Somaiya Institute of Management Studies and Research, Mumbai – 12,35,850- Tuition Fees for PGDM Programme

The Two-Year MMS Programme is quite economical costing just a meagre fee of Rs.2.04 lakh. However, the cost for Full-time MBA flagship course at SIMSR, Mumbai falls on the higher side, i.e. around Rs.11 lakh. K J Somaiya has consistently ranked among the top 25 management institutes and top 10 private sector B-schools in India. All the programmes at K J Somaiya are approved by AICTE, MHRD, Govt. of India and the University of Mumbai.

The intake for the programme is 121 seats with 50 percent seats reserved for Gujarati Linguistic Minority. The Two Year Full-Time Programme under autonomy is spread across six trimesters. Placement 2019 recorded an Average salary of Rs. 10.05 LPA and highest salary of Rs.24 LPA. Top Recruiters include Google, HUL, GEP, HSBC, Amazon, Invesco, Crisil, Citi Bank, Morgan Stanley, Barclays, SAP, Deloitte, Accenture, Capgemini. The B-school accepts CAT, XAT and CMAT scores in admission.

Below is a list of top MBA colleges in India with low fees but with slightly higher fees to help students in arranging for the MBA Programme.

Top B-schools with Fee Below Rs. 10 lakh

1. Jamuna Lal Bajaj Institute of Management Studies (JBIMS), Mumbai - Current fee Rs 6 lakh

JBIMS suddenly twisted its fee structure. From what used to be Rs.1.02 lakh for the flagship MMS programme, the revised fees will be Rs 3 lakh per annum for General Category from the year 2019-20 onwards. The fee for NRI students will be double that of the General category, i.e. Rs 12 lakh for the Two-Year MMS Flagship.

Despite a 300% fee hike, the fee for the flagship MMS 2019-21 will not go much higher as compared to other top B-schools. JBIMS, Mumbai has stuck to its intake of 120 students per year and accepts MAH-CET, CAT and now CMAT scores as well. Surprisingly, the core faculty consists of only eight permanent members on its roll. Placement in 2019 at JBIMS has recorded an average salary of Rs. 18.91 LPA and the highest salary of Rs 30 LPA. The top recruiting companies at JBIMS include Accenture, McKinsey, Goldman Sachs, JP Morgan, ICICI Bank, Hindustan Unilever, and P&G among many others.

2. National Institute of Industrial Engineering, or NITIE, Mumbai – Current fee Rs.7 lakh

This government-subsidised school charges Rs. 7 lakh for two-year postgraduate programmes offered in three specialisations —industrial management, information technology management, and safety and environmental management. Students get admission on the basis of the Common Admission Test, or CAT scores. The selection procedure is based on a cutoff of 98 percentile and above followed by group discussion and personal interview. However, NITIE only admits graduate engineers to its MBA programmes.

NITIE also offers one of the best returns on investment—the placement packages grossly overshadowing the paltry fees. In 2019, the school selected 174 of the more than 10,000 candidates who applied, giving it an acceptance rate of 1.7 percent. Deloitte, Amazon, Coca-Cola, Flipkart, Nestle, Mars and Marico are among the top recruiting companies for NITIE graduates. The average placement salary recorded was Rs. 19.77 LPA.

3. Department of Management Studies (DMS) at IIT Delhi, Delhi – Current fees Rs. 8 lakh

MBA at IIT Delhi is comparable to the best MBA programmes that are available in world-class business schools. A Two-Year Full-time MBA/PGDM costs Rs.8 lakh. Admission is secured on the basis of a CAT score. Department of Management at IIT Delhi was established in 1997 spanning an area of 320 acres including 13 hostels. DMS IIT Delhi is approved by UGC, AICTE and NBA. The average placement salary went up to Rs 16.54 LPA. Some of the leading recruiters were American Express, Citi Bank, JP Morgan Chase, ICICI Bank, P&G, Johnson & Johnson, Infosys, ONGC etc.

4. Department of Management Studies, IIT Roorkee – Current fee Rs 8.24 lakh

DMS at IIT Roorkee offers MBA specializations in Finance, Human Resource Management, Information Technology, Marketing and Operations Management. It is approved by AIC, AICTE and NAAC. DMS, IIT Roorkee accepts CAT score for Admission into its two-year flagship PGDM programme. It is regarded as a public autonomous institute. This means us that the course offered by this college is primarily PGDM and the course curriculum is set by the college itself within the guidelines of the regulatory authority. The average salary package picked up by students during placements was Rs. 9.18 LPA. Top recruiters are P&G, Deloitte, EY, Cognizant, McKinsey etc.

