Your constraints don't allow a solution, so you need to prioritise them. With a GMAT under 700 and a background that is not underrepresented you stand little chance of a scholarship. Even if you have a full scholarship it seems hard to live like an MBA on only 20k a year. So your options are to study abroad or take another year to save, improve your gmat and find further financial support.

What are your goals? Why not borrow?

Realistic score may be 500- 600. 2) Just have $ 40,000 (Total for tution fees and living) in my pocket, seems quite late for Scholarship and do not want to take loan for MBA, cant wait for next year as almost 31 years old.

With all of these factors, I can't think of anything that would fit. With your anticipated GMAT score, something like UTennessee Knoxville would be in reach, academically, but tuition for international students is $50k.

Likewise, a program like Missouri - Trulaske's is within reach financially, but you'd have to get 650+ to be competitive.

I'd say do one of two things: (1) do some targeted test prep and get your GMAT to 700+, or (2) take another year to save up more. I don't think your age is really that much of an issue, all things considered.

Thank you for your inputs....

I would like to share my career goals and insights about MBA:

1) MBA is an investment for me. It will cost me between 2,00,000 - 2-70,000 USD ( two years fees and living (1,20,000 USD in top Bschool) + 2years loss of earning (1,00,000 - 1,50,000 USD)

In order to earn this amount, i need to work for three years after MBA (without having an bank balance) assuming i am earning 1,20000 USD per annum. I have a experience as i did the same for my studies in NYU ($ 70,000) for one year masters course and it took me 2-3 years to pay the loan. That means a MBA will cost 5 years of my life.

Therefore, i believe one year MBA or executive MBA program can be good options. But i am not aware of low cost one year MBA near to NYC. I prefer BSchools close to NY state due to my work ex. in NY.

2) Time is again a valuable consideration. At the age of 31, if i think to wait for one year, to get good GMAT score and funds/ scholarships that means it will be August, 2014 intake and i will complete MBA in 2016 (at 34 year of age).

Within 2013, i will become NY attorney and even land up with a job and convert my MBA to part time. Than i can easily finance and transfer my MBA to any University provided i take admission in low rank b-Schools this year. However, for this year, i will give GMAT in Feb. and i expect it to come between 500-600 (assume). I have very few low fees B-Schools left in order to select due to the deadlines.

I may also consider spring intake in B-Schools as than i will have more funds and decent GMAT score. However, i heard that few top 100 B-Schools with low fees have spring intake and chances of getting scholarship is also low in comparision with spring intake. Further, i need to search for the good low fees b-schools which provides "spring intake" for international students. Spring intake will give me time to get good GMAT score.

For me, MBA will provide me a stange for landing on top jobs (given the fact that i qualify to become a NY attorney + my experience in NY for one year as VP and experience in Big 4 firms in Asia will also help). On the other hand, waiting for one year for good b-School will be a definitive advantage alone. Will you think that waiting for 1.5 year for good B-School will be a good decision or i should pursue MBA from very low rank B-School this year.

Within 2013, i will become NY attorney and even land up with a job and convert my MBA to part time. Than i can easily finance and transfer my MBA to any University provided i take admission in low rank b-Schools this year. However, for this year, i will give GMAT in Feb. and i expect it to come between 500-600 (assume). I have very few low fees B-Schools left in order to select due to the deadlines.

It normally doesn't work this way. Very few MBA programs will take transfer credits in the way you are anticipating. If this is your plan, why not start with a part-time or flexible MBA program in New York City that you can ramp up or down as your situation changes? NYC has a few good part-time programs, but you'll most likely need a higher GMAT to get in. Check out these:

Adelphi
Iona
CUNY - Zicklin
St. John's - Tobin
Pace - Lubin
Rutgers (NJ)

Otherwise, you have too many constraints to find an MBA program with the paramaters you've set. I would only consider a program accredited by AACSB, AMBA, or EQUIS - for which you'll most likely need to increase your budget with loans, etc.