How to apply as a Personal Loan agent in Mumbai

Why apply as a personal loan agent in Mumbai? As of 2022, Mumbai is the most expensive city in India. It is tough to survive on a single source of income in this city. Becoming a personal loan DSA partner gives you a safety net.

The growing interest in personal loans makes it a very lucrative career opportunity. The extra income comes in handy, especially amidst Mumbai’s growing expenses. 

Why become a Personal Loan Agent in Mumbai

Mumbai’s sheer demographic makes it difficult for lenders to track potential leads. Personal loan agents break through the clutter and identify prospective customers. They become an intermediary between the lender and the borrower.

Here are four benefits of applying as a personal loan agent in Mumbai:

Easy entry

A personal loan DSA partner requires minimum qualifications. A lender may hire someone with a 10+2 qualification if they have the requisite skills. The best part? Anyone can work as a personal loan agent in Mumbai. For instance, even homemakers with career gaps can apply as DSA. 

Better flexibility

Want to juggle two jobs at once? A personal loan DSA partner has more flexibility than your average side hustle. There are no fixed working hours, and you may work remotely. 

Little scope for risk

Becoming a personal agent in Mumbai requires very little investment. There is little risk involved since you can venture out as a DSA without losing your investment. 

No cap on income

There is no upper limit that you can earn as a personal loan DSA partner. Your pay depends on the number of leads you find for your lender. The vast size of Mumbai means you get ample opportunities to find potential leads.

What does a Personal Loan DSA Partner do?

As a personal loan agent in Mumbai, you will represent a bank or NBFC. Your job is to look out for clients interested in purchasing personal loans. 

Additionally, a DSA may also need to do the following:

• Procure the completed loan application and requisite documents from their clients.
• Verify the application and documents before submitting them to the lender.
• Assist the lender in making the loan approval process seamless and hassle-free.

Personal Loan DSA Partner Registration Process

For DSA registration, you need to:

• Visit the official website of the lender.
• Complete the personal loan DSA partner application and submit it.
• Make any necessary payments after submission.
• The lender will connect with you for documents.
• Post verification, the lender will present you with a DSA code and the agreement.

Once you complete the formalities and submit the signed agreement, you will receive the DSA code. You can then start looking for clients on the lookout for personal loans.

Eligibility criteria for a personal loan agent in Mumbai

While you do not need a degree in finance to be a personal loan agent in Mumbai, there are a few eligibility criteria that you must fulfill:

• You are a salaried or non-salaried individual.
• You are an adult, that is, eighteen.
• Your CIBIL score is high.
• You are a citizen of India.

Additionally, you must possess the necessary skills to become a personal loan agent. For instance, knowledge of Marathi and Hindi might be a bonus for DSA partners in Mumbai.

Want to know more about what skills you need as a loan agent? Most loan agencies in Mumbai list detailed job descriptions on their website. Google ‘personal loan agent near me’ or visit Andromeda Loans you wish to represent us. 

Mandatory documents for personal loan DSA partner registration

To apply as a personal loan agent in Mumbai, you need the following document:

• Identity proof (AADHAR, PAN card, passport, or driving license)
• Address proof (utility bill, PAN card, or AADHAR)
• Details of income tax returns (form 16)
• Details of bank transactions (for the past three months)
• Passport size photographs
• Proof of educational qualifications
• GSTIN details (if applicable)

Wrapping Up

Working as a personal loan agent in Mumbai allows you to create another source of income. Plus, you can work in the finance industry without a professional degree. All you need is a basic understanding of financial products and strong interpersonal skills.