If you want to be a personal loan agent, you have chosen one of the outstanding careers. A loan agent is responsible for assisting people in securing a fund whenever in demand. It means a loan agent helps people connect with lenders or lending institutions, takes care of all the fundamental processes, and thus, manages several necessary aspects of money lending. In addition, loan agents also gather all the required documents and verify them before submitting them to the lender to ensure authenticity.
You might not know that these loan agents are also called DSA or Direct Selling Agents. Their primary objective is to link people with urgent capital requirements with lenders and guide them through the entire process. They are also responsible for performing the basic verification of the borrower to ensure that the loan application follows all the rules. So, like a personal loan agent, you should first connect your customer to a reputable lender, check the needed documents, and help your client through the entire loan application process. In this way, they can secure funding for their needs with ease.
So, you have learned about the primary role of a loan agent. But do you know how you can become such an agent? If not, in that case, you are in the exact place as we have penned down below a detailed discussion that will help you to become a loan agent.
The eligibility criterion to become a loan agent or DSA
Many people think that to become a loan agent, they have to be good at academics. But the fact is, there is no academic qualification required to become a DSA or loan agent. Whether you are a business person or a working professional, you can become a loan agent to convert your spare time into a productive one without difficulty. But proper licensing is required to become a DSA.
Before you become a loan agent, you must meet federal guidelines. For this, you will need Mortgage Loan Originator or MLO licenses and register yourself with the National Mortgage Licensing Service or NMLS. Not only this, but to get the license, you will also need to pass an exam. After that, you will get your license.
Apart from this, you have to meet the below criterion –
● You must be 18 years old and a citizen of India
● You have to be well-versed in the subject
● You should have a good credit history and a high CIBIL score
The procedure for registering as a DSA
Now, with the assistance of technology, you can easily apply for DSA partner registration online by following the below steps –
● Open the website of a bank or lender’s website
● Pay the registration fee
● After paying, apply, and you will see that the bank or the lender you choose will contact you to verify the documents for the DSA partner registration
● After that, their official will start the upcoming process and review your credit history and credit score
● Then, they will give you the DSA agreement, and other essential information
● After that, you need to sign and submit the agreement
● After submitting, you will become a licensed loan agent
Documents required for becoming a loan agent
Before you apply for a loan agent or DSA registration, you should gather the below documents:
● 2-3 passport size recent photographs
● Aadhar card, Passport, PAN Card, or Voters ID
● Any utility bill for the past six months for address proof
● Bank statement for the previous three months
● GSTIN details, if you have
● Form 16 of the income tax returns from a certified CA
● Company registration information, if applied as an institution
To wrap up, these are all the details related to becoming a DSA partner or loan agent. So, if you want to become such an agent, consider the above procedures and criteria in mind and apply for the post.