Having an additional source of income is the order of the day. With it, you can have extra money coming in, which gives you some security. You can find several ways of making money online. Some popular ones are affiliate programs, selling commodities, refer & earn programs, freelancing. Building wealth through any of these passive income streams is a technique that may appeal to you.

Referral or affiliate programs are better ways to have an additional income. Nevertheless, most of these programs are generic ways to earn money online, which may or may not require investments. With a referral partner app, you can associate a bank or financial institution to market its loan products. Being a partner of a personal loan referral program, you can help your family and friends avail of instant loans during an emergency. 

IDFC FIRST Bank helps you to become a loan partner in India through its MyFIRST Partner App by recommending its personal loan products to the people you know well. Here’s how you can do it.

Become a personal loan partner

Most refer and earn apps require you to register with them before joining the program. Similarly, IDFC FIRST Bank’s MyFIRST Partner app allows you to go through a simple registration process, which is explained below: 

Step 1: You need to meet the eligibility criteria, which include:

• Being at least 18 years or older and a citizen of India
• Living in a place where the bank’s service is available

Step 2: Possess the essential documents like a PAN Card, Aadhaar Card, Voter’s ID, Driver’s License, or any other address proof. Also, furnish your bank account number, IFSC code, and GSTIN, if you have one.

Step 3: Upload your recent passport-size photo

Step 4: Submit the scanned copies of your PAN card

Step 5: Provide your personal details

Step 6: Give your current address and the scanned copy of the document supporting the same

Step 7: Verify the details by receiving an OTP and submitting it

Completing these steps, you can become a referral partner of IDFC FIRST Bank. 

Get your referrals

If you want to increase your income, you need to get more referrals for a personal loan. To build a good referral network, you need to provide all the essential information to help your friends, family members, or colleagues make an informed decision. This includes the benefits of acquiring an instant loan from IDFC FIRST Bank. You can share your experience of availing of a personal loan, which will help you win their trust. This is quite effective within your social circles and even your peers at work, and it does not require any investment.

Check whether the referrals meet the eligibility requirements for loans

Before you help your referrals apply for a personal loan, check whether they are eligible for the loan. To be eligible for a personal loan, one should be:

• At least 23 years of age
• A citizen as well as a resident of India
• An employee of an organization

Moreover, he or she should also provide documents to support the above and the last three months’ bank statement.

Help people get a personal loan on flexible terms

A referral partner should be able to help people apply and get a personal loan at a suitable repayment schedule and a competitive interest rate.

Track the loan status

With the MyFIRST Partner App, you can track the progress of all the loan applications and update your referrals. All you have to do is to log in and go to the “In Progress” tab to check how far the application has been processed. Once the process is completed, the loan amount is credited to the applicant’s account. You are paid a certain percentage of the sanctioned amount as compensation. 

It is your turn now to sign up for a referral partner on the MyFIRST Partner app and start earning money easily online.