Good business schools usually look at credentials, professional and personal fit for the program.
LBS is a great business school, so in terms of credentials, if you want to be an average candidate, you want to be looking at a GPA of at least 3.3/4.0 equivalent, with 3.5 the safer bet; for the GMAT, 700-710 is safe for LBS; Work Experience 3-5 years seem optimum.
In terms of professional fit, it changes every year as admissions need to design the classroom in a way that reflects the balance they want - in terms of experience, industry, country/culture, post-MBA aspirations, and perceived personality etc.
Personal fit is up to you to understand the curriculum and demonstrate fit throughout the application.
Undergraduate institution and major, company/job desirability are important too, however LBS is rather egalitarian. So, if you aren’t an ultra high achiever, you won’t need to be a graduate of Ivies/Oxbridges in your own country and be working in Strategy Consulting or IB or PE or an elite firm/job to be easily noticed (such is the case of Harvard/Stanford).
You don’t come from a top 5-10 Indian school, isn’t close to 4.0 ( I presume), and your work experience is great but isn’t particularly golden. With a 710 GMAT I’d put you in an average, Indian male, crowded sector of applicants.
To stand out - I’d say get your target GMAT score of >720 ( so 730 and above), really understand the school and the program to show fit, show good career progression, be humble but confident throughout the process, and you have a rather decent chance.
One extra thing - LBS does focus quite a bit on extra curricular and international exposure, so do weigh that in your application.
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