Which university is better for MBA, University of Surrey or Newcastle University? I have offers and scholarships from both. Even though the Newcastle University is a part of Russell group and is better ranked and has an extra accreditation, is it true that the Surrey business school is better than that of Newcastle?

These are good schools, and they will be better for different purposes. Your choice is contingent on your goals. For most people, Newcastle is a better school. 

Thank you for responding Duncan. 
Me being an overseas student could only research online.
According to the overall ranks and reputation, I found out Newcastle is obviously the better school. But the THE ranking (for PG Business & Economics) 2021 gave Surrey 61st rank while Newcastle stood at 140. So this made me think that even though Newcastle business school is triple accreditated (EQUIS, AMB & AACSB), Surrey's business school is doing better with just  AMBA & AACSB.
My primary goal is to get a job right after my MBA in the UK itself, just to utilize my PSWV so that I can pay off my educational loan debts.
I'm still unsure about which university should I go through with.. I'm more inclined towards Surrey because according to a few people, it being closer to London might help me find a job quicker. But then again, Newcastle upon tyne is a good city of opportunities too, so I've heard. Could you please suggest in this regard?

The THE is a useful guide for PhD study. At the taught level, it seems that Newcastle has slightly better graduate outcomes: https://www.thecompleteuniversityguide.co.uk/league-tables/rankings/business-and-management-studies?sortby=graduate-prospects 

England is a small island. Put the school before the location. 

Thank you so much for replying again sir. 
I don't understand why the majority of the people I spoke to, in the UK, suggested Surrey over Newcastle for MBA specifically. But your response makes a lot more sense to me. Thanks again for taking the time to help me. 

The majority of people in the UK are not familiar with MBAs from different schools. Many foreigners assume that all jobs are in London but, of course, people and jobs are distributed similarly. Generally speaking London and the 'home counties' are saturated with students, and especially foreign students. Of course for some roles Surrey could be better. Focus on your goals. 

So this made me think that even though Newcastle business school is triple accreditated (EQUIS, AMB & AACSB), Surrey's business school is doing better with just  AMBA & AACSB.

In Europe, it does.