Bangalore

Hi Dileep,
There are quite a few b schools in cities like Pune, Delhi and Bangalore that offer MBA for less than 5 lakhs. You can look up the list of b schools that charge the lowest fee on coolavenues.com and as always, Shiksha also has a comprehensive list of colleges in Bangalore that charge up-to 5 lakhs.
However, you will also find that some of the most reputed and coveted colleges charge princely sums for MBA admissions. It is a fact that quality does come at a price. If it's possible, I would suggest looking for a college that does not compromise on quality of education, has reputed faculty, credible infrastructure & placement records. For instance, AIMS Institutes in Bangalore is a well-known B-school that has a good placement rate and interactive teaching methods. Their MBA costs around 8 lakhs currently and they have some great reviews at Shiksha.
Similarly there are other colleges too that offer MBA programs that are a bit more expensive but are worth the extra investment. Of course, you need to put every effort to work hard on your course but I believe that investment now in higher education will reap better rewards in your career ahead.
Hoping you will find the best fit!