What is the eligibility and chances of getting into this institution?

The chances totally depend upon your score in SNAP and the subsequent rounds. The eligibility criteria can be found at the following link : http://www.sibm.edu/welcome/mba_eligibility

You should be a graduate with minimum 50 prcnt marks and should clear SNAP.

Graduate from any recognized / statutory University or Institute with a minimum of 50% marks (45% for SC/ST). Programmes which require specific discipline/ subject specialisation need to be checked for eligibility as given by the respective Institute. A candidate who has completed qualifying degree