2023 grad here. Was on a very similar situation like yours. I also come from a tier 3 college. Almost same fixed comp.
Took the plunge in July to leave my job one day, after my manager just wouldn’t respect my contributions ever.
Thought of doing an MBA, but man oh man, it’s tough getting back to studying after you’ve got the knack of working.
Now just in November started looking for PM jobs, the market is shite. Not getting any callbacks at all. Haven’t heard from a single indian company since I started applying. Been 2-3 weeks now, have only gotten to one interview that too for a Project Manager role from a US based company.
Don’t leave your job at this point of time, however fed up you may be. Market is tough overall but much more tougher for us tier 3 college grads.
My suggestion to you would be -
a) Start looking for options to switch and put your papers in only after once you have something concrete in your hand.
Or
b) Take some online coaching, start off with their early CAT 2025 programs with evening batches, and try giving that some time regularly with your job.
I started very late, couldn’t ever catch up with the syllabus and wasn't ever able to be regular.
Hope you won’t repeat my mistakes brother.
Adios!