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Personal Loan Referral Program: How Does It Work?


Refer and earn programs are a profitable and regular second sources of income. As a referral partner’s network grows and their interpersonal skills improve, the amount earned by referrals increases. IDFC FIRST Bank’s MyFIRST Partner personal loan referral program helps individuals make extra money by referring their friends who need personal loans to the bank. Let us understand this referral program in further detail.

What is IDFC FIRST Bank’s MyFIRST Partner referral program?

IDFC FIRST Bank’s MyFIRST Partner personal loan referral program allows you to earn extra income while working from home. Once you have referred someone via the app, if the referral is successful – that is, if the personal loan is disbursed – 1.5% of the disbursal amount is credited to your bank account. All of this helps you create a second source of income without investing a single rupee. It is a passive income idea that enables you to grow your network.

How to become a referral partner with IDFC FIRST Bank’s MyFIRST Partner app?

Very little documentation is needed to start earning extra money using IDFC FIRST Bank’s MyFIRST Partner app. The documents required are your Permanent Account Number (PAN) card, an address proof (Aadhaar / Passport / Voter ID), and your bank details, such as bank account number and Indian Financial System Code (IFSC code).

How does IDFC FIRST Bank’s refer-a-friend program work?

IDFC FIRST Bank’s MyFIRST Partner personal loan referral program works in five stages. Here is how you can start earning an extra income as a referral partner using the IDFC FIRST Bank MyFIRST Partner app:

  • Sign up for the referral program: If you are eligible, you can register as a referral partner by downloading IDFC FIRST Bank’s MyFIRST Partner app and submitting your documents.
  • Get personal loan referrals: As a next step, you must spend some time networking, to know whether a contact needs a loan. A little effort from your end can help you reap long-term benefits.
  • Help with the loan application process: Help the applicant with the application process to avail of a personal loan by providing the supporting documents. The chances of a personal loan getting sanctioned depend on how far the applicant has met the loan requirements.
  • Check the application’s status: IDFC FIRST Bank’s MyFIRST Partner App support team will contact the customer to process their application and disburse the loan amount.
  • Get paid after the loan amount disbursement: Once the amount for a referral is disbursed, you will receive your compensation.

Eligibility criteria to become a referral partner with MyFIRST Partner App

Students, graduates, real estate agents, and financial advisors are all eligible to become referral partners with the MyFIRST Partner App. The eligibility criteria are that you must be an Indian citizen, above 18 years of age and have a savings account in an Indian bank.

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