Hello Ankur , Yes ,a student of commerce background could opt for MBA in IITs.

IITs earlier only used to take engineering students for pursuing MBA degree from college but recently IIT Delhi and IIT Madras has also starting to call commerce students in their college in order to bring diversity.

For IIT Delhi in order to be an eligible you need to have a minimum of 60% marks in aggregate (of all the years/semesters) or 6.75 CGPA on a 10 point scale or equivalent in the qualifying degree. A relaxation of 5% in marks (i.e. min. 55%) or equivalent in CGPA (i.e. min. 6.25 on a 10-point scale) for the SC/ST candidates.

If you talk about the weightage given to different parameters then it is as follows:

CAT Score: 60

Bachelor Degree: 15

12th class Class marks: 10

10 Class marks: 05

Work Experience: 05

Extra Curricular/Others: 05

Generall for engineers according to last year statistics the CAT cut off for IIT Delhi used to be around 98+ percentile. For commerce students, it is likely to be fall around 95+ percentile. You can get a call for interview & WSAT with 90+ percentile but as CAT marks weightage is very high on the merit list so for conversion you generally require high percentile.

For IIT Madras the eligibility criteria are same as IIT Delhi with at least 60% in graduation for general category students and 55% for SC/ST students.

Parameters used by IIT Madras for giving admission to students are CAT score, Past academic performance, Work experience, Diversity and gender. CAT score again has around 55-60% weightage on the merit list. 

For engineering students CAT cut off is generally around 95 percentile with diversity as a factor for you it is likely to fall around 92-93 percentile. You can again get a call with 90+ percentile but with 93+ percentile, you will have a better chance of conversion.

As this selection process for commerce student has recently started so there is no fixed data. Still, I believe you can get a little idea about the procedure.

All the best!!