Sometimes, when we apply for a loan from a bank, we don’t do it directly by visiting the bank but through an agent. That agent, who helps you secure a loan from the bank from the comfort of your home, is a DSA or direct selling agent.
A DSA’s job is to find potential customers for a bank. They track people looking for loans and then direct them to the bank or NBFC, and the loan is then taken forward. The DSAs are paid a percentage of the loan amount for their efforts.
DSA: Job outline
- Get in touch with their leads and convince them to obtain a loan from the bank.
- Collect the completely filled application form and bring it to the bank.
- Submit the applicant’s documents as well.
- Conduct a preliminary check that everything is in place.
- Upload or submit the documents and provide their DSA code in order to receive the payment.
Eligibility criteria to become a DSA loan agent
- The applicant must be an Indian citizen.
- No degree or higher educational requirements are present.
- Must be aged 18 years and above.
- Must have knowledge about the loans and requirements.
- Credit or CIBIL score must be high.
- Cannot represent multiple banks as a DSA agent.
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Documents required for DSA applications
- Proof of identity such as PAN, Aadhaar, passport, voter ID, etc.
- Proof of address
- Details of your bank transactions of the last three months
- Form 16
- Educational qualification certificates
- Firm’s registration details if you are applying to an institution.
- GSTIN Details
- Two passport-sized photographs
DSA registration process
- Visit the bank you wish to work for and fill in an application form.
- Make the payment for the application fee.
- You will later be contacted by the bank or NBFC to furnish certain documents.
- The documents you have submitted will be verified after this, and your credit score will be checked along with your CIBIL score.
- After this, a DSA agreement will be sent to you along with the right stamp duty.
- Fill in the required and sign the agreement.
- Your DSA code will be sent to you.
- Once done, you can start uploading the loan documents.
Advantages of being a DSA
- This job helps you earn an additional income.
- There are minimal risks involved in the job.
- Higher education is not a requirement.
- Flexible working hours are present.
- The training is provided by the bank or NBFC.
Advantages of getting a loan through a DSA
- All concerns are addressed there and then.
- You do not have to undergo the hassle of submitting your form or documents.
- They give you a clear picture of the best loan type for you.
- The DSA will help you out even after you have procured the loan.Check out: Know about UCO Bank IFSC code