To get into top MBA colleges like XLRI and IIFT, you would, without a doubt have to work really hard. It would be wrong to say that it is impossible. It is possible, one just has to stay focused on what they are doing and study well.
Any recruiter from IIFT or XLRI checks whether you will prove to be a profitable employee to them or not. This is the core strategy behind their entire recruitment process. Plus, even when you manage to get into reputed colleges like these, remember that the panel would give great importance to your academic background. Low grades could prove to be a great setback for them and for you too- in terms of placement. It can block you from grabbing a placement at a good company. That's how tough the overall criteria is!
My personal advice would be to try to leave such an impression of yourself that your personality becomes memorable to them. You have to be solid and confident throughout the interview. In case you are preparing for the exams, just work hard.
If you are one of those who already have cleared the exam and simply want an idea on the interview and preparing for it, you will get it through hard work.v