Can you actually make more than INR1 lakh per month by becoming a loan agent? Or is it a gimmick? In India’s ever-evolving job market, earning a six-figure income is no longer an impossible dream. You can upskill yourself and make a lakh per month by becoming a direct selling agent.
A DSA or loan agent’s job profile requires minimum qualifications. The barrier to entry in this job is low. Becoming an agent is thus a more accessible side hustle for those already working a primary job. Your ability to earn well rests solely on how you add value to your clients.
Let’s start with the basics first. What does a loan agent or DSA do and how do they make money?
A DSA or direct selling agent represents a bank or NBFC. Their job is to find prospective clients like loan applicants for the lender. The DSA also works as a point of contact between the applicant and the lender. They assist in verifying the documents submitted by the customer.
In most cases, the direct selling agent has a flexible work environment. As a DSA you can work in a remote or hybrid environment. Furthermore, there is no hidden cost or investment required when upskilling as an agent. Since there is no bar on age, anyone can apply for the job profile. You can find senior citizens and even homemakers working as loan agents.
You can receive commissions when the customer buys the following loans:
Business and Personal Loans – A personal loan has more diverse uses than a business loan. The customer can only use a business loan for business-related expenditures.
Loans against Property – This is a secured loan wherein the customer can get the sanctioned amount against their mortgage.
Home Loans – A home loan allows the client to use the sanctioned loan amount for home renovation, construction, etc.
Working Capital – This loan helps fund the daily operations and expenses of a business. It can include the wages of employees, accounts payable, etc.
Unsecured Business Loan – This is different from a regular business loan because of a lack of security. However, the customer has to pay the loan in short monthly installments.
Car Loans – A car loan allows the customer to buy a car with the sanctioned loan amount.
Gold Loans – Gold loans are secured loans. The lender lends the sum against the borrower’s gold articles like jewelry, coins, etc.
Well, there is no limit on the income of a DSA. Your earning is based entirely on the commissions you receive from the lending institution. The rate of commission depends on your lender. The larger the request for the amount, the larger the commission.
For instance, if you secure a client requesting a loan of INR 10 lakhs, you can easily make up to 1% as commission. It makes it very easy to secure a lakh per month as an agent. The number depends on your ability to pitch the loan product to the customer.
Effective tips to become a successful Andromeda Loans agent
Here’s how you can make more than INR 1 lakh per month by becoming an Andromeda Loan Agent:
Build your network early: The more people you know who are interested in taking out loans, the more likely you are to close deals. Attend industry events, join online forums, and connect with people on social media. Andromeda Loans is a leading distributor in India and will give you access to diverse clients.
Become an expert in your field: The more knowledgeable you are about loans, the more confident you will appear to potential clients. Read industry publications, attend training courses, and stay up-to-date on the latest lending trends. As an agent, you have to solve any queries the loan applicant directs toward you. Building a strong foundation in the banking and financial industry helps reassure these applicants.
Proactively market your services: Marketing your services as a DSA is crucial to the job. Don’t wait for clients to come to you. Reach out to businesses and individuals interested in taking out loans. Your job is to break through the clutter and help the bank or NBFC connect with prospective clients. Thus, it is important to have consistency when reaching out to new loan applicants.
Provide excellent customer service: Once you have a client, ensure you provide them with excellent customer service. It means being responsive to their needs, answering their questions promptly, and resolving any issues that may arise. The bank or NBFC you represent expects you to deliver top-notch customer service and build a lasting relationship with the customer.
Set realistic goals: While the entry barrier may be minimal, don’t expect to start earning INR 1 lakh per month overnight. Set small, achievable goals for yourself and gradually increase them over time. Since there is no cap on the commission you can earn, there is no cap on your income. It takes time to build a successful loan business.
How can you apply as a DSA?
Signing up to be a DSA with Andromeda Loans is simple thanks to their seamless online application.
Step 1 – Visit the official website.
Step 2 – Click on ‘Become our Partner’ and enter basic contact details.
Step 3 – Expect a call from us within 48 hours.
Step 4 – Sign the contract after you pass the background check and mutually agree with the terms and conditions
Step 5 – We will send a DSA code
The basic eligibility criteria for being an agent is as follows:
Must be an Indian Citizen
Must be Above 18 Years of Age
Earning a lakh per month is easier than you think! You can grow a sustainable side hustle by leveraging your skillset as a loan agent. Work with a trusted partner like Andromeda Loans and meet your financial goals. Visit their website today to sign up as a DSA Partner!