Thanks and Sorry for the late reply.
In case you are still confused regarding your MBA application, following are answers to your questions and some insights:
1. You have a competitive GMAT score. Don't worry.
2. Currently, European market is not doing great as compared to US. Work Visa is an issue for Asians. It also depends on what industry/function you are looking for. Some companies have no problem sponsoring work visas but some do have.
3. Its not compulsory to learn Spanish. It is your wish. Knowing an additional language is always a value add to your profile.
4. Typically, European MBAs are not valued at par with the US MBAs. However, now even European business schools have started branding in order to improve visibility in India.
5. All IESE students get a guaranteed bank loan from Banco Sabadell, Spain. Check IESE website- Financial Aid section for more details.
I don't think you need to give GMAT again. Concentrate on your application. But, if you think you can do better, give it a try. In India, there are some education loan providers apart from banks e.g. Credila.
I think you should select college based on the location you want to work post MBA and the industry/function. Some of the functions (investment banking/consulting) have a global recruitment system. So, location isn't a problem if you want to get there. However, if your target is industry, choose the location of the MBA where maximum opportunities are available.