Prestige Institute of Management and Research

Congratulations as you have scored well in CMAT so you'll get PIMR easily.

Any degree form regular institute does matter but you have to make sure that what you want to do by having that degree (like: want just a degree, want good grade for better collage or better job or you want to take some good knowledge out of it).
Case 1- then no collage required you can get that from open institute too.
Case 2- Then your hard work matter.
Case 3- Depend on your hard work and ability.
Try to figure out what you want, you have the answer here.

Bangalore is good for MBA.

If you are interested to get admissions in the prestigious NLUs, then giving CLAT exams is mandatory. There are many other colleges who take the CLAT score. They also have their own admission exams like LET, LSAT etc. So if NLUs are not your priority, then you may not give CLAT, but I do recommend it.

You can get admission through the DAVV CET score. Depending on the marks obtained, the college will be allotted to you through counselling.

If your preferred location is Indore, I would say PIMR is the second best option you have after IMS. As far as I know, placements are average.