What does a Personal Loan Agent Do?

A direct selling agent for banks and NBFCs sells or distributes financial products on behalf of their institution. Lending firms collaborate with DSA agents to increase their reach and expand their businesses. A personal loan agent is a type of DSA, who recommends personal loan products to the applicants and guides them through the entire paperwork process. A DSA agent also maintains records for the loan disburser, offers financial advice, and resolves customer queries. 

Duties and responsibilities of a personal loan DSA agent

Here’s a detailed breakdown of the duties and responsibilities of a personal DSA agent. 

  • Recommend financial products to prospects: The primary duty of a loan DSA is to suggest the best personal loans that would alleviate the financial concerns of their prospects. Since personal loans can be used for any purpose like consolidating debts or purchasing one’s dream house, personal loan DSA agents must guide their prospects to make the best use of their loan amount. A personal loan DSA conducts one-on-one meetings with their prospects, evaluates their income and assets, and also offers them financial advice. 

  • Derive insights from competitors’ products: To ensure that their lending institution’s products stand out over others, loan DSAs have to research competitors’ products. Loan agents must constantly strategize and improvise their marketing approach to attract and retain customers. Insights from their competitors help DSA make informed decisions. They can pitch products highlighting their benefits that other products in the market do not possess to win over their prospects. 

  • Assist loan applicants with the paperwork: Another important responsibility of a DSA agent is to help personal loan applicants with their paperwork and documents. They analyze their customer’s requirements, follow up with prospects, and ensure that all their documents are in order and that the process is streamlined without any hiccups. 

  • Run background checks: Home loans, car loans, and personal credit loan balance transfers require proper KYC identification documents. A personal loan DSA verifies their customer’s KYC documents and runs background checks to ensure that every information is updated and there are no discrepancies. Since DSA agents handle such sensitive personal information, they have to maintain utmost confidentiality regarding their client’s data at all times. 

  • Monitor customer queries: A DSA loan partner also resolves customer queries. Clients can reach them during official working hours. DSA agents are usually the first point of contact between a lending institution and a customer. They are responsible for maintaining a good relationship and facilitating communication between the two parties. 

  • Fulfill monthly targets: Personal loan DSA agents also have to fulfill monthly quotas for their affiliated institution i.e. sell a particular number of loan products. Banks and NBFCs partner with DSA partners not only to decrease their workload but also to expand their business. 

  • Come up with innovative marketing techniques: DSA partners have to pitch their loan distributor’s products and highlight their benefits that would improve the financial well-being of their clients. They have to come up with innovative marketing strategies to increase their products’ popularity. Personal loan DSAs also offer advice on how to use a personal loan EMI calculator, or how to choose the best home loan interests and loan repayment tenures. 

  • Maintain all records: Loan DSA agents act as mediators between a lending institution and a customer. They are responsible for verifying documents, making copies of their prospects’ information for the bank, and ensuring that no data is misused or falls into the hands of fraudsters. 


Eligibility criteria to work as a personal loan DSA


  • Must be above 18 years of age: If you want to work as a personal loan DSA agent, you must be a legal adult i.e above 18 years of age. 

  • Must be an Indian citizen: You must be a citizen of India to work as a personal loan DSA for any lending firm in the country.

  • Can be salaried or non-salaried: Both salaried and non-salaried individuals are eligible to apply for the role of a DSA agent.

  • No professional degrees required: You do not need a degree in banking or finance to work as a personal loan DSA. You can enter the industry with prior experience in any field. To sell products you need to develop good communication and persuasion skills. Most reputed lending firms like Andromeda Loans offer on-job training modules to help aspiring loan agents develop their skills. 

  • Could have a significant client pool: Although it is not a mandatory criterion, you will have an edge over other candidates if you have a pool of significant clientele in the finance industry like tax advisors and chartered accountants. You can readily pitch your products to them. 

  • Be well-versed in at least one local language: If you know the regional languages in the area that you will be working in, you will have an easier time communicating with clients. Many of the older folk may not be comfortable with talking in English. Some customers prefer working with DSA agents who know their mother tongues because they can understand their cultural nuances better. 

  • Must have an excellent CIBIL score: Some lenders prefer aspiring DSA agents with perfect CIBIL score. Though not mandatory, you need to have a good record of paying back your debts to convince the bank and NBFC authorities that you are capable of offering financial advice. 


Documents required to work as a personal loan DSA


  • Proof of address: electronic bills, passport, driving license
  • Proof of identity: Voter ID, PAN card, Aadhar card
  • Income tax details: Form 16 and other tax documents
  • Proof of employment: Salary slips, if they are employed at an organization, invoices and payment proofs if they are freelancers, and address proof of their business location, if they are running a business
  • Account statements: At least 3 months’ bank transaction details
  • Registration form: Completed registration form of the bank or NBFC you want to partner with, filled in with all your details like the ‘Become our Partner’ registration form of Andromeda Loans


Skills required to succeed as a personal loan DSA


  • Strong multi-tasking and project management skills: A DSA agent has lots of responsibilities like guiding personal loan applicants, handling their documentation, resolving their queries, and pitching products to prospects and converting them to potential customers. They must be multi-taskers to meet tight deadlines and ensure the timely completion of their tasks. 

  • Must have detailed information about their products: A personal loan DSA agent must have detailed information about all their existing, upcoming, and latest product launches to answer customer queries. To come up with engaging marketing ideas and position their products from a beneficial angle, they must possess detailed knowledge about all their lending institution’s products. 

  • Strong negotiation skills: DSA agents sell or distribute products in one-on-one settings with their clients. Direct selling typically occurs in non-work environments like stores, cafes, restaurants, or virtual meetings. Unless a DSA agent has good communication and strong persuasion skills, they will not be able to position their products correctly and make sales. 


Signing off

A personal loan DSA agent handles a type of consumer loan that the loan issuer can use for any purpose like paying for their dream house, organizing their wedding, making investments in a firm, renovating their house, or settling debts. DSA agents have the flexibility to set their working hours. Since they do not need professional degrees, there is no meritocratic gatekeeping in this industry. If you are looking to make a career change or want to begin your career again after a break, you can apply to work as a DSA agent with Andromeda Loans.