| Name of Complainant | |
| Date of Complaint | October 26, 2025 |
| Name(s) of companies complained against | Nxtwave |
| Category of complaint | Education |
| Permanent link of complaint | Right click to copy link |
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Dear Sir/Madam,
I am writing this complaint regarding a serious issue involving Nextwave (education partner) and their financial partner Jodo Finance, which has caused financial distress to my family and created a duplicate loan entry without proper authorization.
Background Details:
Student Name: Yugandhar
Enrollment Institute: Nextwave
Enrollment Year: September 2022
Course Fee: ₹2,70,000 (Financed via Jodo)
Loan Tenure: 48 months(later they modified to 42Months)
Monthly EMI: ₹6,279
Jodo Loan Paid: 5 EMIs (₹31,395 total)
Bajaj Loan Paid: 24 EMIs (~₹1,27,000 total, fully closed)
Remaining Amount (as per Nextwave): ₹1,01,000
In September 2022, I enrolled in Nextwave after their counselor assured us of internship and high-paying job opportunities within 8-10 months. Based on their assurance, my father agreed to proceed.
We paid a ₹5,000 seat reservation fee and were later contacted by a team member who said EMIs would be arranged smoothly for 48 months.
Without explaining detailed policies, they collected my OTPs, PAN, and Aadhaar, and set up the EMI loan through Jodo in my father’s name.
For 6 months (Nov 2022 – Apr 2023), no EMI was auto-debited. I later found that they activated EMIs from May 2023, and we paid for 5 consecutive months (₹31,395 total).
In October 2023, Nextwave representatives offered a ₹10,000 discount and asked me to move to Bajaj Finance for 24 months, assuring that Jodo would be closed.
We agreed and paid all 24 EMIs under Bajaj Finance, receiving an official closure certificate.
However, the Jodo loan was never formally closed — it was only marked as “Freezed” in the Jodo Flex portal from Nov 2023 to Nov 2026.
Recently, Nextwave informed me that they will “modify” or “unpause” the Jodo loan and adjust it based on my Bajaj payments — without any new authorization from me or my father.
Major Concerns:
Duplicate Loan Creation:
Two loans were created for the same enrollment and same amount — one with Jodo(paused) and another with Bajaj — without closing the first. This is a clear violation of RBI’s Fair Lending and Loan Transfer Guidelines, which mandate closure of the existing loan before initiating a new one.
Lack of Transparency:
Nextwave and Jodo never explained the loan transfer, EMI freezing, or modification process clearly. My father, who is uneducated, was not made aware of any loan risks, cancellation policies, or authorizations.
The team is now trying to “modify” the Jodo loan or link it to Bajaj payments without our consent. No fresh OTPs or written authorization were given.
My family is currently under severe financial pressure, and we are unable to continue any further EMIs. Despite repeated requests, we have not received a formal closure letter from Jodo.
My Request:
I kindly request the following actions under RBI Consumer Protection and NBFC Guidelines:
Immediate and permanent closure of the Jodo loan account linked to my father’s name.
Written confirmation that no new EMI, unpause, or modification will occur without my explicit authorization.
Written clarification from Nextwave and Jodo regarding the duplicate loan process and misuse of personal authorization.
If necessary, I request your support to investigate this misleading financial handling between Nextwave and Jodo.
Thank you for your attention to this matter. I sincerely request your intervention for a fair and transparent resolution.
Image Uploaded by Yugandhar: