Can you tell me something about the J-1 Exchange Visitor Visa?

Not yet
The US embassies in India haven't opened yet

How to get a US student visa-

Apply and get admission into a SEVP Pay the SEVIS I-901 fee ($350) Pay the non-refundable visa application fee Schedule and make preparations for your interview

Biden has called for an increased number of visas for permanent, employment-based immigration
But until he actually does something, it's all speculation
It's best to be cautiously optimistic about this

F-1 Visa

The F-1 is the most common visa status used by students in the U.S. and best fits a student’s situation.

J-1 Visa

The J-1 visa status is generally used for students in specific educational exchange programs. To be eligible for a J-1, students must receive more than 50% of their funding from an institutional or government sponsor in the form of a scholarship, fellowship, assistantship, stipend, tuition waiver, or other direct support provided specifically for the educational program.

Hi Rajesh,
It's important that you decide which university you want to go to and book your VISA appointment by the time May ends

Following are the assets that are acceptable for VISA interviews-
Income - Salary slip
Savings - Passbook or bank statement
Fixed/Recurring Deposits - Certificates
PPF / PF / GPF / EPF - Letter from the company
Bonds, NSC, KVP, etc - supporting originals
Mutual funds, shares, stocks, and other investments in the market - DMAT or NSDL statements
Insurance - Surrender Value Certificate
Scholarships - Scholarship Letter
Loan - Loan Sanctioned Letter
Gold - Gold Evaluation Certificate by any jeweler

No, don't wait
Fill your I-20
In fact, some universities are accepting the electronic version of I 20 because of the COVID situation

There are different types of US visas like M-1, J-1, F-1. But most student visas are F-1 visa. These are the documents required for a US student visa:

Non-immigrant visa application form (Form DS-160) Standardized digital color passport photo taken recently A valid passport Receipt of visa application fee payment Certificate of Eligibility for Non-immigrant (F-1) Student Status (Form I-20) Documents proving adequate financial support during your stay in the US (Bank Statement) Diplomas, Transcripts, Certificates, and Degrees from your attended schools. Along with that, Scores from Standardized tests such as TOEFL, GMAT, SAT, GRE, etc. Documents that serve as proof of your intent to return, upon completing your program (for example; your asset documents or job offer letter valid after you complete the study).

Additional documents may be requested depending on your location or the specific program you have been admitted into. For more info checkout this blog -
https://ischoolconnect.com/blog/getting-usa-f1-student-visa/

You will need the F1 student visa

Usually, it takes 6 to 8 weeks for a visa to be processed