European schools are renowned for their 1 year courses. Not many US schools offer the 1 year course though - for a Full time MBA that is. If you are looking for an executive MBA, it is a diff story. With a 7 year experience and a killer GMAT score as yours..you can try for IIMs PGPX courses.
In EU - there is INSEAD, IMD, Rotterdam, ESADE, Bocconni, EDHEC, HEC Paris etc. It totally depends on your post MBA goals as most of these schools do offer loan programs which you can avail over your 20 L INR loan.
With a 770 and 7 years work ex..I would seriously try for ISB though.
Time to play the game...