ISA payable to an NBFC, capped at ₹3 lakh

Masai School Referral Code

Q: What does Masai's income share agreement actually require?

You pay 15% of your salary plus GST for 36 months, and only once your salary reaches ₹5 lakh per annum, with the total capped at ₹3,00,000. Payments are made to an NBFC — a non-banking financial company — in monthly instalments across those 36 months.

Q: Can I owe money without getting a job?

Yes, by two documented routes. If you leave the course partway through, between Unit-4 and Unit-6, the entire ₹3,00,000 becomes payable to the NBFC — not a portion or a pro-rated amount. And if your credit score is below 650, the entire ₹3,00,000 falls due within 15 days of completing the course, regardless of placement. So the obligation is created at enrolment, and the placement condition governs only the ordinary repayment route.

Q: Is the ISA cheaper than paying upfront?

Do the arithmetic before assuming so. Masai reports an average package of ₹6.1 LPA, and 15% of that is ₹91,500 a year, or ₹2,74,500 over three years — within touching distance of the ₹3,00,000 cap. So for an averagely-placed student this is not really a contingent share of income but a deferred fee of about ₹3 lakh. The contingency protects you in the genuinely bad outcome and does little in the ordinary one, which means you should compare ₹3 lakh against an upfront course's price rather than comparing "nothing" against it.

Q: What should I ask before signing?

Who the lender is and what the credit agreement says separately from the school's agreement — ask for both documents. What exactly triggers acceleration, since withdrawal and credit score are two clauses and there may be others such as attendance or assessment thresholds. How placement and salary are defined, including whether salary means CTC or fixed component, whether a job you find yourself counts, and whether declining a sourced offer triggers anything. And what happens if you are placed and then made redundant.

Q: How should I read the 94% placement rate?

Alongside its definition, which is the only way such a figure means anything. Ask over what denominator it is calculated, within what time window, and counting which roles. Every provider in this category defines placement differently, and the definition does more work than the percentage.

Q: Why is the referral fee so large?

Because a student is worth up to ₹3,00,000, so a ₹5,000 referral is roughly a 1.7% acquisition cost — inexpensive by any marketing standard. Shopping referrals elsewhere on this site pay ₹20 to ₹250. The consequence for the person you refer is that an acquisition budget of that size funds an intensive enrolment process: counsellor calls, cohort deadlines, limited-seat framing and urgency. None of that is improper, and all of it is designed to compress a decision that deserves time. Tell them to read the ISA and the NBFC agreement in full before any call, and to treat any deadline as negotiable.

"Pay after placement" at Masai is a loan from an NBFC — and there are two ways to owe it with no job

Masai School is an Indian outcome-focused coding school offering full-stack development and data analytics programmes on a pay-after-placement model using an income share agreement.

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Genie Says

Masai's "pay after placement" is an income share agreement: 15% of salary plus GST for 36 months, only above ₹5 LPA, capped at ₹3,00,000 — and payments go to an NBFC, making it a credit agreement. That matters because there are two documented routes to owing the full ₹3 lakh with no job: leaving between Unit-4 and Unit-6, and having a credit score below 650, which makes the whole sum payable within 15 days of completion. So the obligation begins at enrolment. On the reported ₹6.1 LPA average, 15% over three years is ₹2,74,500 — close to the cap — so for an averagely-placed student this is a deferred fee rather than a contingent share. The ₹5,000 referral is a 1.7% acquisition cost, which funds an intensive enrolment process.

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₹5,000 per successful referral — roughly a 1.7% acquisition cost against a student worth up to ₹3,00,000.per successful referral*

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How to Use a Masai School Referral Code

Read it as a credit agreement

Payments go to an NBFC over 36 months. The counterparty is a finance company, not only the school.

Find the acceleration clauses

Withdrawal between Unit-4 and Unit-6, and a credit score below 650, each make the full ₹3,00,000 payable.

Do the arithmetic on the average

15% of the reported ₹6.1 LPA average over three years is ₹2,74,500 — close to the ₹3 lakh cap.

Compare against ₹3 lakh, not against nothing

For an averagely-placed student this is a deferred fee, not a contingent share.

Reward Details

Your Reward: Verify the referred person's current benefit. ⚠️ The programme itself is financed by an ISA payable to an NBFC.
Referrer Reward: ₹5,000 per successful referral — roughly a 1.7% acquisition cost against a student worth up to ₹3,00,000.
Minimum Purchase: The referred person must enrol. ⚠️ Enrolment creates the obligation, not placement.
Validity: ⚠️ ISA: 15% of salary plus GST for 36 months, only above ₹5 LPA, capped at ₹3,00,000.
Available In: India
Referral Limit: Verify current terms.
Payout Time: Verify current terms.
Eligibility: ⚠️ Leaving between Unit-4 and Unit-6 triggers the full ₹3,00,000; a credit score below 650 makes it payable within 15 days of completion.

