Choose to become the DSA Channel Partner

Do you wish to become a DSA Channel Partner? Assisting those in need of a loan is the primary responsibility of a Loan Agent. When it comes to money loans, they link you with a lender and take care of all the initial paperwork. Documents are also gathered and checked to verify their authenticity.

DSA Channel partners function as a representative of the financial institution they are affiliated with and assist individuals in getting loans as well as various other financial aids on behalf of the bank. DSA Channel partners earn based on their performance and decides when to work by themselves. They can choose their work time, performance and earnings. So, if you choose to become a DSA channel partner, continue reading below.

What are the requirements of being a DSA Channel Partner?

Criteria for Eligibility –

  • Working in banking and finance does not need a college degree

  • Anybody, salaried or not, may choose to become a DSA Channel partner

  • You’ll need to know a lot about the financial procedures involved in it

  • Anyone under the age of 21 is ineligible

  • An Indian citizen

  • Good credit history and a solid CIBIL score are required

DSA Channel Partner – what is their job role?

Several financial institutions and fintech organizations employ DSA channel partners, who may work at their own pace and for a variety of hours. DSA channel partners have total discretion over their work schedules as independent contractors. While this may be the case, employees must still develop leads and send loan prospects to the bank. Loan agents often provide a wide range of financial products and services as part of their overall profile.

Collecting relevant paperwork and performing first inspections are two of the most basic responsibilities of every DSA channel partner. When applying for a loan, they must adhere to a set of guidelines. The bank or NBFC with whom they are affiliated is subsequently notified of the request. DSA channel partners are also responsible for aiding the borrower and their local bank branch or office throughout the loan application procedure. The bank saves a lot of time and money by using this method.

An instruction manual or training programme will be provided by the bank/financial institution to whom you are applying for the position of DSA channel partner. Each loan kind offered by the bank you are dealing with will be explained, along with the technique and evidence needed for each. To earn a commission from the loan applications you send in, and you will need to master these techniques rapidly.

Scope of a DSA Channel Partner

As a DSA channel partner who has been trained by a financial institute and supported by modern technology, there are endless scopes after being an official channel partner. Among the numerous perks of the job, here are a few of the most notable ones:

  • In terms of commissions, DSA Channel partners have total control over their salary, which is proportional to their performance, and they get a significant percentage as commissions

  • A DSA channel partner is in charge of their own schedule and may keep their present job or company while being a channel partner

  • They are also part of the promising, high-potential financial industry in affiliation with a financial institution

  • If they send a reference to the affiliated institution, their job is done, and the organization does the rest. Thus, the workload is substantially less with minimum procedures involved

  • Working as a DSA Channel partner, an earn commission is earned by bringing in new clients and referring them to other customers

  • A database of Partner Banks and Associate NBFCs is also available to partners who want to provide better customer service

  • Recognition as a Channel Partner of a financial institution is given to official DSA channel partners, which in itself is a lucrative career option

Final Words

You need to know these things to become a DSA channel partner of any financial institution of your choice. Keep the above mentioned details in mind and easily register to your desired institution as a DSA Channel partner. Once you become a DSA channel partner with Andromeda, there is no limit to the growth you can achieve in this industry.

How do I become a DSA Partner?

You must be registered with a recognised DSA to become a Partner. Make sure that you’ve followed the correct steps to become a channel partner, and let us assist you. Getting in touch with a DSA is easy when you have all the details at your fingertips.

What does it mean to be a DSA Partner?

A direct selling agent, or DSA, is a home loan representative company employed by a bank or non-banking financial institution. Partners of a bank or NBFC are called DSA channel partners, and they’re in charge of acquiring new customers for the institution.

Since the DSA loan professionals will handle everything, applying for a loan is a cinch. Instead of representing the employee for whom they are engaged, these partners represent the bank or NBFC. Each time a loan application is approved, partners are paid a commission. As a DSA channel partner, one must first get themselves registered with a DSA company or can also start on their own.

How do you go ahead with it?

For those who are willing to get themselves registered with a DSA, there is a specific procedure which must be kept in mind. For a successful registration kindly follow these steps to complete the registration process online:

  • Step 1

You may begin by going to a bank’s or NBFC’s website and clicking on the “Partner Program” on their website.

  • Step 2

Fill in the required details and complete the registration form.

  • Step 3

Afterwards, the institution’s support staff will get in touch with you and arrange a meeting to proceed further with your application.

  • Step 4

During the meeting, an institution manager will walk you through the whole process, including how to generate leads.

  • Step 5

You and the bank or NBFC will sign a contract once you are satisfied with the processes and procedures. You will become a DSA Partner of that institution after signing and stamping the document provided.

To speed up the application process, you may apply to become a DSA channel partner with various financing institutions. After receiving the channel partner contract from the bank or NBFC, you become a DSA Partner.

What kind of documents is needed to join?

Generally, the DSA channel partner paperwork procedure is one that is deliberately kept to a bare minimum and is also simple to present. In order to complete the Know Your Customer process, you are required to provide the following documents:

  • Your Aadhar Card

  • Your PAN Card

  • Your Driving License

  • Information regarding your Bank Account

The institution will welcome you as a Partner as soon as the required paperwork has been provided in advance and has been correctly validated. The process itself is very straightforward to ensure that complications are avoided during the registration and verification of a DSA partner.

