Hi,
I am a 24 year old female Indian IT engineer. I have graduated with distinction. I am working in a Japanese investment bank, as a software developer from past 2 years. My GMAT score is 700 (Q49, V36). I do not have much to talk in the extra-curriculars front.
Which tier 1 and 2 business schools can i get into? Is my work exp too less? (I will be completing 3 years if and when i start my mba).
PS: My dream school is ISB.

Thanks !!!

Your work experience does put you at a distinct disadvantage. You must know that the average work experience at ISB tends to be about five years. And at many ranked schools it's around 4-5 years, generally speaking.

So in order to be competitive at schools where you are under the average work experience, you'll have to significantly outscore the average GMAT scores. So If I were you I would be looking at the bottom of the Businessweek rankings: for instance, NCSU Jenkins has an average GMAT of 634 and average work experience of 3 years.

To be more competitive at better ranked schools, I suggest either waiting another year to apply or re-taking the GMAT, if you feel like you can get 760+.