I have received an acceptance letter from EBS and ISM. ISM has offered a 50% scholarship, so it will be half of what I have to pay at EBS. Also, ISM being in Munich will give me better opportunities for internships.
However, I know EBS is better in other aspects and has a better reputation. But it is located in a small town, and I may find it difficult to find internships.
My German is not good yet, but I am good at languages, so I am hopeful I will pick up speed.

Any guidance is greatly appreciated. Thank you.

PS - I might also get accepted in Frankfurt School of Finance and Management; the interview went well. But the fee is way expensive for me. Is it worth taking it if I do get the offer?

[Edited by Thejaswi on May 30, 2021]

Have you been led to these private schools by an admission consultant paid by those schools?  I don't think either of these schools claims to be able to successfully place most international students into German jobs, let alone those who don't have a professional command of Germany. 

Take a look at: Do you need to speak the local language? www.find-mba.com/board/34713 

Thank you Mr. Duncan. No, I just applied on my own. I believed that EBS is a good school, considering it had EQUIS accreditation until recently. So you suggest it is not a good school compared to ISM?

These are real, well-established, state-recognised private schools that comfortably meet the minimum requirements for higher education. However, you seem to have the goal of working at an MBA-level role in Germany. I don't think those are good options for meeting your goal. They are worse options than the state university approach I outline in that post. 

To add to this, a top MBA from a school like Mannheim would more directly lead to MBA-level roles. However, don't underestimate the time and effort it will take to learn the language. You might also be better off doing a German-language degree program at a school with strong regional connections.