The global bank, Citibank, has launched a referral program aimed at its existing customers in India. This referral programs enables an existing customer of the banks to become eligible for receiving cash rewards of up to Rs. 75, 000 if he can convince somebody to avail home loans from the bank. The customer can refer the bank's housing finance scheme to a friend, colleague or a family member.
Announcing its referral program, the bank sent a mail to all its existing customers which said, "We hope you have been enjoying the exclusive benefits of being a Citibank customer. You can now share this joy with your friends, close associates or relatives and as a token of our appreciation you will get rewarded for it."
The reward amount can be as high as Rs. 75, 000 depending on the amount of loan sanctioned by the bank to its new customer.
The step has been taken by the bank as a part of its strategy to enhance its market for its retail loans schemes in India. At present, Citibank provides various loan products to the bank such as home loans, credit cards, personal and secured loan products like loan against securities, loans against fixed deposits etc.
In the existing regime of uncertain economic conditions, secured loans alternatives are getting popular by the day.