Waiting with a lot of uncertainty I have to choose between industry and academia (1 year left). I think the success of below two points according to me is a minimum qualification to get accepted for PhD. But I am afraid of total failure.


First paper under review (months of waiting time).
Results for a scholarship program for summer research intern will be announced after 5 months. One of the top researchers in my field has agreed to take me but I am not sure about securing the scholarship. 


Because of this uncertainty, fear of failure and long waiting time I am totally freezed. I have no motivation to take new projects because of no validation of my previous work. 

How can I unfreeze myself and start working again? Or should I totally stop until the review comes?
First, your experience is not unusual for undergraduates, so you are in good company.

Your best course of action is to share these concerns with a faculty member or even one of the doctoral students in your program. They can help you make a realistic assessment of your chances for acceptance with funding in a doctoral program. 

Do not rely on undergraduates for information about grad school requirements--there is too much guess work among those students for you to trust your future to it. Talk to people who are in a position to know.

Last, fear of failure is understandable, but look at this experience as a chance to learn how to overcome it. Students in graduate programs need to develop the ability to have an article rejected without being crippled by the experience. It takes time and experience (i.e. multiple rejections) to learn how to accept it as part of the process and continue to improve. If you want to go to a doctoral program, now is the time to begin learning how to keep working and doing your best, no matter what.

The fact that you are now asking these questions is a very promising sign that you are already on your way to overcoming your fear. Good luck!