Hi anantjain,
Thanks for sharing your profile with us!
I think the key question for you to consider for yourself is what your goals are in studying for an MBA, and at what point the return on your investment would no longer make sense. For example, you could almost certainly find a school in your desired geography that would accept you with your lower GPA and your anticipated GMAT score, and even a school that might provide you with a scholarship, but the question is, would you want to attend that program? For some applicants, past a certain point in the MBA school rankings, it would make more sense for them to continue in their current career path and ascend that way rather than take 1-2 years of zero income generation for a degree from an institution that won't advance their career much (if at all). That's a question that only you can answer based on what your post-MBA career goals are (both short- and long-term).
Generally speaking, keep in mind that AdComs give much more weight to your professional experience, stated career goals, and undergraduate record (in that order) than to your extracurriculars. While extracurriculars can be a good way to demonstrate your leadership skills, they count for much less than they would for an undergraduate application. What matters far more is what your impact at your employer(s) has been, what your professional track record is (promotions, increasing responsibilities, people management, etc.), and what evidence there is in your background that you'll go on to achieve great things in your future career.
In terms of school selection, your GMAT score will be an important indicator of where you're likely to be competitive. Beyond that, you'll want to research which schools have specific majors / concentrations, faculty members, student organizations, and alumni networks that align with your interests and future career goals. If financial considerations are very important for you, then bear in mind that lower-ranked schools are typically more likely to offer scholarships than higher-ranked schools, which don't "need" to offer financial incentives in order to attract top students.
I hope that helps -- feel free to reach out to us at
www.admissionado.com if we can be of further help!
Best,
Doris