Well, the final choice totally depends on you, however, dropping one more year is not a wise thing to do. If you have scored a low rank that can’t get you into IITs or NITs, here are some useful tips that will enlighten you in this tough time.
My brother himself dropped a year for 3rd attempt and he did regret it later. However, later he joined IIIT Allahabad and he is already getting good placement offers there. So, you don’t have to always depend on the brand tag to be successful in your life.