Why Choose Masai School?

The obligation starts at enrolment

Placement governs the ordinary repayment route; it is not what creates the debt.

Two documented routes to owing it with no job

Mid-course withdrawal, and a credit score below 650 at completion.

A placement rate needs its definition

Over what denominator, within what window, counting which roles — every provider defines it differently.

₹5,000 buys an intensive enrolment process

Which is what an acquisition budget that size funds. Tell your friend to read both agreements before any call.

About Masai School

The model is genuinely different from an upfront fee, and it is not the absence of a commitment. Both halves matter.

**"Study now, pay only when you get a job" is a genuinely attractive proposition, and it is also an incomplete description of what you are signing. This page sets out the rest.**

**What the agreement actually says**, on the published terms:

**You pay 15% of your salary, plus GST, for 36 months**, and only once your salary reaches **₹5 lakh per annum**. Below that threshold, no payment is due.
**The total is capped at ₹3,00,000.**
**Payments are made to an NBFC** — a non-banking financial company — in monthly instalments across those 36 months.

**⚠️ That third point is the one that changes the character of the arrangement.** Your counterparty is not only the school. **There is a finance company involved, and what you have entered is a credit agreement.** Which produces two documented consequences that the phrase "pay after placement" does not prepare anyone for:

**1. If you leave the course partway through — between Unit-4 and Unit-6 — the entire ₹3,00,000 becomes payable to the NBFC.** Not a portion, not a pro-rated amount. **The full sum, with no job and no completed course.**
**2. If your credit score is below 650, the entire ₹3,00,000 falls due within 15 days of completing the course** — regardless of placement.

**So the honest formulation is: the obligation is created at enrolment, and the placement condition governs only the ordinary repayment route.** There are at least two paths to owing the full amount without ever having been placed. **That is not a hidden term — it is published — but it is not what the marketing phrase conveys, and the gap between those two things is what this page exists to close.**

**Now do the arithmetic on the reported outcomes, because it changes how the cap should be read.**

Masai reports having placed **more than 7,000 learners**, at an **average package of ₹6.1 LPA**, with a claimed **94% placement rate** as of 2023.

**Take that average and apply the terms: 15% of ₹6.1 lakh is ₹91,500 a year. Over three years that is ₹2,74,500** — within touching distance of the **₹3,00,000 cap.**

**⚠️ Which means that for an averagely-placed student, the ISA is not really a contingent share of income. It is a deferred fee of approximately ₹3 lakh.** The contingency protects you in the genuinely bad outcome — no job, or a job below ₹5 LPA — and it does very little in the ordinary one. **Anyone comparing this against an upfront-fee course should compare ₹3 lakh against that course's price, not "nothing" against it.**

**What to establish before signing, and get all of it in writing:**

**Who is the lender, and what are the terms of that credit agreement separately from the school's agreement?** Ask for both documents.
**What exactly triggers acceleration** — the clauses that make the full sum immediately payable. Course withdrawal and credit score are two; ask whether there are others, such as attendance or assessment thresholds.
**How "placement" and "salary" are defined.** Does salary mean CTC or fixed component? Does a job you find yourself count? **Does declining an offer the school sourced trigger anything?**
**What happens if you are placed, then made redundant.** Does the obligation pause below ₹5 LPA, and does the 36-month clock keep running?
**How the placement rate is calculated** — over what denominator, within what window, counting which roles. **A 94% figure is meaningful only alongside its definition**, and every provider in this category defines it differently.

**On the referral: ₹5,000 per successful referral.** ⚠️ **That figure is worth reading as information.** Shopping referrals on this site pay ₹20 to ₹250. **This pays ₹5,000 because a student is worth up to ₹3,00,000** — so the referral is roughly a **1.7% acquisition cost**, which is inexpensive by any marketing standard.

**The consequence for the person you refer is the part to be honest about.** An acquisition budget of that size funds **an intensive enrolment process** — counsellor calls, cohort deadlines, limited-seat framing and urgency. **None of that is improper, and all of it is designed to compress a decision that deserves time.** If you refer someone, **tell them to read the ISA and the NBFC agreement in full before any call, and to treat any deadline as negotiable.** That advice costs you nothing and is worth considerably more to them than ₹5,000 is to you.

**⚠️ Finally, our own page previously carried the title "Earn 5+ LPA".** That is a salary outcome presented as though it were the offer. **We have removed it.** A course cannot promise a salary, and a referral page should not imply one.