Hi Madhuri. As a recent MBA HR graduate (with 2 years work exp in non-HR field) I can safely say that MBA in HR or any other field is not and never was, an absolute necessity.
People, especially from technical fields generally find that they may not have necessary skills to work effectively on the job, viz people skills, leadership and communication. MBA degree, in my opinion, helps build up on these skills. Hence you have to look at your motivation behind doing MBA. Is it purely monetary, knowledge driven (which happens on your own in B-Schools. No Spoon-feeding!) or as an escape (from your job, parents nagging for marriage marriage and so on. Sorry for being so presumptuous).
Another point is the mushrooming of MBA colleges in India. We can see that even Tier I colleges like IMT and SP Jain have also succumbed to the monetary gains and have increased their batch sizes, resulting in a large pool of MBAs that are not capable and thereby not employable. There are also other tier 2 and 3 colleges acting like factories. As a result, MBA (any vertical) from only top notch institutes has that absolute high value. Others are just also ran. (i'd clarify here that i am NOT from a top notch mba bschool)
You have already mentioned that you have 14 months of HR experience, which is quite a decent time in HR. By now you may be able to figure out different aspects of HR and which area(s) interest you. Build on that, read different books on not only HR but mgmt in general; and become a very strong hr person.
If, despite all this, you feel the urge to do an mba, you can do so over 2 years, or more. Start by sticking to ur job, and giving all mba entrance exam this year. You will understand your strengths and weaknesses. Try again next year and so on. I am not able to elaborate on more points because of lack of time.
Hope this has been of little help- if any.