Is it possible to avail fee waiver for an MBA programme if my annual family income is less than 2.5 lacs?

Yes, it is available, but you need to have proper documentation to show what is your family and all the necessary documents.

Well, there are scholarship programs for such cases. ISBS provide the same for needy student. And, while seeing your situation I can provide you ISBS form free of cost.

Well, you need to apply for Scholarship programme and search for those B schools that provide a fee waiver to backward student. But, everything depends on your entrance score and how you perform in GD PI and which all College do you get shortlisted for. If not private B-Schools, then I would suggest