Let me congratulate you first for your career in Mechanical Engineering stream. It is a very interesting subject having a very large scope in various engineering applications.
Before I write what best suits you viz a job or further studies (higher studies), I need to know something more about you like which Engineering college you are currently studying, is it a government college or a private college, what is your overall percentage of marks in all semesters combined how job placement takes place in your college and most importantly how much your family is ready to support you for your higher education.
As per my opinion starting a job early will help you to settle down in your life though it depends on many factors such as what type of company you are getting into and most importantly the profile your are taking up. As per my opinion, if you are offered a job then select carefully the profile that is of your interest. It may be possible that you are good at engineering analysis and if you are offered a marketing job then later on you will be again double minded as to what to do.Remember, if you take up a job then it should not be for a very short time period. According to me anything less than two years will not add up significantly in your professional career as well as your financial growth.
Secondly, if your family can support for another two years it will be great that you continue with ME or M.Tech. Specialization in subjects like Petroleum Technology or any other fields which offers good job opportunities will help you to get a well paid job easily.
Another important point I want to mention that there are many public sector companies such as ONGC, IOC conducts examinations for recruitment of GETs which is a very attractive career to start with. Specially there are a lot of scope for Mechanical Engineers in these companies. As per my knowledge there will be lot of vacancies in these companies in the coming years. So keep your eyes open for all such advertisements in leading News papers and take note of the key dates.
So in both the cases, whether you apply for a job or prepare for your higher studies it is important that you study really hard at this point in time and prepare yourself very well. It may be very early to conclude on your career options. It is just the beginning and keep your options open.
Best of Luck.
Tulika Devi Nath