Thanks for your interest, @bhardwajaditya, and welcome to our community.
I can't say that it is too late, but it is certainly growing later with each passing day. You will want to read and work through as many of our steps to getting started on this forum post as you can in the short time remaining before the deadline for student applications (March 27).
We welcome you to Plone, and be assured that if you are unable to get an application done in time for this year's GSoC, there is always next year.