How to register for a DSA Loan Agent?

DSA loan agent, also known as a Direct Selling Agent, is associated with a bank or a non-banking financial company (NBFC). DSA agents acquire potential loan borrowers for a bank or NBFC. The DSA mortgage agent will be responsible for completing the applicant’s loan procedure and the administrative formalities. They are not full-time employees. Instead, they represent the bank or NBFC. The agent will receive a commission over each successful loan application.

Have you ever wondered why agents try to get you to apply for a loan when you can do so by visiting a lending institute? It is not a scam, and the agents are genuine. Let us learn more about the registration process of a DSA agent.

What is the registration process for a DSA loan agent?

DSA agents look for loan borrowers for a lending institute by searching the financial market. They then transfer these leads to the concerned bank or NBFC and take the process forward. However, an agent must first register before starting the work. A person cannot begin offering loans to a bank just like that.

Most banks and NBFCs have their registration process. Some of the common steps are as below:

  • Visit the bank, NBFC, or any other lending institute and submit your loan DSA partner application form to them

  • Make the required payment

  • The bank, NBFC, or lending platform will contact you after successfully making the payment. They will ask you to furnish certain documents

  • A legal team of the financial institutions will begin a due diligence process. After the submission of documents, they will get verified. They will also check your credit history and CIBIL score

  • If there are no issues and you pass the background check, you will receive a DSA registration agreement with the correct stamp duty

  • You have to fill in the necessary details, sign the agreement, and submit it to the authorities

  • You will get the DSA code

  • Start uploading the loan documents once you receive the code

Different lending platforms will ask you to submit varying documents. However, you will have to provide the following documents for loan DSA partner registration.

  • Two recent passport size photographs

  • ID proofs like Aadhaar cards, voters ID, or passport

  • Individual address proof like Aadhaar card, passport, voters ID, or any utility bill of the past six months

  • Institution address proof like a business registration form or any utility bill of the past six months

  • Bank statements for the last three months from the DSA agent application date

  • All educational qualification certificates

  • Recent form 16 of Income Tax returns from a certified CA

  • Firm’s registration details if applying as an institute

What are the advantages of being a DSA agent?

Being a DSA agent, you can avail benefits like:

  • An additional source of income. Every lead will earn you a different amount of money

  • Get the advantage of running your business at little risk and with minimum cost

  • No requirement for higher education

  • Flexible working hours

  • The bank, NBFC, or the lending platform will provide you with the necessary training

Customers will get the following advantage by opting to apply for a loan through a DSA loan agent:

  • They will quickly and easily address any concerns you have regarding the loan

  • They will carry out the entire application procedure and formalities of the loan

  • You will get many options of loan products to choose from

  • Always available in case you need any after-sales service

After you get the DSA code from a bank or NBFC, you become their DSA partner. Upload loan documents using the code and get a commission on each loan, getting approved through your referral code. To smoothen your DSA agent application procedure, you can apply for the same on multiple finance portals.