Studying in the prestigious Indian Institute of Technology is set to burn in a big hole in your pocket. The annual fee for undergraduate courses in the IITs will be hiked from Rs 90,000 to Rs 2 lakh from the upcoming academic session, according officials of the Human Resource Development Ministry. An IIT panel had last week approved a proposal for a three-fold hike in annual fees of the institute. The committee had also emphasised that every student should be provided educational loans at an interest-free basis and without collateral under the Vidyalakshmi scheme, sources said. Another key recommendation the Standing Committee of IIT Council (SCIC) made was that the proposed new entrance examination designed to test the aptitude conducted by a National Authority of Test (NAT) would be held from 2017 onwards. Final decision in this regard rests with Union HRD Minister Smriti Irani, it is learnt. Meanwhile, in the recently released rankings by the HRD Ministry for various private and government institutions, IITs dominated the list of top engineering colleges. IIT Madras has been ranked first in the Engineering category followed by IIT Bombay at number 2 and IIT Kharagpur at number 3.