Referral Program: How to Start + 4 Tips to Choose the Best One For You

In the ever-evolving landscape of online money-making opportunities, one avenue that has gained immense popularity among Indians is referral programs. These programs, offered by various banks and financial institutions, provide individuals with a chance to earn substantial income by referring their products and services to their social circles.

Among these, the IDFC FIRST Bank's MyFIRST Partner referral program stands out as a prime example, allowing customers to earn more than ₹1,00,000 per month by referring the bank's personal loans. If you're looking to tap into the potential of referral services, this article offers you a comprehensive guide on how to choose the right one.

Tips to help you choose the right referral program in India

1. Your referral program must not take a lot of your time
 

A good referral program should not demand an excessive amount of your time and effort. IDFC FIRST Bank’s MyFIRST Partner referral program requires very little effort on the part of the referral partner and easily fits into their schedule. Referral programs should be user-friendly and must allow you to easily share your referral links or codes with your friends, family, and acquaintances. IDFC FIRST Bank's MyFIRST Partner program excels in this aspect by helping you focus on your regular activities while still making the most of the referral program.

2. Your refer-and-earn app must be efficient
 

You should be able to track your referrals, monitor your earnings, and access important information seamlessly. IDFC FIRST Bank’s MyFIRST Partner app offers a user-friendly dashboard that provides real-time updates on your referrals and earnings. This level of transparency helps you stay informed about the progress of your referrals, enabling you to strategize effectively. An efficient app minimises any hassles, making your referral journey smooth and rewarding.

3. The bank must help you generate a sustained monthly income
 

One of the primary reasons for engaging in a referral program is to create a consistent and sustainable income stream. A reliable referral program should offer substantial rewards that can lead to a noteworthy income, as demonstrated by IDFC FIRST Bank's MyFIRST Partner program, where customers have the potential to earn more than ₹1,00,000 per month.

4. The app must help you clear your queries through various channels
 

Clear communication is crucial in any endeavour, and the same applies to referral programs. A well-structured program should offer multiple channels for clearing doubts and seeking assistance. The MyFIRST Partner program helps referral partners know more about the program through dedicated relationship managers and a central helpline.

Features of the MyFIRST Partner Program that you must know

1. Zero initial investment: 
 

The MyFIRST Partner program requires no initial investment from customers who wish to sign up for the program. Furthermore, the procedure to sign up for the program is paperless and happens online. So, unlike so many other investment avenues, you can start earning through the MyFIRST Partner program without having to invest any initial amount.

2. Weekly pay-outs:

IDFC FIRST Bank’s MyFIRST Partner referral program helps you earn more than ₹1,00,000 monthly. The bank directly deposits a 1.5% pay-out to referral partners’ accounts after every successful personal loan disbursal. The pay-outs are on a weekly basis, which proves to be a quick way of starting a second income stream.

3. Quick disbursement and convenient tracking:

The MyFIRST Partner app helps referral partners track various loan applications conveniently. Moreover, IDFC FIRST Bank disburses the loans instantly, and the bank incentivises the referral partner immediately.

Referral programs have emerged as a promising avenue for individuals seeking to boost their income streams online. Amidst various options, it's crucial to select the right referral program that aligns with your goals and values. You must look for these features before getting involved in a referral program.

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.