How to become a Partner with a Registered DSA?

Do you want to become a DSA Channel Partner with a registered DSA but don’t know how to go ahead with it? Then you have stumbled across to the correct place to know precisely what you need to make that happen. All the know-how on becoming a partner with a registered DSA is provided below.

Who is a DSA Partner?

A home loan agent who works for banks or non-banking financial institutions is referred to as a DSA or direct selling agent. A DSA agent is a member of a bank or an NBFC staff responsible for recruiting new customers. The DSA loan representatives will cover the application process and all associated paperwork. The DSA loan agents represent the bank or NBFC, not the employee they were contracted to represent. Each time a loan application is approved, the agents are paid a commission. However, the agent must get their DSA loan agent registration before beginning employment.

Do you know How to Register a Bank or NBFC with the DSA?

You may complete the DSA registration process online by completing the following steps carefully:

  • Submit your application online at the bank or NBFC of your choice

  • To register as a DSA partner, a bank or NBFC will contact you when you’ve completed the payment and application submission process

  • The bank or NBFC’s legal staff will begin the due procedure by confirming your paperwork, credit history, and credit score

  • A bank or NBFC will submit the DSA agreement after verifying your application and are pleased with the information provided

  • It is up to you to sign and then send the contract back to the DSA

  • The bank or NBFC will issue a DSA loan agent code specific to you

After receiving the DSA loan agent code from the bank or NBFC, you become their DSA Channel Partner. This code is required for uploading the loan agreement. You will be compensated for loans that are obtained due to the use of your code. Additionally, you may apply for the DSA loan agent on different financing portals to speed up the process.

What paperwork is needed to register with the DSA?

Each institution’s requirements for verifying the DSA loan agent may vary somewhat. To register as a loan DSA partner, you must provide the following documentation:

  • Passport-sized photos of recent times

  • PAN card

  • Proof of their identity, such as Aadhaar card, Voter ID, Passport

  • The past three months’ worth of utility bills

  • Form for the registration of a business

  • Transactions or statements from three months before the DSA loan agent application date are required. If you are applying on behalf of a business, you should provide your personal information, followed by your company’s information

  • All transcripts of records and diplomas

  • Certification from a reputable Certified Public Accountant (CPA)

  • An institution will need the firm’s registration information to apply

  • The GSTIN number and other information (only if applicable)

     

What are the Qualifying requirements?

Institutions have their unique requirements for registration as a DSA loan agent. Having a degree in banking or finance is not required. DSA loan agents may be paid or non-salaried employees. You must have an understanding of the subject matter. You must be at least 18 years old to participate, and you must be a citizen of India to apply. Excellent credit history and an excellent CIBIL score are required. Being a DSA loan agent has several perks.

To become a DSA loan agent, educational requirements are not required. Anyone may become a DSA loan agent, regardless of their school background or previous work experience. There are no fixed rules, so you may work whenever you choose. You may work as a DSA loan representative if you’re still in school. You earn the commission on each loan that avails using your referral code. Depending on the loan amount, your commission will increase.

If you are a home Loan agent and aspiring to be become a partner with a DSA, by following the steps as discussed can help you accomplish your goals easily. If you follow the guide as mentioned above it would be sufficient to successfully apply with Andromeda as a partner and be on the path to becoming your own boss as a registered DSA.

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