I am a final year engineering student. Should i go for MBA or get some work experience ?

Definitely some work experience. If you're passionate enough about doing an MBA, you will come back eventually to do an MBA. Some work ex on your MBA application will also go a long way in helping you make it to the best B-school possible. Unless you'e won the lottery and made it to a top B-school, I'd suggest you leave MBA preparation aside for 2-3 years and earn your spurs working in a testing environment.