Hi there,
First of all, a lower than required GPA does not mean an automatic rejection to applicants. Cambridge and any other top universities are 'holistic' in evaluating their applicants. Higher than their median GMAT score will sort of compensate a lower than required GPA (I would say around 730 for Cambridge) as it shows that you have what is necessary to follow their academic rigour. However, top universities tend to require a good explanation on lacklustre performances during bachelor years (I suggest that you be open about it, no offense , but for example if its due to laziness or immaturity its better to be straightforward about it and explain how you have matured, etc.
A good CV, extracurricular activities and recommendation letters will definitely help you on compensating any shortcomings. An excellent essay is required to makes you stands out among other applicants.
Regarding your concern on your diploma, Cambridge will ask for your transcript and they will look into the name of the academy where you have obtained your diploma. I am sure they can assess based on the academic transcript that you have obtained and on the different practice as compared in US or UK, you may perhaps provide an explanation to the admission officer in case he/she need explanation.
Hope this helps!
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