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NBFC DSA Registration

Overview

A Direct Selling Agent (DSA) acts as a referral agent or a franchisor to sell or distribute financial products in the name of the NBFC or franchisee. Working as a DSA channel partner is a lucrative option, for the individuals do not have to pay any hefty fee or make investments for NBFC DSA registration. An NBFC DSA agent gives one-to-one advice to their clients, on behalf of the NBFC, and assists them in the loan application process. Since they offer personalized assistance, they are quite popular in today’s time. Read on to know more about the registration process, eligibility criteria,  working hours, and so on. 

Why do NBFCs Hire DSA agents?

Non-banking financial institutions (NBFCs) hire DSA channel partners to find suitable borrowers for their loan schemes and financial products. Direct Selling Agents (DSAs) play a pivotal role in NBFCs in assisting clients during every step of the loan application and sanction process. Both DSA agents and NBFCs share a mutually beneficial relationship with the agents earning commission for every loan product they sell, and the NBFCs increasing their revenue with every product sold.

Relevance of DSAs in the Future

With the upcoming technological advancements in recent years, there has been an influx of lending institutions online. People have grown accustomed to online transactions. And, the present working class, comprising individuals between 25 to 30 years of age are willing to improve their financial situation. They are no longer shying away from investing their cash and taking personal loans to suit their needs. Small to mid-range business owners are taking out loans to invest in their trade. 

Today’s officegoers have also shifted their money mindset. Unlike the previous generation, they are willing to take risks and invest in innovative loan schemes to invest in their side hustles. Most working adults own credit cards and are learning to manage debt. In such an environment, loan DSA agents continue to grow in popularity. 

A DSA agent conducts one-to-one meetings with individuals, who seek their services and assists them in the loan application process. People prefer working with DSA agents, as they take over the majority of the tedious documentation processes and offer advice on choosing the best loan product, considering their income sources and existing assets. No one has the time to visit the physical branch of an NBFC firm at every minor inconvenience, hence applying for loans through a DSA agent ensures that you have a hassle-free experience. 

How to Apply for NBFC DSA Registration Online?

Here’s a quick guide on how to apply for NBFC DSA registration online to begin working as a DSA channel partner. 

  • Register on the Official Website: Head to the official website of the NBFC that you want to partner with and click on the ‘Partner Program’ option. An NBFC DSA registration form will be displayed on your screen. 

 

  • Fill in the Required Details: After clicking on the form, fill in the required details and submit the document to complete the process. 


  • Attend the Interview: If the NBFC’s employees approve of your profile and your skillset matches the requirements, you will be called in for an interview. The interviewers will assess your abilities and walk you through the duties and responsibilities of a DSA channel partner. 


  • Understand the Role: During the interview, you can get a deeper insight into the role of an NBFC DSA channel partner. The interviewers will take you through the kinds of loan products you will be expected to sell in the name of the NBFC. You will also get to know the commission percentage on every product, working hours, existing and upcoming financial products, and other terms and conditions during the interview. 


  • Sign the DSA Agreement: If you are satisfied with the terms and conditions and the NBFC approves, you will be officially inducted into the firm. NBFCs require you to sign a DSA agreement at the time of NBFC DSA registration to complete the process. A DSA agreement is a written contract that states the terms and conditions of both parties, and is signed to authorize the selling of loan products under the organization. 


  • Go Through the Training Modules: After you have been onboarded in the NBFC, you will have to go through its training program. While you do not need professional degrees to begin working as a DSA agent, you must attend the on-job training modules to learn how to pitch products. The modules will also educate you on loan products and hone your communication and persuasion skills. 

 

Eligibility Criteria to Apply for NBFC DSA Registration

  • Must be an Indian Citizen: To apply for NBFC DSA registration within the country, you must be a citizen of India. 


  • Must be Above 18 Years of Age: The minimum age requirement as an NBFC DSA is at least 18 years of age.


  • Open to Salaried and Non-Salaried Individuals: The forms are accessible to both salaried and non-salaried individuals. 


  • Good CIBIL Score: Although not mandated, you must sort out your finances and have an excellent credit history or a good CIBIL score to succeed as a DSA agent. 


  • No Professional Qualifications Required: There is no meritocratic gatekeeping in the DSA industry. You do not need any specific professional degrees to apply for NBFC DSA registration. However, you must go through the on-job training modules offered by NBFCs like Andromeda Loans to learn about the role of a DSA agent. 


  • An Excellent Social Network: If you have prior experience in finance, or have a significant client pool of tax advisors and chartered accountants, you will have a ready audience to pitch products to as a DSA channel partner. You will also find it easier to adapt to the legal jargon. 

 

Documents Required to Apply for NBFC DSA Registration

  • Proof of Identity: Voter ID or PAN card or Aadhar card
  • Address Proof: Passport or utility bills or driving license
  • Income Tax Details: Form 16 or income tax returns documents
  • Bank Transaction Statements: Your past 3 months’ bank statements
  • Registration Form: NBFCs like Andromeda Loans’ registration forms are to be filled and submitted on their official website.

 

NBFC DSA FAQ

An NBFC DSA Partner is a financial advisor who has a strong client base for financial services and guides them with various credit facilities. They are a point of contact between the lender and a borrower. Typical examples of NBFC DSAs include certified financial advisor or a chartered accountant.

To become a NBFC DSA, you really do not need any specific professional education. As long as you are a citizen of India with a good network of clientele, you can apply to be a DSA Partner. You can also be based anywhere in India.

Your role as an NBFC DSA is to simplify the loan application process for your clients. This includes but not limited to clarifying the doubts of your leads to assisting them with the technical obligations of availing loans.