Swetha,
Good to hear from you!!
And thanks for dropping by.
1) As I asked above: what are my chances of getting into top 10 US schools?
So first off, I think I need to maybe bring up a bit of a reality-check for you. An an Indian/male/tech candidate with what I see from what you have written as "middle-of-the-road" experience, top 10 programs will be long shots for you, no matter how good you score on your GMAT. You can for sure apply to one or two of your dream schools, the ones you love the most, but the chances will be slim. Depending on your score, your "Sweet spot" may lay in the 10-30 range.
2) I am planning to give GMAT by the end of this May. What is the score expected to get into these schools? Will I get enough time to prepare for my application if I give GMAT in July?
Like I wrote, even with a 720+ these schools will be challenges. But with a 700+ schools in range 10-30 will be open to you.
3) What would be total cost of the MBA programme and the living expenses during the 2 years?
Between 80=120K$ Yep! It's that much money!
4) Do the schools offer any scholarships? If yes, what would be the probability that I get one?
Many schools offers scholarships. In general if you want to get a scholarship, you get them offered by schools that are slightly less good than what you can really get into. So for example, let's say you are UCLA material. Then maybe BU would offer you a scholarship. Scholarships are generally offered to candidates schools want to entice to come because they believe they are particularly strong.
5) Is it possible to work part time in the hectic schedule? How about the study loans? Should we take loans from Indian Banks or US banks?
It's not recommended to work part-time. You will likely have your hands full. As for the study loans: wherever it is cheaper for you to borrow from!
6) How about jobs after MBA? How long would it take to pay off the entire loan?
It depends on your school, your tuition, your salary, your industry, etc. There are many loan repayment calculators online, which will help you figure that out. Many people say that if you can pay off in 10 years this is very good, but again, you need to calculate this according to the specifics of your situation.
Hope this helps!