No. Your highest qualification will be 12th or equivalent. Your highest qualification is the degree that you possess on hands at the time of filling an application form. But if you will complete your graduation by 2021, as of now your highest educational qualification will remain 12th or equivalent. It cannot be Graduation. And so you will enter the 12th equivalent details in your application form. But if you have completed your Degree, then you could have filled it up as Graduation.