A DSA (Direct Selling Agent) is a person who works as an agent for a bank or non-banking financial company. The job of a Direct Sales Agent (DSA) is to find as many potential leads for the bank they represent. A DSA helps in the procedure of all kinds of loans the bank or NBFC has to offer. The main source of income for DSA is through commission. DSA loan agents are the bank or NBFC representatives who gain potential clients looking for loans. DSA are not employees of the bank or NBFC, they represent them. Each time a loan is sanctioned, the agents are paid a commission. The average commission on home loans and personal loans is 1%. And once you become a DSA channel partner, you will receive timely payouts on disbursals.
Direct Selling Agent or DSA, is another name given to loan agents. The main purpose of these loan agents is to link the customers with the organization they are working with and help them through the entire process. It goes without stating that there’s a procedure that needs to be followed when it comes to becoming a DSA. You just can’t wake up one day and start selling loans for a bank. You will have to register first. The DSA channel partner registration process includes many steps and listed below are the steps that need to be followed to register yourself as a DSA channel partner:
- Visit the official website of the bank, NBFC or the organization you want to work with and submit your application.
- Once you’re done with your application process, the Bank or NBFC will contact you for document verification for DSA channel partner
- The HR will be appointed by the bank or NBFC will start the process by verifying the documents, your CIBIL score, and credit history everything will be verified by the legal team.
- Once all the documents and necessary information are collected by the bank or NBFC, and if they are satisfied with your application, they will register you as a DSA and send you a DSA agreement.
- You have to sign in the necessary places and submit your application.
- Once all the procedure is completed, Bank or NBFC will issue a loan agent code which is unique for every candidate..
- After receiving the code from a bank or NBFC you can start working as a loan agent.
These are the set of steps you need to follow to register as a DSA channel partner. To become a DSA channel partner, no educational requirements are not required. Anyone can become a DSA channel partner despite their school background or previous work experience. There are no fixed rules set up. So you may work whenever you feel like it. You may work as a DSA loan representative even if you’re still studying. The commission varies with the amount of loan sanctioned. Your main job is to assist potential customers in locating funds as a DSA loan agent. However, the DSA Loan agent greatly benefits the customers in filling up the documents and applying for the loan.