A personal loan DSA partner is an individual that helps people apply for personal loans from lending institutions. Personal loans are unsecured loans that can be used for any purpose, like paying off debts, buying a house, or financing a wedding. Personal loan agents work as intermediaries between loan applicants and lenders. Their primary duty is to ensure that the loan application process is streamlined without any interruptions and that the borrower gets the best personal loan suited to their needs. Personal loan DSA partners typically work for banks, NBFCs, credit unions, and other financial institutions. They may also operate as independent contractors for loan brokerage firms.
Duties and responsibilities of a personal loan DSA partner
- Marketing loan products: A personal loan DSA agent must use all available direct marketing channels like calls, texts, emails, social media, and blogging platforms to promote their lender’s products.
- Checking their prospect’s creditworthiness: Borrowers need to have a decent CIBIL score and a steady income to avail of personal loans. It is the responsibility of a personal loan DSA partner to evaluate your income and assets to conduct credit checks and determine your creditworthiness.
- Assessing customer needs: Since personal loans are unsecured and can be used for a variety of purposes, personal loan DSA must recommend the best loan products suited to their client’s needs and advise them to use them properly.
- Simplifying the loan terms and conditions: Personal loan agents must also explain the loan terms, what might be their payable interest rates, loan tenure, and additional costs that may incur when an individual avails of a personal loan.
- Preparing documents for personal loan applicants: DSA agents assist personal loan applicants with their paperwork and ensure that all their documents are in order to facilitate the sanction process. They guide the borrowers until their loans are sanctioned and also offer tips to help them make the best use of their personal loans.
- Resolving customer queries: Personal loan DSA partners also follow up regularly with their clients throughout the loan application process to ensure that they understand what they are signing up for and to check if all their needs are being met. They are also available to answer customer queries during their official working hours.
- Researching competitor’s products: A personal loan DSA must also conduct research and compare their competitors’ products with their own. They have to understand their strengths and weaknesses to make their products stand out over others.
- Comply with regulatory obligations: A loan DSA agent must also be well aware of the relevant laws and taxation procedures governing loan transactions. They are responsible for drafting contracts, verifying their clients’ documents, and taking care of all their paperwork.
- Meeting sales quotas: Personal loan agents must also make enough monthly sales to meet the sales quotas fixed by their lending institutions. Banks and NBFCs partner with DSA agents to promote their products and increase their business.
- Maintaining records: Loan DSA agents are also responsible for documenting their clients’ basic and financial details and the loans that have been granted to them. They maintain those records for both their lenders and themselves.
- Assisting management with pricing strategies: Since personal agents work closely with their clients, they also deliver their feedback to the lending institution. DSA agents also help their lenders decide on pricing (processing fees, etc.) and interest rates on loan products.
- Attending networking events: A personal loan DSA must also attend trade shows and networking events in their industry to find new prospects, meet other experienced DSA agents, and promote their lender’s products.
Skills required to work as a personal loan agent
Personal loan agents must have a good understanding of their firm’s available and upcoming products, as well as good communication and persuasion skills. Personal DSA partners must also maintain a calm demeanor when working with clients from varied financial backgrounds. Since personal loans can be used for a variety of purposes, a personal DSA partner must also advise their clients on how to make the best use of the large sum of money.
Eligibility criteria to work as a personal DSA partner
- Citizenship: You must be a citizen of India to work as a personal loan DSA partner anywhere in the country. Both salaried and non-salaried individuals can apply for the role of a personal loan Agent.
- Age: If you are not above 18 years of age, you cannot work as a personal loan agent.
- Qualification: You do not need professional college degrees in banking, finance, or accounting to work as a personal loan agent. However, you must go through the on-job training modules offered by your partnered bank or NBFC to pick up strong negotiation skills.
- Credit score: It is a no-brainer that lenders will not trust an individual knee-deep in debt to offer financial advice to others. Although it is not officially stated, you must have an excellent CIBIL score to work as a personal loan DSA partner.
- Additional requirements: Although not mandated by any lending institution, DSA agents could learn one of the local languages in their operating area. Since personal loan DSAs often engage in one-on-one interaction with their clients, knowing a common tongue helps ease communication and increases familiarity.
Documents required to work as a personal loan agent
- Proof of identity: Aadhar card, Voter ID, PAN card
- Proof of address: electricity bills, passport, driving license
- Tax details: Form 16 and other income tax documents
- Income proof: Salary slips, if one is employed at an organization, account statements and address proof of one’s business’ physical location, if they run a business, or one’s invoices and financial statements if they are self-employed.
- Bank account statements: Your most recent three months’ bank transaction details
- Registration form: Your completed lending institution’s DSA registration form with all your basic and financial details
Make sure to choose a reputed lending institution when aspiring to work as a personal DSA partner because they generally offer better loan terms and a more diverse stock of products. If you want to become a personal loan agent, reach out to Andromeda Loans. They are one of the best financial institutions in the country, having tie-ups with multiple reputed banks. Andromeda Loans is known for its decades-old financial expertise and cutting-edge technology to offer the best personal loan products to its clients.