CAT

You are qualified to apply. But you are on the borderline. So you may or may not get a call. All the best !

Last time the cut off was same for all the exams. So it could be expected this time too. Seats are not fixed as such because the college has not disclosed anything.

Hey Pradhyanand, you have a slim chance for a GD/PI call. As for category wise every year the trend changes depending on the number of people of that category applied. So apply and keep. ATB!

Almost all old IIMs have already released their shortlist and I believe interviews for the same would start next week. So, if you haven't received call from any of the IIMs, I don't think you will receive any call from IIMs. Also for all other MBA colleges that accept CAT score, you need to apply before the results are out. If you have applied to other colleges, wait till they release the shortlist. However with this percentile you should expect calls from new IIMs.

The calls for WAT/PI are based only on our CAT score. You can apply online to SJMSOM using the below link:
http://www.som.iitb.ac.in/Admissions_2016/
The cut off for general category varies between 97 to 98 percentile depending upon the applications received each year.

No. You may get a college but definitely not a good college. The cut off required in CAT is around 70% and CMAT is around 80% if you are targeting a good reputed college.
If you don't want to give up your dream to get a good college then write MAT, ATMA and MHCET exams coming in Feb/Mar. Perform well in these exams and you will definitely get a good college.
All the best.

Yes, you can choose electives of your choice in the 2nd year and you can choose the specialization of your choice.

For general category student, I don't think you get interview call from any good MBA college. Also because of your low graduation percentage, you will find it difficult to get a call from good college. I would suggest that you prepare well and try again next year. Please keep in mind that you will need to score really good in CAT to get an interview call.

Almost all IIMs have already released their shortlist and I believe interviews for the same would start next week. So, if you haven't received call from any of the IIMs, I don't think you will receive any call from IIMs. Also I don't think 88 percentile would get you calls from other good institutes like FMS etc. You should try again next year and you should prepare well for the same.