LD/VL/Referral-T&C/May 2026/v1

TERMS AND CONDITIONS

These Terms and Conditions govern the relationship between the Bank and the individual or entity seeking to onboard as a referral partner. By registering for the Referral Program and utilizing the designated mobile application or platform, the Partner agrees to be bound by the following terms.

i.  To be eligible for onboarding, the Partner must be a legal resident or a validly registered entity in the jurisdiction of operation. The Partner must possess the legal capacity to enter into binding contracts. 

ii.  The Bank reserves the right, at its absolute discretion, to accept or reject any application for the Referral Program without providing specific reasons.

iii.  The Partner must complete the mandatory KYC process as stipulated by the Bank and regulatory authorities. This includes, but is not limited to, the submission of Government-issued identification (e.g., PAN card, Aadhaar, Passport, or Voter ID), Proof of address, Bank account details (supported by a cancelled cheque or bank statement).

iv.  Failure to provide authentic and updated KYC documents will result in the immediate rejection of the onboarding request or suspension of the existing account.

v.  The Bank maintains the right to suspend or terminate a Partner’s account if the provided KYC information is found to be false, expired, or misleading or the Partner fails to adhere to the Bank’s internal compliance and anti-money laundering (AML) policies or there is no activity on the account for a duration specified by the Bank.

vi.  The Partner is an independent contractor engaged solely for the purpose of referring potential customers to the Bank. Nothing shall be construed to create a partnership, joint venture, agency, or employer-employee relationship between the Bank and the Partner.

vii.  The Partner has no authority to:

-  Represent themselves as an employee, officer, or authorized representative of the Bank.
-  Bind the Bank to any contract, agreement, or financial obligation.
-  Negotiate loan terms, interest rates, or waive any processing fees on behalf of the Bank.
-  Use the Bank’s logo, trademarks, or intellectual property without prior written consent from the Bank’s marketing department.

viii.  Only referrals submitted through the Bank’s official Referral App or designated digital portal will be recognized for commission purposes. Referrals shared via email, offline lists, or verbal communication are strictly excluded from the program.

ix.  A referral shall only be considered valid if:

-  The lead is a "New Customer" (i.e., the customer does not have an existing active relationship or application for the specific product with the Bank at the time of referral).
-  The lead is genuine and has expressed a bona fide interest in the Bank’s products.
-  The lead information is accurate and verifiable.

x.  In the event that the same lead is referred by multiple Partners, the Bank will recognize only the first Partner who successfully registered the lead on the app, subject to the lead meeting all other validity criteria.

xi.  Commissions are earned and payable only upon the Successful Disbursement of the loan or the final activation of the financial product. Mere lead generation, application submission, or loan approval does not entitle the Partner to any remuneration.

xii.  The Bank reserves the right to determine and modify the commission rates, slabs, and payout structures at any time. Such updates may be influenced by market conditions, product types, or internal policy shifts. Any change in the commission structure will be communicated via the app or registered email and will apply to all referrals submitted after the date of such notification.

xiii.  Any examples of potential earnings, calculators, or projected income shown on the app or marketing materials are strictly indicative and for illustrative purposes only. They do not constitute a guarantee of income. Actual earnings depend entirely on the volume of successful disbursements and the prevailing commission rates.

xiv.  The Bank reserves the right to reverse or claw back any commissions paid to the Partner under the following circumstances:

a)  Cancellations: If the customer cancels the loan or product within a cooling-off period or before the first instalment is paid.
b)  Fraud: If the referral is found to be based on fraudulent information, identity theft, or collusion between the Partner and the customer.
c)  Early Closures: If the loan is foreclosed or closed by the customer within a specific timeframe (e.g., 3 to 6 months) as defined in the product-specific policy.
d)  Technical Errors: In cases where commission was credited due to a system glitch or calculation error.

xv.  The Bank may recover such amounts by deducting them from future commissions due to the Partner or by issuing a formal demand for repayment.

xvi.  While the Bank endeavors to process payments within a standard cycle (e.g., monthly), all payout timelines provided are indicative. Delays may occur due to intensive internal audits, verification checks, or public holidays. The Bank shall not be liable for any interest or damages resulting from such delays.

xvii.  Payments will be made exclusively to the bank account registered and verified during the onboarding/KYC process. The Bank will not entertain requests for payments to third-party accounts, cash payments, or transfers to unverified digital wallets.

xviii.  Prior to submitting any customer details on the Referral App, the Partner must obtain the explicit, informed consent of the customer. The Partner must inform the customer that their data will be shared with the Bank for the purpose of a loan application/financial product inquiry.

xix.  The Partner shall treat all customer information as strictly confidential. The Partner is prohibited from storing, selling, or repurposing customer data for any other business or third-party use. Any breach of data privacy protocols will result in immediate termination of the Partner's account and potential legal action under applicable data protection laws.

xx.  The Bank reserves the unilateral right to modify, suspend, or discontinue the Referral Program, or any specific product offering within the program, at any time without prior notice. This includes the right to withdraw the program in specific geographical regions.

xxi.  The Bank may close or suspend a Partner’s account immediately if the Partner:

a)  Violates any terms or conditions.
b)  Engages in unethical marketing practices or misrepresents the Bank’s products.
c)  Becomes insolvent or is involved in criminal proceedings.
d)  Fails to meet the minimum performance standards as set by the Bank’s policy.

xxii.  The Partner shall not offer any kickbacks, gifts, or inducements to Bank employees or customers to facilitate loan disbursements. Any such activity will lead to permanent blacklisting and reporting to regulatory authorities.

Summary of the monthly payout you can expect with My FIRST Partner

The table below illustrates potential monthly earnings at different referral volumes:

Partners who maintain consistent referral volumes can reach earnings of ₹1,00,000 or more per month.

The earning structure rewards consistency. Partners who build and engage a steady network across their personal and professional circles tend to generate higher monthly disbursals and, correspondingly, higher commissions.

Note: Figures are for illustration purposes only. The referral incentive amount may vary based on the Loan amount disbursed, customer eligibility, and applicable internal policies of IDFC FIRST Bank. Partners are recommended to refer to the latest program terms for accurate commission details.