Here are the following benefits you can get From GATE

1. If you get top rank, you can get a job in PSUs like IOCL, PGCIL and NTPC. if you get this job you are going to work with a few employees who have graduated from tier 1 colleges.
2. If you get a decent rank then you can do a Master's from IIT and get placed in good companies with good packages.
3. Even if you qualify GATE examination (which is a very simple task if you have studied your Engineering syllabus in an average manner), you can be admitted to Mtech which Pays you a stipend of 12400/month and you can be some sort of financial independent.

Regards

A Wannabe Engineer

-Anupam Shukla