Direct selling agents help loan applicants with their documents and bring in new clients for their partnered financial institutions. In other words, they act as intermediaries and connect borrowers to lenders. The State Bank of India is one of the best banks in the country, providing a wide range of financial products, including personal loans, home loans, business loans, credit cards, and more for their customers. If you want to begin your career as a loan DSA, a reputed lending firm like SBI can be a total game changer. They offer generous commissions, flexible hours, and better networking opportunities.
Eligibility criteria to work as an SBI agent
- Age: You must be above 18 years of age to work as an SBI loan agent.
- Citizenship: You must be an Indian citizen to work as an SBI DSA partner.
- Salaried or non-salaried: Both salaried and non-salaried individuals can apply for the role of an SBI DSA agent. One can have prior experience in any field.
- Credit score: Although not a mandatory requirement, having excellent credit scores is a huge plus when applying for the role of an SBI loan agent. If you have a good record of repaying loans, lenders are more likely to trust you with others’ finances.
Documents required to work as an SBI agent
- Identity proof: Aadhar card, PAN card, Voter ID
- Income proof: Salary slips if you worked for an organization, business address proof or financial records if you ran a business, and payment invoices if you were self-employed as a freelancer
- Address proof: Passport, driving license, and utility bills
- Tax details: Form 16 and other income tax details
- Bank transactions: Your most recent three month’s bank account statements
- Registration form: SBI DSA registration form with all your personal and professional details
Who can become an SBI agent?
One of the best aspects of the DSA industry is that there is no meritocratic gatekeeping. Anyone, from any prior field, can work as a loan agent. If you are taking a career break or want to jump-start your career after a break, you can work as a DSA agent. It is more of a skill-based job, requiring resilience, persuasion, and excellent communication.
If you can come up with innovative marketing campaigns, can position your lender’s products in front of clients, and manage to sell them, you will thrive as a DSA agent. SBI DSA agents have the freedom to design their workday and work from anywhere, hence it is ideal for people juggling multiple commitments.
Benefits of working as an SBI DSA agent
- Earn generous commissions: The biggest benefit of working as an SBI DSA agent is their handsome pay structure. As a loan agent, you have unlimited income potential. You can earn a percentage of the total loan amount as commission fees for making a sale.
- Set your own working hours: The SBI offers you the flexibility to set your working hours. You also do not have to report to the physical branch of your nearest SBI every other day, so you can fulfill your responsibilities from anywhere in the world.
- Low initial investment: You do not have to invest any money from your pocket or recruit other DSA agents to succeed as a loan agent in the SBI. You only have to learn about their products, pick up negotiation and communication skills, and pitch products to clients.
- Great learning and development opportunities: Being a well-known financial institution, the SBI conducts several workshops and activities. They also receive invites for product launches and industry events. As an SBI loan agent, you get a birds-view and can make use of these opportunities to upskill.
- Excellent networking opportunities: The kind of relationships that you will forge while working with top financial analysts and business professionals at the SBI may last a lifetime. An excellent professional network comes in handy when you may want to explore new opportunities.
- Rewarding career path: As an SBI loan agent, your primary responsibility is to help loan applicants with their paperwork and streamline sanction processes. It is quite rewarding to help someone buy their first house. You may also spread the word about best financial practices and offer money management tips, that could very well pull out someone from bad debt and change their lives.
How to apply for SBI DSA registration online?
To apply for SBI DSA registration online, you have to go to their official website and fill in their DSA registration form. You have to fill in your basic, professional, and financial details. After you submit all your identification documents, they will verify them and run background checks. If your profile matches their expectations, you may be called in for an interview. If the interviewers approve your profile, you will be selected as an SBI loan agent. You can officially begin selling products after signing their DSA agreement and going through their training modules. You can also register as a DSA with Andromeda Loans.
- How can I get DSA in SBI?
To work as a DSA in SBI, you do not need any fancy degrees in finance, accounting, or banking. You have to go to their official website, fill in their SBI DSA registration form with all your basic details, and submit the necessary documents. If your profile is approved, you will be asked to turn up for an interview. The interviewers will assess your capabilities and if they approve, you can begin working as an SBI loan agent.
- Is bank DSA profitable?
Loan agents earn a commission every time they sell a product. They do not have to make any high investments before beginning work as a loan agent. There is no limit to the amount of money a DSA agent can make in a month, as their payment depends on the number of products they sell monthly and the percentage cut they make from every product. Overall, it is a lucrative job with generous pay.
- What kind of skills do I need to work as a bank DSA?
You need strong persuasion skills and excellent communication skills to work as an SBI DSA loan agent. It is not enough to have a fantastic product. A DSA agent must present it in front of the clients and highlight their benefits, which would help them solve a particular problem. It is quite common to face rejection when starting as a DSA agent. You must be resilient and use each rejection to dissect your approach and rebuild your marketing techniques. A perfect sales proposal is not pushy or too sales-y.