IIM

Getting admission in IIMs is not entirely based on work experience alone. There is a particular weightage assigned to each parameter. First and foremost, you need to get an exceptional score in CAT, that is, above 96-98 percentile for sure. Then there'll be scores given to your class 12th and graduation marks, and also to your work experience. If you have none, then that's fine because the combined score is what matters.

You have to clear CAT with a 99% score only then you can get admission in IIM.

If you are enrolled in the two-year PGP programme, then you don't receive any stipend. However, if you are enrolled in the FPM programme (equivalent to doctoral programme) then you are entitled to receive stipend. The stipend ranges from 20K to 35K plus accommodation.

There are chances, if you are a non-engineer with a 99+ percentile. It is much more difficult, if you are an engineer as that would require a very high percentile in order to stand at par with other candidates.

You should try for an executive one year program, as you have significant work experience.

Give CAT. And, then if you clear the cut off, you can try for some scholarship from the colleges. They help a lot. And, you may take an education loan too. Because, once you get a job from IIM, repaying isn't difficult.

It's good that you have the desire to go for another post degree equivalent course (PGDM). Yes, you can take CAT or any other entrance exams like CMAT, XAT, etc. To get admission in your desired college while you are pursuing your M.Sc you will have to work smart to cope with your college studies and entrance exams preparation.