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A DSA Loan Agent is a Direct Selling Agent who helps to secure a loan for consumers. A Loan DSA helps consumers to connect with lenders, assist in the primary process, collect the documents and carry out all the vital aspects of money lending. They also verify the documents to ensure the documents submitted by the consumers are authentic. This benefits both parties involved in the entire process of loans. ...Read More
DSA Loan Agents are also known as Loan Agents. A DSA Loan Partner receives a payout in the form of a percentage of the total amount of loan and the type of loan applied by the consumers. In rural areas, they are also known as Business correspondents.
There are several banks and financial firms which appoint Loan DSA’s and allow them to work at their pace and at flexible hours. But appointing a Loan Agent is not a salaried job for the individual. It is like entrepreneurship where the individual has to have complete control and willingness to work.
The primary role of a Loan Partner is to establish professional contacts and bring leads for the bank/financial firm. A Loan Partner can bring clients related to mutual funds, personal loans, home loans, bank loans, business loans, and other loan services.
They also have to collect the necessary documents and run a primary check from their end. When submitting the loan applications, a Loan DSA is supposed to adhere to the prescribed format by the bank/financial firm. Then they have to forward the request to the respective team.
A Loan DSA Officer is also responsible for providing necessary assistance to the area bank/branch of the financial institution until the loan application procedure is complete. This helps to save time and to avail loans at a fast pace.
When you become a loan DSA with Choice Connect you get the opportunity to provide the following loan services to the clients.
Anyone above the age limit of 21+ years can become a Loan DSA Partner. The individual can be a working professional, a business owner, a housewife, or even a student who can work as a loan partner. The most important criteria for becoming a DSA Loan Agent is the willingness and dedication towards the role. If you wish to extend a helping hand to people looking for funds and get paid for that you can become a Loan Agent.
Becoming a Loan Agent can be a tedious role, but it is certainly rewarding. The benefits of becoming a long partner are:
It goes without saying that to become a DSA Loan Agent, you have to follow some basic processes. The first step starts with Loan DSA registration. Though different banks, NBFCs, and lending platforms have different registration requirements, however, the process is quite common in most. The common steps of DSA Loan registration are:
Loan DSA Registration Process:
Most Loan Agents require a bachelor’s degree in business or business administration. Students receive preliminary training while doing the course they have enrolled for. The rest of the training starts once you join the company. Most financial institutions, banks offer a 20-40 hours training program that has to be completed to become a Loan Agent.
They also prepare the applicants by giving them training on how to manage potential leads, manage the information of clients, underwrite loans, and comply with the laws and regulations that are applicable. There is also a handbook provided to the DSA Loan Partners while applying to become a Loan Agent.Read Less