Hi,
You can get admitted in an IIT on the basis of merit in your undergraduate degree , atleast a cgpa above 8( it varies per IIT) and have to give a written test followed by a personal interview round. Candidates applying for M.Tech through sponsored seats must have worked for more than 2 years you should have been granted 2-year study leave by their employers.
It is better to prepare for the GATE exam rather than going for the 2nd option.

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