Features of popular types of refer and earn apps in India

Innovative ways of earning an extra income have become increasingly popular in India today. One such method that has gained significant traction is the concept of refer and earn apps, which is helping Indians build a second source of income. This model incentivises individuals to refer products or services to their friends and acquaintances, earning compensation in return.

A growing number of Indians are embracing referral programs, particularly those offered by prominent banks, to create a secondary stream of income. One of the most trustworthy and rewarding referral programs in India is IDFC FIRST Bank's MyFIRST Partner Referral Program, which has garnered attention for its exceptional features and income potential, resulting in over 7 lakh referral partners joining the program in India.

Features that you will find in the most popular refer-and-earn apps in India:
 

1. Referral partners do not need to invest any amount in advance

One of the most enticing aspects of refer-and-earn apps is that they don't demand any upfront investment. IDFC FIRST Bank’s MyFIRST Partner program offers the ₹0 initial investment policy to referral partners. Individuals can participate without spending money, making IDFC FIRST Bank’s Referral Program an accessible avenue for those seeking additional earnings. This inclusive nature has led to a surge in interest among people from various backgrounds and financial situations.

2. Refer-and-earn schemes have simple eligibility criteria
 

Refer-and-earn programs typically come with straightforward eligibility criteria. These programs are designed to be inclusive, allowing a wide range of individuals to participate. Common requirements include having a valid identification document, a bank account, and a smartphone. IDFC FIRST Bank requires customers to be Indian citizens, be at least eighteen years old, and have a bank account with an Indian bank to be eligible.

3. Referral programs help individuals earn a significant income over time
 

One of the primary attractions of refer-and-earn programs is the potential to earn a substantial income. IDFC FIRST Bank’s MyFIRST Partner Referral Program helps partners earn more than ₹1,00,000 per month. Referral partners in India are increasingly turning to programs like the MyFIRST Partner program as a way to supplement their primary income. Furthermore, refer-and-earn programs like MyFIRST Partner offer a sustainable source of income, which can increase with further efforts made on the referral partner’s part.

4. IDFC FIRST Bank offers an opportunity to work with a popular Indian brand
 

One of the advantages of opting for a refer-and-earn app offered by a bank is the trust that its brand evokes among people. IDFC FIRST Bank’s personal loans – thanks to the various features offered by the bank – are popular among the masses. Associating with a popular bank like IDFC FIRST Bank through the MyFIRST Partner Referral Program helps individuals leverage the brand’s value.

5. IDFC FIRST Bank offers streamlined and regular compensation through the app
 

Many refer-and-earn programs, including IDFC FIRST Bank's MyFIRST Partner, offer direct compensation for successful referrals. For instance, IDFC FIRST Bank's program deposits a 1.5% commission on every successful loan referral directly into the referral partner's bank account through the MyFIRST Partner app. This streamlined approach ensures that referral partners receive their earnings promptly. Moreover, the weekly pay-out system is a great way for referral partners to keep earning additional income.

How to sign up for IDFC FIRST Bank's refer-and-earn program?
 

• Download the MyFIRST Partner App: 

The first step to becoming a referral partner with IDFC FIRST Bank is to download the MyFIRST Partner app from your preferred app store.

• Register yourself by providing the required documents: 

Referral partners should provide their PAN (Permanent Account Number) card, address proof, and bank details to register themselves.

• Use your digital ID to sign up: 

IDFC FIRST Bank's MyFIRST Partner app allows referral partners to complete the registration process using their digital ID.

• Start tracking loan applications: 

After successful registration, referral partners can start referring potential customers for IDFC FIRST Bank's loan products.

IDFC FIRST Bank's MyFIRST Partner Referral Program stands out as a prime example of a trustworthy and rewarding refer-and-earn initiative. Using the app, individuals can harness the power of refer-and-earn programs to create a reliable secondary income stream.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.