If you need an internship and applying to INSEAD, January batch is for you. This applies to everyone but especially to those seeking investment banking.
If you want a chance at the full range of scholarships, you want Round 2. NOW is the time to get moving. Round 2 due in less than 2 months, and the application is VERY lengthy so must get to work on it immediately.
All the more so if you work a ton of hours - it goes without saying but the more time you spend on this app the better it will be, and the greater your chances of an admit and financial aid.