Query : I have a query regarding the payment of the first installment (4,62,000) for the course MBA-ITBM 2016-2018 which is to be paid latest by 21st March 1:30 pm.
I have applied for an education loan at Corporation Bank but, I am still working and am scheduled to resign in May 2016. As per the bank rules, I can avail the loan only once I resign.
So, my query is this:
In order to confirm my admission, is it possible to pay Rs 1,00,000.00 instead of the initial amount of 4,62,000.00 as a token of the first installment and pay the rest as soon as I avail the loan (i.e. in the month of May 2016)?