BFA

You can go for animation and VFX as opportunities lie in UI Design, Graphic Design, Storyboarding, Animation Design, Game Design, 3D Modeling, Texturing and Lighting, Dynamics and VFX and of course animation (2D and 3D). I would suggest you to go by interest because it will help you achieve great heights and good packages as well.

You need to have passed class 12th with a decent percentage to be eligible to apply for BFA.

The dates have not been announced yet. Please keep a track of the official website for updates.
Link:
http://www.sirjjschoolofart.in/programmes/terms-of-admission.aspx

You need to have passed +2 from a recognized board to be eligible to apply for MGCGV for BFA.

No, there is no age limit. You need to have pass Drawing/ Painting/ Sculpture/ Applied Art as one of the subjects in 10+2.
Minimum percentage required is 45.

Yes, there is an exam in which you have to answer some multiple choice questions. These all include your +2 aggregate and forms a new percentage.

Hi Saurabh!
Having a degree will not ensure any job in the film industry. The degree will familiarize you with the film making process and will also serve as an evidence that you have knowledge about the field. But this field has cut throat competition and you have to make you own space with your hard work and dedication. It is not easy to make a career in the film industry and you really have to put your heart and soul to this career to be successful.

The forms will be made available from April onwards.

What have you been doing after completing you 12th? After a long gap I would advise you to go for a regular degree as the quality of education and value of the same is better than that of the distance course.