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Tharun !
Automobile is a very good stream to get admission as it will provide you a great career in top Automobile company which is a dream job of any mechanical Engineer but i would like to recommend you to select the university cautiously as in this stream along with technical skills one also need to boost your practical ideas .here are some of the colleges where you can get admission by availing high scholarship:
1.Lovely Professional University
2.Symbiosis International University
3.IIT
i have heard that Lovely Professional University provides the scholarship upto 1.5 lakh per annum.even the university provides exposure to various technical events like International Go-Kart Championship(IGKC),Electric Solar Vehicle Championship(ESVC) ,American Society OF Mechanical Engineers(ASME) etc.even the university students gets the opportunity to represent country in international events.you can visit their websitehttp://www.lpu.in/programmes/all/12th/Engineering/Automobile Engineering (AE)/B.Tech.#Fee and can see their fee structure based on your category.

The admissions for the Sept 2016 intakes are closed now at all colleges, so you can apply for the January 2017 intake or Sept 2017. And yes it is advisable you take admission at an Indian university for the time being. Because even if you admitted later on, you will not have a gap year. Explaining gap year is a very tricky issue, and many students are rejected admission to universities abroad because they failed to explain to the admission officers how they utilized the gap year. If you continue your studies, that is a valid reason the admission officers are going to accept.
And you should start preparing for the Jan 2017 intake from now on, as it is a long and stretched out process.