A direct selling agent (DSA) promotes financial products and services on behalf of the financial institution. Their primary role is to generate leads and guide loan applicants. Loan against property DSA agents also helps customers negotiate loan terms and help them submit the required documents to their lender.
In the case of loans against property, the borrower uses their mortgage as collateral when applying for the loan. Loans against property are viewed as secured loans by financial institutions, hence they typically have lower interest rates. The loan agent must evaluate the value of the property and check if the client has good credit scores and a steady income to repay the loan.
Why do banks hire loans against property DSAs?
Banks and NBFCs often look for loan property DSAs to help them increase sales. People also prefer working with loans against property DSAs when applying for loans, since they take care of the tedious paperwork and offer recommendations. A loan against property DSA does not just prepare documents, but also evaluates a person’s credit score and gives them advice on what loan product would alleviate their financial concerns. In short, lenders hire loans against property DSAs to sell loans and in exchange for their services, loan agents take a percentage of the total loan amount as commission fees.
Skills required to work as a loan against property agent
There is no meritocratic gatekeeping in the DSA industry. If you have resilience and adequate knowledge of marketing techniques, you can thrive as a DSA agent. You must go through all your lender’s training modules and gather detailed information about all their loan products. It will come in handy when answering customer queries. In the case of loans against property, DSA agents must keep track of the real estate market to help customers make more informed decisions when pleading with their property as collateral.
Eligibility criteria to work as a loan against property DSA
- Age: You must be over 18 years of age to work as a loan against property DSA.
- Citizenship: If you are not an Indian citizen, you cannot work as a loan against property DSA.
- Qualifications: You do not need any college degrees or professional qualifications to work as a loan against property DSA. You need to pick up strong communication
- Credit history: Although not a compulsory requirement, you must have an excellent repayment record to work as a loan agent. It is a no-brainer that to maximize your chances of getting selected for the role, you need to have good CIBIL scores, for you will be in charge of others’ finances.
- Lingual skills: It is not a mandatory requirement, but if you know the local language of the area you will be operating in, you may find it easier to establish a sense of familiarity and better communicate with your clients.
Documents required to work as a loan against property DSA
- Identity proof: Aadhar card, PAN card, Voter ID
- Address proof: Electricity bills, passport, driving license
- Bank statements: Your most recent three months’ bank account transactions
- Income proof: Salary slips if you worked at an organization, business address proof or financial information if you ran a business, or payment invoices if you were self-employed as a freelancer.
- Tax details: Form 16 and other income tax details
- Registration form: Your loan against property DSA partner program registration form
How to apply for a loan against property DSA registration online?
A loan against property DSA helps their customers find the best mortgage loans to suit their needs. Here’s a quick guide on how you can also apply to work as a loan against property DSA.
- Fill out the registration form: Head to the official website of the bank or NBFC you want to partner with. Look out for their DSA Partner Program registration form. Fill it out with all your personal and professional details. Make sure to explicitly mention that you want to work as a loan against property loan agent.
- Submit the necessary documents: To complete the DSA registration process, you have to submit identification documents, address proof, and income proof. Some firms may also charge an application fee. After paying the fees, you can submit the form.
- Show up for the interview: If you meet the eligibility criteria, you may be called in for an in-person or virtual interview. The interviewers will assess your abilities and check if you have the capability to bring in clients for the firm. They will also tell you about the responsibilities and duties of a loan against property DSA agent.
- Understand the role: If your profile is selected for the role of a loan against property DSA agent, the interviewers will tell you about the pay structure, what percentage of commission you can expect after selling a loan, working hours, and other details. Make sure to understand the position of a DSA agent carefully. They work as mediators between the lending firm and the customer to streamline processes.
- Read the terms and conditions: If the lending firm approves you for the role and you are satisfied with the pay structure and working hours, you will soon be formally inducted into the organization. Before that, make sure to read through their terms and conditions thoroughly before signing the final agreement.
- Sign the DSA agreement: A DSA agreement is the final step in the registration process. It is a written contract that details the terms and conditions between the two parties in a more explicit manner. After you sign it, you will be given a series of training modules to watch and learn. You can also reach out to other experienced agents in the firm and understand how to attract and retain more clients.
It is always better to choose a reputed lending institution when working as a loan against property DSA agent. They offer better opportunities, more generous pay, and a wide range of loan products, which you can offer to your clients. The key to retaining customers, in the long run, is offering the best products to ease their financial concerns. You must also have strong persuasion skills and marketing tactics to convince customers to take out mortgage loans. Andromeda Loans is one such reputed lending firm, that offers many in-demand financial products and takes an adequate interest in helping their agents upskill.