Hey there KArthik,
Good to hear from you. I don't want to be a wet towel, but as an Indian in IT who wants to move to finance, with very little experience, and so-so GMAT, I think you should wait another year (or two).
I have worked with a LOT of Indian clients, and I have seen people with similar profiles but with more experience and a higher GMAT struggle to get into top schools. Your applicant pool is very very large and very very tough. (And on the side, I do not recommend writing that you want to switch to finance. this is what most Indian IT applicants wish, but it is not so plausible as a goal). I think that the MBA is a one-time thing, and the best thing you can do to yourself is to go to the best school possible. That is why I would recommend you waiting another two years. Get promoted! Get some leadership! Get some international experience! Boost your community service! And get 40+ points more on the GMAT!!
If you apply now with so little experience, and an okay GMAT, I feel you will only be doing yourself a disservice.
I hope this is not disappointing to hear, but better now than later!!!!
If you have any further questions or comments, do not hesitate,