Yes you can take education loan for your further studies. There is no problem in taking loan for higher studies. You will easily get loan for your Masters degree.

But if I think there is no need to take loan for MTech as you can avail scholarship if you are GATE qualified student so doing M.Tech course will provides an stipend of rs.8000 per month

For admissions into good colleges like IIT you have to clear GATE exam with good score so you should now start preparing well for the exam

If you get an admission in college like IIT then the fees there is very low and Rs.8000 will be more than what you can bargain for and apart from this you can also pay the money of your previous loan which you took for your B.Tech