What does a Car Loan DSA Do?
A direct sales associate (DSA) is an agent that acts as a mediator between the financial institution and the consumer. They sell loan products on behalf of their lending firms and earn a percentage of the total loan amount as commission fees. DSA loan agents also guide their borrowers throughout the application process, run background checks, and maintain records for lending firms.
A car loan agent is a sales associate who specializes in offering car loans to their prospects. They may collaborate with multiple lenders to offer the best car loans with the most competitive interest rates to their consumers. An added responsibility of a car loan agent is to check the creditworthiness of their borrower. Since car loans can be viewed as secured loans, individuals with average credit scores may apply for them.
Duties and responsibilities of a car loan DSA
- Promoting car loans: A car loan agent must be able to come up with innovative campaigns to promote their loans and attract new clients. A car loan DSA must also explain the features and benefits of their car loans to prospects, address their concerns, and convince them to apply through them.
- Facilitating the application process: Another important responsibility of a car loan DSA is to hasten the loan application process and take care of their client’s documents and paperwork. They must ensure that all their information is updated and the loan is sanctioned without any hiccups.
- Generating leads: The primary role of a car loan DSA is to identify prospects through cold calling, referring, and networking. Then, they must position their lender’s product in a way that convinces borrowers to invest in them.
- Verifying documents: Another important duty of a car loan DSA is to verify all their client’s documents, conduct credit checks, run background checks, and ensure that all their information is correct. A single slip-up could delay the loan sanction process and hamper the customer-lender relationship.
- Meeting targets: Lending firms set realistic targets to motivate their loan agents to generate more leads. A car loan DSA must also sell as many car loans as their lender requires them to fulfill their monthly targets.
- Improving customer experience: Car loan agents are also responsible for simplifying complex loan terms. They must be available during official working hours to resolve all their customer’s doubts. An easy communication channel between their lender and the consumers is extremely crucial to retaining these customers in the long run. Loan agents also offer additional services and products to existing clients.
Skills required to work as a car loan agent
- Negotiation skills: Direct selling agents must be able to influence their prospects, negotiate effectively, and guide their buying decision. Car loan DSAs must have a thorough knowledge of their products, their features, and unique selling points to make successful sales.
- Communication skills: Car loan DSAs must break down the complex financial terms, and explain their loan’s features, benefits, repayment tenure, and other conditions to their clients. Good communication skills are a must for DSA agents.
- Interpersonal skills: Since DSA agents are often the first point of contact between the lenders and the consumers, they are responsible for facilitating an easy channel of communication, reaching customer feedback to the lenders, and negotiating the best interest rates for their clients.
- Resilience: Rejection is a common aspect of the sales process. To be a successful car loan DSA, you must keep trying to make sales pitches even after being rejected a couple of times. You have to think on your feet to come up with innovative campaigns and bounce back from setbacks.
- Time-management skills: Since a car loan DSA has to be on top of multiple projects at once, they must have good time-management skills. They have to guide loan applicants, follow up with the lenders, take care of their client’s paperwork, resolve customer queries, and so on.
Eligibility criteria to work as a car loan agent
- Nationality: You must be an Indian citizen to work as a car loan agent for any lending institution in the country.
- Age: If you are not above 18 years of age, you cannot work as a car loan DSA in India.
- Qualification: You do not need any professional certification in banking, accounting, or finance to work as a car loan DSA. However, you must have a thorough knowledge of your lender’s products and good negotiation skills to make a successful sales pitch. Most reputed lending firms like Andromeda Loans offer on-job training modules to help you perfect your skills.
- Credit score: Although not mandated by any lender, you need excellent CIBIL scores to work as a loan agent. Lenders may not trust you to take care of a prospect’s finances if you are knee-deep in personal debts.
- Lingual skills: Since individuals have a natural propensity to connect to DSA agents who speak their common tongue, you may find it easier to sell car loans if you know the regional language of your operating area.
Documents required to work as a car loan agent
- Identity proof: Aadhar card, Voter ID, PAN card
- Address proof: Passport, driving license, electricity bills
- Income proof: Salary slips if you are employed at an organization, payment invoices if you worked as a freelancer, and business address proof and financial records if you run a business
- Bank account details: Your most recent three months’ bank account statements
- Income tax details: Form 16 and other income tax documents
- Registration form: Completed registration form of the ‘Car loan DSA Partner Program’ of the bank or NBFC you want to partner with
Is working as a car loan DSA profitable?
Direct selling is a lucrative career option, with generous compensation and flexible working conditions. Lending institutions do not have the manpower to pay attention to every single of their clients and individuals do not have the time to evaluate every loan option on the market. DSA agents fill in the gap to provide assistance to both parties. If you want to work as a car loan DSA, choose a reputed lending firm like Andromeda Loans. They combine cutting-edge technology with their decades-old financial expertise to offer a range of financial products with competitive interest rates.