Yes you can get jobs .

Actually you don't need to get into iit you can get into psu with the same rank

Also iits Mtech have good placements many automobile core companies recruit .

U can enter research oriented companies too

I would say u to join psu like BPCL rail way junior engineer, BHEL etc

Hello,
It totally depends on your performance. An mtech from iits looks good on your resume, which opens many doors during placements. Whether or not you will get a good job is based on your performance during the entire period and interview. With technology changing fast than ever, you can definitely expect good enough placements for mechanical engineers.
Good Luck!