GRE or for that matter, even GMAT doesn’t check your Grades or is even remotely concerned of how well or poorly you are doing at your current institution. Its just like any competitive examination, you clear the age criteria, pay the money and go and give your best exam on the day. Thats it.

But if you do have backlogs, then those will cause you some hiccups during your admission to the institute you are trying to apply via GRE. So no GRE doesnt care about your backlogs, but your application to the institutions will for sure.

• GRE is valid for 5 years, so you can attempt the exam anytime before 5 years from which you send your application packet(apply for the universities).
• i would suggest you to take the test, so that you can start applying for admission in for final semester, so as to eliminate any excess time.