Hello Aspirant,

Yes, MIT provides scholarship to candidates whose rankings are from 101 to 1000 in MU-OET list and those candidates are eligible for merit-cum-means scholarship.But the scholarship amount depends on parents annual income.
Also, the All India Council of Technical Education (AICTE) has introduced a scholarship scheme on tuition fee waiver for economically backward students enrolled to B.Tech courses. Only those students are eligible for this scholarship whose  family's annual family income is less than Rs. 6 lakhs.

I hope this helps

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