What is the procedure for a loan DSA partner?

A DSA (Direct Selling Agent) is a person who works as an agent for a bank or non-banking financial company. The job of a Direct Sales Agent (DSA) is to find as many potential leads for the bank they represent. A DSA helps in the process of a personal loan or home loan. The main source of income for DSA is through commission. DSA loan agents are the bank or NBFC staff who gain potential clients looking for loans. DSA are not employees of the bank or NBFC, they represent them. Each time a loan is sanctioned, the agents are paid a commission. The average commission on home loans and personal loans is 1%. And once you become a loan DSA partner, you will receive timely payouts on disbursals.

The main purpose of a DSA is to link the customers with the organization they are working with and help them through the entire process. It goes without stating that there’s a procedure that needs to be followed when it comes to becoming a DSA. You just can’t wake up one day and start selling loans for a bank. You will have to register first.

The loan DSA partner registration process includes many steps and listed below are the steps that need to be followed for a loan DSA partner registration:

Visit the official website of the bank, NBFC or the organization you want to work with and submit your application.
After your application is submitted, then Ext step is to make the payment.
Once the payment is done, and you’re done with your application process, the Banco r NBFC will contact you for document verification for loan DSA partner registration.
The legal team will be appointed by the bank or NBFC will start the process by verifying the documents, your CIBIL score, and credit history everything will be verified by the legal team.
Once all the documents and necessary in formation are collected by the bank or NBFC, and if they are satisfied with your application, they will register you as a loan DSA partner and send you a DSA agreement.
You have to sign in the necessary places and submit your application.
Once all the procedure is completed you will receive a DSA code.
After receiving the code from a bank or NBFC you can start working as a loan DSA partner.

These are the set of steps you need to follow for a loan DSA partner registration. To become a loan DSA partner, no educational requirements are not required. Anyone can apply for loan DSA partner registration despite their school background or previous work experience. There are no fixed rules set up. So you may work whenever you feel like it. You may work as a DSA loan representative if you’re still studying. The commission varies with the amount of loan sanctioned. Your main job is to assist potential customers in locating funds as a DSA loan agent. However, the DSA Loan agent greatly benefits the clients in filling up the required attestations and applying for the loan.