I want to pursue MBA in a good college. According to you given my marks and knowing my condition what would be the best way? 

Heydo you have work experience?

I have none .

 look 87 percentile is not bad , it will surely help you to get through a desent college but then, there is no point geteting in if you can't make through the final placements.So, it will be better if you could have an experience of 2 years and apply for the executive coourse.Ypou can also look for banking and finance programs introsuced by Bank of baroda and various other banks atht assures role diectly into banks after 2 years.Simulataneously, I would suggest you to apply for governmet examination like SSC,CGL owing to the fact atht you get 87 percetile, i am 99% sure that you wil sail through it. All teh best!!

Are you an engineer? 

Is there any difference between public and pvt like pvt want cut offs more than 50% and all? Or only bank jobs are all I got?So after gaining my experience and then go for mba will I get the same problem in placements?No, I didn't do engineering..

Well After having an experience of 2 years, you may get some relaxationThe other option is to go ahead and appear for PSUs like BHEL, CCL, HPL, etc through entrance examinationsThese PSUs won't require first class.Very few private companies stepping down to your campus will entertain students who don't have first class throughout or at least 50%, that will be risky.Better safe than sorry