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Nice story on Byju's by @tam_arund https://the-ken.com/story/the-loan-crisis-at-byjus/
The incentives for salespeople is common - this is in fact a positive thing. However to not address misselling will put Byju's in trouble with consumer forums.
The incentives for salespeople is common - this is in fact a positive thing. However to not address misselling will put Byju's in trouble with consumer forums.
Customers think they are paying EMIs to Byjus, but they actually have a loan from an NBFC called CapitalFloat. This is a problem because an NBFC can screw up your creidt history (CIBIL score) if you don't pay. But you can complain now: The NBFC ombudsman is up.
You can see the rules at https://rbidocs.rbi.org.in/rdocs/Content/PDFs/NBFC23022018.pdf and contact details at https://rbidocs.rbi.org.in/rdocs/Content/PDFs/NBFC23022018_A1.pdf if you feel you have been "conned" into taking a loan by Byju's+Capitalfloat, or they haven't responded to a refund clause etc. you can complain here.
CapitalFloat had better address customer issues here, but this is a classic case, like Mahindra Holidays, where customers don't really realize what they are getting into when they sign up, because of fatigue of the sales process.
CapitalFloat will have to call each customer (recorded) at origination to confirm they understand they are taking a loan for their Byjus subscription. That might help (but not for short term valuations of eitherr company, but still)
If that isn't done voluntarily, a few consumer forum/ombudsman cases will ensure it's forced upon them. But only if it's a chronic problem - has anyone taken a Byju's subscription and felt gypped?
