Home loan agents connect individuals seeking a fund to a direct provider. They explain several financial products offered by banks and other lending institutes. It is their responsibility to take care of the documentation process, carry out fundamental checks, and ensure that the documents you have submitted are following the guidelines of the bank.
A Direct Selling Agent (DSA) works as referral personnel for a lending platform. It finds potential customers for financial institutes, which are forwarded to the bank for further process. The loan agent gets a payout or commission on each successful lead. It is a brilliant way of earning some extra income with the primary job.
Online registration process for DSA agent:
An individual should adhere to a standard set of procedures to become a DSA agent. The first step is to register with a financial institute. Each bank and the financial company has its processes to follow while registering for a DSA channel partner. However, some steps are common for all lending platforms are as below:
1. Go to the official website of the particular bank or NBFC and submit the application form
2. Make the necessary payment for the application form
3. Submit the required documents for identity and address proof
4. A legal team will verify the submitted documents
5. The team will check your credit history and CIBIL score
6. You will become a DSA agent with the particular bank or NBFC if there are no issues noted in the background check
7. You will get a mail with all documents attached
8. Fill in all the requested details, sign the agreement, and submit it
9. You will get a DSA license or a DSA code
10. Once you receive the DSA code, you can officially begin your work as a DSA agent
The online registration process for home loan agents is quite simple and hassle-free. You need to get all your documents right. Like the registration process, each bank or NBFC asks for a different set of paperwork. However, the basic documents required are:
1. Aadhaar Card
2. PAN Card
3. Bank statement for the last six months
4. IT returns for business firms
5. Educational qualification
6. GSTIN details (only if applicable)
7. Details of firm registration
8. Two recent passport size photographs
What is the eligibility criterion to become a bank DSA?
One does not need any specific educational qualification to become a DSA loan agent with a bank or a lending platform. Students, housewives, business persons, and working professionals can register to become loan agents for a bank by following the correct procedure. Most loan distribution platforms have a free registration process. You can source clients from multiple locations for different financial products when you work with a trusted platform.
After registration and receiving the DSA referral code, the concerned bank will provide you with the necessary training. You will get a breakdown of loan products, their needs, and other details. They will teach you how to get successful leads and assist the customers. To be a successful DSA loan agent, the only requirement is excellent communication skills. Convince a loan seeker why a particular loan product is beneficial to them. You will soon learn how to convert leads into business and get more commission.
Another thing you will learn is using special integrated tools as a DSA loan agent. These tools will help in lead capturing, nurturing, and real-time tracking. When you know using these tools, you will have complete control over the leads. Hence, training is a crucial part of the process.
Joining the DSA channel partner program of any bank or NBFC is an easy process. Follow the steps mentioned above, get your referral code, and begin working as a DSA loan agent.