i intend to answer XAT exam in 2017. but my final year graduation result will be out in may 2017 so will i qualify for admission in colleges

Yes, you are eligible for admission. But you will be required to furnish your completion of graduation details such as results and degree within a certain duration (around 45 days.)

Yes, you would need to provide the provisional certificate in June when you come to the campus and when you finally receive your degree then you would have to show the proof for that as well.