I was advised by a friend it would be good to apply for MPhil/MRes in Uk on a self finance basis.It costs about 16 lakhs indian rupees. If I take an educational loan, and manage to study MPhil, will i get an HSMP and will it be possible to find a good job? My friend said, after this, it might be easy for me to apply for PhD from there itself.I am not quite sure if this will be a good idea.Because i feel the entire cost of PhD on self support is just too much.

Which subject? Do International students not get funding for PhDs/pay fees? In the UK you get funded for 3 or 4 years, I've met one self-funded student, and quite a few International students.
I don't know what an HSMP is.
In Biochemistry an Mphil or Msc would help get you onto a PhD, particularly if it was in the lab/area you wanted to be in. As far as I'm aware research is very competitive, but if you did just an Msc in a vocational subject (e.g. genetic counselling) it is probably neccessary. It depends on the job, some require extra qualifications, some see them as useful, for some it would be no advantage.