A direct selling agent or a direct sales associate (DSA) is a referral agent, who sells or distributes products in the name of their affiliated company. Financial institutions also collaborate with DSA agents to increase their reach. HDFC is one of the leading banks in the country, offering a wide range of financial products like loan schemes, credit card offers, and insurance policies to their clients. Read on to know more about HDFC DSA registration, how to apply for HDFC DSA registration online, their eligibility criteria, working hours, and so on.
Why do banks hire DSA agents?
Lending institutions prefer hiring contractual workers like DSA agents to share some of their work. Since traditional banks do not have the manpower or time to give one-on-one attention to every one of their clients, DSA agents fill in the gap. A DSA channel partner does not just offer personal financial advice, but also assists loan applicants with their documents, maintains records for the bank, and resolves customer queries.
DSA partners bring in more business for banks and increase their reach manifold. In exchange for their services, they earn a percentage of the total profit the bank made from selling that product. It is also cheaper for banks to hire DSA agents because although they charge higher prices for their services, banks do not have to offer them full-time employee benefits. Since DSA agents personally interact with their bank’s clients, they also facilitate a healthy channel of communication between the bank and the customer.
Benefits of working as an HDFC DSA agent
- Enjoy higher pay: HDFC offers attractive commissions for their DSA agents in exchange for their services. For every loan product an agent sells, they get paid a portion of the total loan amount.
- No investment required: You do not need professional degrees in banking or finance to begin working as an HDFC DSA agent. There is no meritocratic gatekeeping in this field.
- Offer attractive interest rates to clients: HDFC is one of the best lending institutions in the country that offer competitive interest rates to their customers. If you begin to work as an HDFC DSA agent, you can service your clients better.
- Choose from a variety of products: Another advantage of working as an HDFC DSA agent is that you can offer your clients a wide range of financial products. They always have the latest investment schemes, credit card launches, and loan products.
- Set your own working hours: The best benefit of working as an HDFC DSA partner is that you do not have to report to the physical branch of your institution and you can set your own working schedule.
How to apply for HDFC DSA bank registration online?
- Visit the official website: To apply for HDFC DSA registration online, head to the official website of the HDFC bank. Click on their DSA partner program option. Fill in the required basic details like your name, address, and contact number. You can also sign up as a DSA agent with Andromeda Loans.
- Create a username and password: After filling in your personal details, create an account with a username and password. You also have to fill in other KYC identification details and submit proof like an Aadhar card, Voter ID, and PAN card.
- Read the terms and conditions: Make sure to read the terms and conditions, working hours, additional duties, and responsibilities of an HDFC DSA agent before proceeding to the next stage of the application process.
- Enter your financial information: You also have to enter your prior work experience, income, assets, and annual income on the DSA registration form online.
- Turn up for the interview: If your profile is shortlisted, your documents will be verified and you will be called for an in-person or virtual interview. The interviewer will assess your capabilities and tell you about the role of an HDFC DSA agent, their products, and monthly targets.
- Sign the DSA agreement: If you are satisfied with the commission percentage and agree to the terms and conditions, you will be asked to sign the DSA agreement. It is a written contract that protects the rights and interests of both the bank and the agent.
Complete your training modules: After signing the DSA agreement, you have to go through the online training modules to learn about the available and upcoming HDFC products. A DSA agent must also think of innovative marketing strategies to highlight the benefits of investing in their bank’s products.
Eligibility criteria to apply for HDFC DSA registration
- Must be a legal adult: You must be above 18 years of age to work as an HDFC DSA agent.
- Must be an Indian citizen: If you are not a citizen of India, you cannot work as an HDFC DSA agent in any of their branches.
- Could be salaried or non-salaried: Both salaried and non-salaried individuals can apply for the role of an HDFC DSA partner.
- No professional degrees required: You do not need a degree in finance, banking, or accounting to work as an HDFC DSA agent. You must pick up strong negotiation and communication skills to position your products from a beneficial angle. The on-job training modules offered by HDFC will help you develop these skills.
- Could have a good CIBIL score: Although not mandated by the HDFC bank, if you have an excellent CIBIL score, it shows that you are capable of paying back your debts on time. If you have poor credit scores, a lending institution may not trust you to offer financial advice to others.
Documents required to apply for HDFC DSA registration
- Proof of identity: Voter ID, Aadhar card, PAN card
- Proof of address: Passport, driving license, and utility bills
- Income tax documents: Form 16 and other income tax details
- Proof of employment: Salary slips, if one is employed at an organization, account statements and address proof of one’s business’ physical location, if they run a business, or one’s invoices and financial statements if they are self-employed.
- Account details: Your most recent three months’ bank transaction details
- Registration form: Your completed HDFC DSA registration form with all your basic and financial details
HDFC Bank DSA FAQ
An HDFC bank DSA is a direct sales associate that sells or distributes a wide range of financial products on behalf of the bank. They offer some of the best interest rates and payment terms in today’s market, so if you work as an HDFC DSA partner, you can provide great value to your clients.
To become an HDFC bank DSA, you have to enter your basic KYC identification information and submit your documents on their official website. You also have to enter details of your previous work experience, income, and assets. If your application matches their criteria, you will receive a call for an in-person or virtual interview.
An HDFC bank DSA is responsible for looking for new clients for the bank, helping loan applicants with their paperwork, and resolving customer queries. They are often the first point of contact between a customer and the HDFC bank.
An HDFC DSA agent must possess detailed information about all their financial products. They must also be good at coming up with innovative strategies to position these products in front of prospects. HDFC DSA agents should be able to convince prospects that their products would alleviate their financial hiccups.
No, DSA agents are not required to turn up at the office every day. You have the flexibility to set your working hours and work from the convenience of your house. However, if prospects want to set up meetings with you in person at the office, or in any other non-work environment like a cafe or store, you have to show up.