HI,

Yes, you can do MBA after scoring 49% in Graduation.

 There is no percentage of marks criteria, you are eligible to apply for MAT for admission to MBA course Provided you score very good in mat for a good college(435 not that decent score )

 MAT - Management Aptitude Test conducted by AIMA(All India Management Association) - The candidate must be an Indian National having completed Graduation Degree in any stream from a recognised University.

BUT FOR 

CAT - Common Admission Test, conducted by IIM(Indian Institute of Management) - The candidate must be an Indian National having completed Graduation Degree with 50% marks(45% marks for SC/ST candidate) in any stream from a recognised University.

Hi Jebin, technically speaking it is a very Big NO becuase most of the colleges have a minimum eligiblity criteria of around 50-60%. Even though it is a minimum criteria they expect through 70-80% and all. But it does not stop you here. You can apply for colleges using this score, but you need to go in for a very great performance in gd-pi-wat rounds of the college and in PI if you could convince the interview panel, then you are in. It is not easy to get a call for this score in graduation, but all depends on the seats available and some ray of luck. Else you need to try through direct admission process of the colleges, contacting the management and talking with them on this issues. It is not an end, but it is very slim chances to get calls from colleges.