Why Are Referral Programs Becoming a Popular Stream of Side Income in India?

Did you know that word-of-mouth can make marketing more effective by nearly 54%? That’s because buyers believe in word-of-mouth 2-10 times more than in paid media. So, it’s not a surprise that marketing through word-of-mouth influences up to 50% of all purchases.

As you can understand from the above figures, referral programs are an effective way of marketing. Since they bring results, they are growing in popularity. Therefore, refer and earn programs have become a common source of side income in India.

Here are the various reasons why people are increasingly enrolling for trusted referral services.

Regular Referral Income

Refer and earn programs can be for different products. If you join a renowned personal loan referral program, you can get weekly pay-outs. Most importantly, you can earn high referral money. The IDFC FIRST Bank MyFIRST Partner Program is one such program.

For this, you need to encourage potential borrowers to apply for personal loans from IDFC FIRST Bank. When someone takes a loan through your referral, you will receive 1.5% of the loan amount in the form of a commission. Thus, you can earn over ₹50,000 every month.

Attractive Rewards

A leading personal loan affiliate program also offers various rewards if your performance at branch, regional, national, or zonal levels is great. For instance, the IDFC FIRST Bank MyFIRST Partner Program offers rewards like cash prizes and electronic gadgets. These rewards make it more exciting to join the program.

Simple Eligibility Criteria

The popularity of a referral program increases when it allows more and more people to join it. It must have lenient eligibility criteria for that. For example, the IDFC FIRST Bank MyFIRST Partner Program has the following simple eligibility factors:

  • You must be an Indian citizen.
  • You need to be 18+ years old.
  • You should have an account in any bank in India.

No Need for any Investment

A genuine referral program doesn’t ask for money when you enrol for it. Therefore, people increasingly opt for such a program. Similarly, the personal loan affiliate program in India, under the name of IDFC FIRST Bank MyFIRST Partner Program, doesn’t require you to make any investment. You simply need a phone and a good internet connection to work for it.

Complete Flexibility

You can work for a referral program from the comfort of your home or even while travelling. Plus, there are no fixed timings for this kind of work. Thus, you can get a lot of flexibility which makes the program open to more people, especially students and housewives. Since the work is not much time-consuming, you can save enough time for studies, household chores or even a primary job.

Help Meet Various Goals

People often need a side hustle to raise money for small goals like bill payments, debt clearance, sending money to parents, etc. Since reliable referral services can be a much-needed side hustle, people are increasingly opting for them.

If you have one or more of these reasons to join a referral business, consider registering for the leading personal finance affiliate program, IDFC FIRST Bank MyFIRST Partner Program.

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