Today, you do everything on your phone – from ordering food and groceries to booking flights and paying bills. Why, then, should earning a side income be any different? You can start receiving a side income through personal loan referral programs in India. Several reputed banks and other financial institutions have instant personal loan referral programs in which you can participate.
You can refer an instant personal loan to friends and family who require funds. A personal loan is a great financing option that can cover your medical expenses, weddings, vacations, and home renovations. Depending on the referral program you opt for, you can earn money on the sanctioning of a loan through your referral.
Hence, by becoming a loan partner in India, you get to help those you know when they are in financial need and earn extra income. Here are some of the personal loan referral programs you should know about to become a loan partner in India.
- IDFC FIRST Bank MyFIRST Partner Program
Whether you are a financial advisor or bank employee, you can earn well over ₹50,000 every month through IDFC FIRST Bank’s MyFIRST Partner Program. You can receive a flat payout of 1.5% to your bank for every loan amount disbursed through your referral. Additionally, IDFC FIRST Bank runs contests that can help you earn over and above the 1.5% payout.
One of the best things about the IDFC FIRST Bank’s MyFIRST Partner Program is that you need not invest anything before signing up on the app as a partner. The documentation process is simple and quick. You only need to be above 18, be an Indian citizen, and have a savings account in India to download the IDFC FIRST Bank’s MyFIRST Partner App and earn a side income immediately.
NBFCs (Non-Banking Financial Companies), too, offer refer and earn programs for personal loans. Upwards allows you to earn as much as ₹9,999 a month for referring your personal loan to your friends. The money you earn through their program is fixed and depends on the number of referrals. Therefore, if you refer one person, you can earn ₹2000, while if you refer two people, you can earn ₹4000, and so on.
To be a successful loan partner in India, you should only sign up with reputed banks and NBFCs. You must also carefully read and understand the terms and conditions laid down by a bank or NBFC. Being thorough helps you know exactly how much you can earn with the bank or NBFC over time.