5. Shailesh J. Mehta School of Management (SJMSoM), IIT Bombay – Current fee Rs 8.30 lakh

SJMSOM, IIT Bombay offers a full-time flagship Master of Management degree for 8.15 lakh. Admission is based on a CAT score. The hostel fees is an additional Rs.19,000. SJMSOM recorded an average placement salary of Rs. 25.18 LPA and the top recruiters include Axis Bank, Accenture, Bisleri, Goldman Sachs, ICICI, Nestle, PwC and many more. Besides these Central and private MBA colleges, there are other State colleges that offer Management programmes at a low cost. Here is the list of the State universities offering MBA at affordably low fees.

Top University B-schools offering affordable MBA

1. Institute of Management, Banaras Hindu University, Varanasi – Current fee Rs 98,888

IMS BHU has A Full-Time MBA of two years, an MBA in Agri-Business Programme and an MBA in International Business to offer at a price as low as Rs. 98,888. The fee for Agri-Business is even lower – Rs. 61,534. In order to secure admission to IMS BHU, a valid CAT score is required followed by the institute's own selection procedures. Shortlisted candidates for admission to IMS BHU are called for group discussion based on the percentile in the CAT Entrance. The B-school has a total of 42 seats. Adani Group, Amazon, Bandhan Bank, Berger Paints, Bosch Ltd, Coffee Day Group, ICICI Prudential, Infosys, State Bank of India, TCS, Wipro are amongst the top recruiters. The average salary package recorded was Rs. 6 to 7 LPA.

2. Indian Institute of Social Welfare and Business Management (IISWBM), Kolkata – Current fee Rs 6 lakh

Established in 1953, it is the first institute in India to offer an MBA degree. IISWBM's Full-time two-year MBA programme is affiliated to AICTE. Admission in IISWBM is secured on the basis of the CAT/ MAT Score. The average placement salary is Rs. 4.5 LPA and top recruiters include Adani Group, Airtel, Axis Bank, CITI Bank, Hindustan Unilever, HSBC, IBM, Infosys, ITC, KPMG, Novartis, PwC, TCS, Vodafone, Wipro among many others.

3. Institute of Business Management, Jadavpur University – Current fee Rs 3.1 lakh

Jadavpur University affiliated Institute of Business Management is a product of the century-old National Council of Education, Bengal and was established on 11 March 1905. The institute considers CAT/ MAT/ XAT/ ATMA/ WBJEMAT scores followed by GD-PI or JEMAT scores (through counselling) for MBA admission. The current fee for the two-year course is Rs. 3,10,025. Among the leading companies who attend placement sessions at IBM, Jadavpur University is Airtel, Bisleri, Capgemini, KPMG, PwC, Titan and many other top firms.

4. Pune Institute of Business Management - Current fee Rs 4.5 lakh

Pune Institute of Business Management is one of the prestigious institutes for management education in Pune. The AICTE Approved MBA course offered here for two years costs Rs. 4.5 lakh and is affiliated with Savitribai Phule Pune University, Pune. PIBM Pune allows admission through counselling based on the rank obtained in CAT/ MAT/ XAT/ CMAT/ ATMA/GMAT/ PIBM's Aptitude Test. For campus placement, a decent number of companies visit the PIBM Pune campus like Amazon, Cognizant, Genpact, Globe Op, IBM, Indian Oil Corporation Ltd (IOCL), Infosys, Mahindra & Mahindra, NTPC, Wipro, Accenture, TCS etc. The course has a total intake of 120 seats. The average placement salary here is around Rs. 6 LPA.

5. Indian Institute of Forest Management (IIFM), Bhopal – Current fee Rs 4.80 lakh

A Post Graduate Diploma in Forest Management from IIFM, Bhopal costs Rs. 2.4 lakh per annum. Admission is basis CAT/ XAT score. The hostel fee is also quite affordable at Rs. 18,000 per annum. IIFM Bhopal has an intake of 120 seats in the MFM courses out of which 57 are meant for the General category and the rest for SC / ST. Axis Bank, BAIF Development Research Foundation Pune, BILT, CARE, Crompton Greaves, Dr Reddys LaboratoriesLtd, Ernst & Young, WWF, Yes Bank and many more top-notch companies recruit graduates from IIFM and the average salary in this B-school offered is Rs. 6.97 lakh.

MBA Colleges fees Less than 1 lakh

• FMS New Delhi: Faculty of Management Studies
• Delhi School of Economics (DSE)-Delhi University
• University School of Management Studies (USMS) – Guru Gobind Singh Indraprastha University