MBA Entrance Exam

Mumbai-based colleges accept more of MHCET and UBS is the only good school accepting MAT score.
https://www.shiksha.com/mba/ranking/top-mba-colleges-in-mumbai-all-accepting-mat/2-2-0-10224-306

Getting a scholarship of such a big amount is difficult, however, you can apply to state government minority Scholarship and Ratan Tata scholarship after you join MBA.

Scores are not criteria to appear for the CAT. So, yes you can appear for CAT, but if you are from the general category, it will be difficult for you to gain admission in the IIMs, which conduct CAT for admission into different IIMs.
That being said, there are still a lot of other colleges which would accept you for their MBA or related programs irrespective of these scores.

Yes, but it is difficult to get into top B-Schools in India. But surely you can get into other good MBA colleges that provide good management education and placement.

Some of the good colleges that you could fetch to get a high package include:
Ta Pai Institute of Management
Christ University
XIME, Bangalore
NIT, Warangal

Hi,
The eligibility to appear for CAT is minimum 50% in graduation. Other than that, your CAT score, your GD and interview will get you admission in a good college.

Hi,
The best colleges in Mumbai for MBA can be checked here. If you will click on each college, you will also get the eligibility criteria that includes entrances as well:
https://www.shiksha.com/mba/ranking/top-mba-colleges-in-mumbai-all/2-2-0-10224-0
CAT otherwise is the most accepted entrance for MBA.

Hi Anindita,
As far as I know, you can receive a call and admission into FMS through regular procedure.
From your placement point of view, you would have to strengthen your skill sets and project a strong candidature to secure a good job in spite of this lag. It is up to you how you are going to defend it in placement interviews and make other good qualities/ achievements of yours overshadow the 2-year lag.

MAT and CMAT both are easy as compared to CAT and XAT and you can take admission in XIME through CMAT or MAT.

BIMM-Pune, KIAMS-Pune/Harihar, Alliance-Bangalore are some of the good colleges that you might get at this score.