- In this Policy reference to the masculine also includes the feminine.
Caution Money (Security deposit)
- Students are eligible to claim refund of caution money:
- after completion of their respective programs or
- upon cancellation of admission by the student or by IoBM if claimed within six months of such cancellation.
- Any amount receivable from a student for whatsoever reason will be deducted from the amount due to that student on account of caution money.
- Without prejudice to the above, both provisional students and deferred candidates (details for both appear below) are entitled to be refunded security deposits in accordance with the terms of this Policy if any have been collected.
- Registration fees paid is nonrefundable and nontransferable.
- In case a course or courses are dropped during any given semester, and provided that such course or courses had been dropped without penalty, the tuition fee of such course or courses:-
- shall be fully refunded if the course or courses had been dropped within 7 days of commencement of classes.
- shall be refunded 50% if dropped after 7 days but within 14 days of commencement of classes.
- shall not be claimed from the 15th day of commencement of classes.
- Provided that the refund in clause 6 above shall be made only after completion of program or Admission cancellation.
- Tuition fee for students suspended for one semester shall also be refunded as per clause 6 above.
- Tuition fee for courses dropped after the due date (with penalty) will be forfeited.
- If after securing admission, a fresh entrant decides to withdraw from the Institute, the tuition fees paid will be refunded as per Higher Education Commission(HEC) refund policy outlined hereunder:-
- Candidates awaiting the results of last required qualification shall be provisionally admitted provided they qualify in the written test as well as the interview. If such a candidate fails to meet the set admission criteria after declaration of the last required results, he will be refunded the tuition fee and the caution money provided that an application for refund is submitted within seven days of declaration of results/grades (along with a copy of result/grades). If a candidate fails to do so the tuition fee shall stand forfeit. The caution money shall remain payable only for refund till six months from the date of application for refund. This is without prejudice to the other terms of this Policy.
Deferment of Admission-Fresh Entrants
- In case of a written request of the candidate for deferment of admission for a semester, he must sign an affidavit stipulating the matters stated in this Policy and duly notarized, the paid tuition fee shall be carried forward to next semester.
- If a candidate of the nature in clause 12, later decides not to join and informs the Institute of his withdrawal or does not join :-
- the tuition fee shall stand forfeit provided the Institute and candidate were otherwise agreed upon admission in the current semester but for the candidate’s withdrawal from the Institute.
- Notwithstanding clause 12 above, if any deferred candidate decides to withdraw from admission at any time, the security deposit, if collected, shall be fully refunded and shall remain payable till six months from the date of intimation of withdrawal from the Institute. Upon expiry of said period the security deposit shall also stand forfeit.
- If any candidate is allowed a second attempt to improve his grade/percentage/results in order to qualify for the admission, he must sign an affidavit stipulating the matters stated in this Policy and duly notarized. If the candidate fails in the second attempt or does not avail the opportunity of second attempt:-
- caution money, if collected, will be fully refunded and shall remain payable only for refund till six months from the date of intimation of the final refusal of admission from IoBM. Upon expiry of the said period the caution money shall also stand forfeit.
- the tuition fee shall stand forfeit provided the Institute and candidate were otherwise agreed upon admission in the current semester but for the candidate’s failure to achieve the results required by the Institute.
- A candidate will retain his status as candidate until completion of the formalities provided herein.
- In case of any dispute/disagreement regarding interpretation of any clause of this Policy, the decision of the IoBM management shall be final and binding.
18. This Policy may be amended or changed at the discretion of the management provided always that any amendment or change may only take
place at the start of every semester and that such amendment or change must be incorporated in all new admission letters from the semester in which the amendment or change takes place onwards.