Dhani Referral Code

Dhani also offers shopping and a pharmacy, but this referral programme is specifically about credit: every reward term concerns a loan reaching disbursal, not a signup or a purchase.

Dhani operates a shopping marketplace and a pharmacy alongside its lending business, but this referral programme is specifically about credit. Every reward term concerns a loan reaching disbursal: nothing is paid for a signup, a shopping purchase or a pharmacy order.

The reward structure combines a few figures: a ₹500 bonus to the borrower on a first loan, ₹250 to the referrer for each person who signs up and takes out a loan, capped at ₹10,000 a month. Whatever the current published figures are, the mechanism is unchanged — nothing is paid until a loan is actually disbursed.

That is worth stating plainly, because it is the first thing anyone considering this referral should understand: you are being paid to put somebody into debt. Not to introduce them to an account, a discount or an app — to have them borrow money and receive it. The test that settles most cases is short: were they looking for a loan before you mentioned it? If yes, a comparison is a genuine kindness. If no, a few hundred rupees is a poor reason to introduce interest payments into someone's life.

In February 2022, a large number of people publicly reported that loans had been disbursed against their PAN numbers without their knowledge or consent, through Dhani Loans and Services Limited — formerly Indiabulls Consumer Finance Limited, a non-deposit taking NBFC registered with the RBI. Reported victims included well-known public figures, with small loans appearing against their names. The episode was significant enough that the RBI was reported to be revisiting KYC and anti-money-laundering norms in response. These are reported complaints and a regulator's reaction, not a proven finding, but two practical points follow for anyone on any lending app:

1. Check your own credit report periodically. A loan taken in your name shows up there and almost nowhere else until it goes wrong. In India you are entitled to obtain your credit report, and doing so once or twice a year is the most effective protection against exactly this.
2. Treat your PAN like a password. It is an identifier rather than a secret, but it is the key input to a credit application, so be deliberate about where you enter it and who you share it with.

The rules protecting borrowers changed recently, and few people know them. The RBI issued the Digital Lending Directions, 2025, on 8 May 2025, superseding the 2022 guidelines. Three things are worth knowing before borrowing from any app:

- The Key Fact Statement. You must be given a KFS before the loan contract is executed. It sets out the all-in annual percentage rate and every charge, and it is the only document that makes two offers comparable. Ask for it, read the APR line, and ignore the monthly figure — a "2% a month" loan is not a 2% loan.
- The cooling-off period, and it shrank. The 2025 Directions reduced the minimum from three days to one day, for all loans. It is a real right — you may exit by repaying principal and the proportionate cost, without penalty — but one day is not long.
- The app is usually not the lender. Apps frequently operate as Lending Service Providers acting as agents of a regulated entity, under a formal agreement. The regulated entity is who actually holds your loan, owes you grievance redress and reports you to the credit bureaux. Find out which one it is before you sign.

Three questions belong with any lending link: the APR rather than the monthly rate; the processing fee and whether it is deducted from the amount advanced; and the penalty for late or early repayment.