How to identify and leverage your unique skill set for additional income?

Leverage your social network and influence to earn income

Long before social media influence became a thing, we all had our circles of influence. Our friends, family members, colleagues, employees, clients, and others often came to us for advice. The era of social media influencers might make you think that these close held spheres of influence don't count for much, but you'd be wrong. Even today, when it comes to making important decisions regarding health, career, personal finances and others, people take advice from someone they know personally. 

Rely on your social circle to earn money

Your influence can matter even more now because, with IDFC First Bank's MyFIRST Connector app, you can help people in your social network acquire a personal loan and, in that process, earn an income for yourself.

The MyFIRST Connector app is a referral program wherein you can earn a referral reward for every successful personal loan applicant you refer. In other words, you are the loan facilitator between the person who wants a loan and IDFC FIRST Bank. 

The process of signing up as a partner on the MyFIRST Connector app is very simple and completely paperless. The earnings are uncapped, and you are given free access to a relationship manager to help you with any issues you might face. 

How effective is loan referrals?

According to a survey conducted across 12 Indian cities by Home Credit India, around half of the respondents were okay taking loans to upgrade their lifestyle or fulfil family needs. 28% of the respondents were interested in taking out personal loans to meet personal needs. Regarding respondents' attitudes on taking loan advice, 34% of respondents said they would take their friends' advice, 31.8% would turn to their family members' advice, and 25.4% would ask for their colleagues' opinion. 

This survey makes it clear that Indians are open to taking personal loans, and a majority of them seek advice from people within their personal social circles. If you are a person with a strong network of relatives, friends and others, with the MyFIRST Partner Program, you can help people acquire loans and earn money by referring.

How does the MyFIRST Personal Loan Partner Program let you earn?

The MyFIRST program is meant to connect personal loan borrowers with IDFC First Bank. IDFC FIRST Bank personal loans offer competitive interest rates starting at 10.49% per annum, flexible repayment tenures of up to 60 months, and a completely digital, online, paperless application process. These personal loans are collateral-free and are offered for amounts up to INR 40 lakh. By joining this program, for every successful referral, you receive 1.5% of the value of the loan amount disbursed. This earning is uncapped and paid out once in two weeks.

How can you leverage your influence to make the most of the MyFIRST Connector app?

Friends and family: It all begins with awareness—your friends and family members are likely to be aware of the concept and general features of personal loans. As a member of the MyFIRST Partner Program, you can explain to them the specific benefits of IDFC First Bank's personal loans. You can talk about the flexible repayment tenures or the completely digital, paperless application process. If any of your friends or family members need a personal loan, getting one with IDFC First Bank will be a smooth and safe experience for them. And you can guide them through the process via the MyFIRST app. 

Colleagues: In conversations, your colleagues might tell you that they are interested in applying for a personal loan. You could use that conversation to tell them about the features of IDFC First Bank's personal loans. Your colleagues could benefit from the completely digital process; it saves them the time to collect physical documents and go through an in-person application process at the branch. If they do go ahead and take a personal loan on your recommendation via the MyFIRST Connector App, you earn 1.5% of their disbursal amount as your referral reward.

Clients: If you run a small business or professional practice, your clients and suppliers also enter your sphere of influence. In many cases, helping your clients get personal loans will become a good cross-selling practice for your business. By cross-selling, you can offer your clients a complete package that includes your products/services along with financing in the form of a personal loan. Using the MyFIRST Connector app, you can earn income every time your referral takes a loan from IDFC First Bank. 

The MyFIRST Connector app is designed to offer a win-win solution for everyone. The final customer who gets a loan and the intermediator who is able to monetize from this. 

To earn over Rs. 50,000 and more every month, download the MyFIRST App TODAY! Start referring to enjoy a second income and unbelievable benefits: Click here to download or contact us for more information.

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.