Other students living in the PG saw the body from the window and promptly informed the owner.
On receiving the information, the police reached the spot and broke open the door.
The student was a resident of Nalanda (Bihar). Police officials said that Sandeep Kumar was preparing for JEE and had been staying in Kota for the last two years.
He hanged himself from the fan in his room late Wednesday night, said officials.
The body has been kept in the mortuary of New Medical College Hospital.
It has come to light that his uncle had deposited money in his account a day before.
Sandeep's parents had passed away four years ago and his uncle was bearing the expenses of his studies. He was the one who got him (Sandeep) admitted to the Kota institute, said officials, adding that further probe was on.