please reply if you got your problem solved even i am at KMIT

Usually, If you drop the course then you don't have to pay for the remaining three years but have to pay for that single year. But if there are some regulations in KMIT which says that its mandatory to pay then you have to pay it. But its unethical & I don't think this kind of rules will exist.

Although to be certain you should visit the college or contact the office and ask this out. They will guide you out.

Have a great day!