If below 500 rank is your target, then your gate score target should be 70. However, it entirely depends upon the branch you are studying. But I can say 70 marks is the minimum score. For some branches like biotechnology, it can be around 65. At the same time, the qualifying mark itself of metallurgy is around 47.
So check the past qualifying marks of your branch and marks you need to score to get rank below 500.
Prepare accordingly. All the best.

GATE :- Graduate Aptitude Test in Engineering

GATE is conducted jointly by the Indian Institute of Science and seven Indian Institutes of Technologies at Roorkee , Delhi , Guwahati , Kanpur , Kharagpur , Chennai (Madras) and Mumbai (Bombay) on behalf of the National Coordination Board – GATE, Department of Higher Education , Ministry of Human Resources Development (MHRD), Government of India .

GATE score is used for admissions to post education programs such as M.Tech, PhD with stipen  provided by MHRD and other government agencies. Now GATE scores are also being used by several Indian PSU and navrattan Companies  for recruiting graduate engineers

now as you want to get rank under 500 you the effort that you have to put is immense, self belief, focus relentlessess, determination and never say die attitude is must alongwith with hours of sitting

you have not mentioned your stream here GATE is conducted in the  24 disciplines  and each have their own marks /cutt off

still I will tell you the marks you need to get to get rank below 500

you will need to get aroun about 65 marks if you want to acquire a rank under 500

please note that it is just an average marks i am telling about like for

mechanical it could be above 70

for electrical & IT it could be 55-57

Civil it could be 65-66

So its completely according to stream in wuch you have done your Graduation

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