Hi Prakhar,
I'm going to add to the good advice you've already received but say it a bit more "in your face" (but with love): Going to graduate school to avoid or postpone the real world and/or the job market is not a good idea at all.
I was admitted to Harvard Business School to their Deferred Admits program back in 2006 when I was a senior in college (My class actually named it 2+2). I wasn't looking to defer the real world; I just knew I wanted to go to business school and I also knew I was the kind of wild card nontraditional student who may never go to business school if I didn't "lock it in" early. I provide this information to give you a perspective from someone who applied to business school while I was very young (21-22).
You haven't said why you are not interested in getting a job, and I don't mean to make assumptions about your intentions, but it seems like you may be trying to use business school as a way to avoid the job search process. Business school is a professional degree, the main point of which is to advance your career.
You need to convey a clear, confident vision of your career in the short-term and the long-term in your application essays. MBA admissions committees will be able to see right through disingenuous statements about what you hope to do with your career, and your essays will come across as confused, wandering, vague, and/or empty if you haven't actually taken the time to reflect upon what you really want to do in your personal and professional life.
Maybe I'm wrong and you have a whole other reason why you aren't "interested in going for a job." With an engineering degree, I would think you'd be well positioned to find an entry-level job. It's great that you're thinking about business school this early, but you won't have a strong chance of getting into top 25 programs if you aren't able to convey a passion for some kind of work. And one of the best ways to figure out what you do and don't like is to have a job or three and take note of what you like, what you hate, and what you hope to experience more of.
I hope that was helpful!
Kaneisha
Harvard Business School MBA 2010, Harvard Kennedy School MPA 2010
Founder, The Art of Applying
Admissions Consulting for MBA, MPP, Joint Degrees, and Fellowships
https://theartofapplying.com
Want free advice that actually works? Sign up for my weekly MBA, MPP, and JD newsletter here:
https://theartofapplying.com/newsletter/
My clients have earned over $3.1 million in fellowships from Harvard and other top MBA, MPP, and JD programs since 2010.