Who may join the DSA, and what are the requirements?

As a DSA partner, admission requirements may vary depending on the institution. Participation is open to anybody who has a high school diploma or similar educational qualification.

Regardless of one’s employment status, one can apply to become a registered channel partner. You are required to be knowledgeable about the scope of work and the processes involved in getting a loan sanctioned. One of the other important aspects is an excellent credit history as well as an excellent CIBIL score. The required minimum age of the applicant is 18 and is required to be a citizen of India.

Benefits of working as a DSA partner:

Partners working for an institution do not need to meet educational requirements. Anyone can become a DSA partner and advise others in financial matters, regardless of their degree or prior experience. As there are no fixed obligations, you can choose the job flexibility and can stop being a partner whenever you wish. Working as a DSA loan representative can also be an alternative if you’re still studying. You will get a fee for each borrower who uses your referral code, applies, and is accepted. If, the amount of the loan gets increased or decreased, the commission also changes accordingly.

Conclusion

Being a DSA partner is a lucrative career option where you have total control of your job, performance and salary. So, if you aspire to become a DSA channel partner, the above information outlines everything you need to know about becoming one efficiently. To become a Channel Partner with Andromeda, do visit our Partner page and submit your details.

Difference between Getting a Loan Traditionally Vs. Personal Loan Agent

More consumers are now relying on personal loans for big purchases. They prefer paying this back in the form of Equated Monthly Installments known or EMIs. You can use the funds borrowed via a personal loan to meet any shortfall you experience, like education, purchasing a car, and medical emergencies. 

The traditional way to apply for a personal loan is to visit the lender’s office. Otherwise, you can contact a personal loan agent to help you out in the process. This article will be worth reading if you are looking for a lending option. The comparison between getting a loan traditionally and from a loan agent will help you decide the best. 

Understanding a personal loan

Personal loans are funds borrowed from a financial institute or a bank to meet personal needs. Lenders look at factors, like credit, income level, repayment capacity, and employment history to analyze someone as a borrower. 

A personal loan is unsecured. So unlike a car loan, it is not secured against any collateral like gold or property. You will not lose any asset in case of a default. Since the lender is at greater risk here, they will charge higher interest rates. Defaulting on a personal loan will be reflected in the borrowers’ credit report. It will make applying for a loan difficult in the future. 

The lending institute does not interfere in how you use the borrowed funds. You can use the funds for anything, like education, renovating your house, marriage expenses, buying home appliances, or meeting an unexpected medical emergency. You can also use the funds to invest in the business, pay the down payment for a new property, fix your car, and many more. You can use it for anything.

The eligibility criteria vary from lender to lender. However, the general requirements like age, income, occupation, repayment capacity, and more remain the same. Whether you are self-employed or a salaried individual, you must have a regular income source to avail a personal loan from any bank. Your credit history and the organization you work in also impact your eligibility as a borrower. The time duration of repayment can be anywhere between 1 to 5 years. 

Perks of taking a loan traditionally

Let us now check out the advantages of getting a loan traditionally below:

  1. Less paperwork

If you apply for a personal loan traditionally in the online mode, the process is 100% paperless. You have to upload the scanned copy of your documents on the applicant’s online portal and receive the funds in your bank account post-approval. The approval process is quick with limited documentation. 

  1. Time-saving

There is no need to visit a bank or lending institute physically. You can apply online from the comfort of your home. Go to their official website and apply after checking the eligibility. You will get the funds if you meet the eligibility criteria.

  1. Comparison of different lenders

You can visit the websites of several lenders and compare their interest rates before applying for anyone. Compare them for repayment time, eligibility criteria, additional charges, and EMI plans. You can get the best lender after proper research. 

  1. Receive funds immediately

You will receive funds instantly if you meet the lender eligibility criteria. If all your paperwork is complete, you can expect a quick distribution of funds. Submit your form online and get approved quickly. 

Perks of getting a loan from a personal loan agent

Loan agents generate leads that find borrowers for a lending institute. They help the applicant throughout the process conduct a background check to verify all the documents. Seeking help from a loan agent has the following advantages:

  1. Loan services at the doorstep

You get doorstep services through a loan agent. They come to meet you in person at your home or office to collect documents, clarify doubts, take signatures, and more.  

  1. Customer support

A loan agent guides the customer at every step of the loan application, approval, and fund disbursal. You get satisfactory services due to the customer-centric approach. They are trained to solve all the queries of the customers. 

  1. Help for loan approval

You will receive end-to-end assistance from a loan agent. They will also guide you to take remedial steps if you have a low credit score. Loan agents work with multiple financial institutes. So they will help you choose the best option, as per your situation and requirements. They will maximize the loan approval chances by lending with the hassle-free eligibility criteria. 

Conclusion

Now that you have read the benefits of applying for a loan traditionally and through a personal loan agent, choose the one best suitable for you. Different people will select different approaches in varied situations. To get more details regarding a personal loan agent kindly visit Andromeda and submit your details.

How to apply online for Loan DSA Agent ?

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.

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.