What is the DSA loan partner program for personal loans?

A DSA loan agent acts as the mediator between borrowers and lending institutions. They assist borrowers with the loan application and sanction processes, assess their income and assets, and even help them to choose the best loan product suited to their needs. They mostly service officegoers and small to mid-range business owners, who want a hassle-free loan sanction experience. Lending institutions seek DSA agents to convert more interested candidates to invest in their loan schemes and increase their business revenue. 

What is the DSA loan partner program?

Lending institutions like banks and NBFCs need loan agents to popularize their products, while DSA channel partners need reliable products for their clients. They share a mutually beneficial relationship. Loan facilitators like Andromeda Loans offer a loan partner program. In the program, a loan agent sells or distributes loan products in the name of the loan distributor. In exchange for their services, they earn a commission from the institution.

Eligibility criteria for working as a loan DSA agent

• Must be a legal adult: You must be above 18 years of age to work as a loan DSA agent anywhere in the country

• Must be an Indian citizen: If you want to work as a loan partner, you must be an Indian citizen. 

• Must maintain an excellent credit history: You must have an excellent record of paying back your dues on time and a good CIBIL score to work as a DSA channel partner. 

• Could be from any industry: You do not need a professional degree to begin working as a DSA agent. You need to have strong negotiation skills and develop innovative marketing strategies to win over customers. 

• Beneficial to have significant contacts within the industry: If you have prior experience in the finance industry, or already have access to a pool of financial advisors, tax consultants, and chartered accountants, you will find it easier to simplify the legal jargon and pitch producers to clients. 

Documents required to work as a loan DSA agent

• Proof of identity like an Aadhar card, Voter ID, Pan card
• Address proof like utility bills, passport, and driving license
• Form 16 and other income tax details
• GSTIN details, if you have any
• Your latest three months’ bank transaction details
• Completed ‘loan partner program’ registration form with all your details

How to register to work as a loan DSA agent?

• Head to the official website: If you want to work as a DSA loan partner, head to the official website of the bank or NBFC you want to partner with. Search for the ‘loan partner’ option on their website. A registration form will be displayed. 

• Complete the registration process: Fill in the ‘loan partner’ registration form with all your basic details. Some loan distributors may ask for a registration fee. Once you complete the process, your profile will be taken into consideration. 

• Turn up for the interview: If the lending institution shortlists your profile, you will be asked to show up for an interview. The interviewer will assess your abilities, and previous experiences, and inform you of the duties and responsibilities of a DSA channel partner. 

• Undergo verification: The interviewers will run background checks, evaluate your credit score and credit history, and verify all your KYC documents. If you have a decent record of paying back your dues on time, you have a higher chance of getting selected. 

• Understand the roles and responsibilities: A loan agent must possess a thorough knowledge of the existing and upcoming loan products of an institution. The trickiest part of working as a loan DSA agent is that you have to uphold the interests of your clients as well as the bank or NBFC you are affiliated with. 

• Sign the DSA agreement: If you agree to the terms and conditions and understand the responsibilities of a DSA agent, the loan facilitator will send you a DSA agreement. It is a written contract that details the terms and conditions of both parties. Once you sign it, you can officially begin working as a DSA agent. 

Roles and responsibilities of a loan DSA agent

• Assist in the loan application process: The primary duty of a loan DSA agent is to help individuals choose the best loan product for themselves, and streamline the loan application and sanction processes. They must ensure that everything is completed on time. 

• Verify leads: Once a customer submits their documents, it is the duty of a DSA channel partner to verify their KYC documents, run background checks, go through the title deeds of a property, if they are availing a house loan, and finish other documentation formalities. 

• Resolve customer queries: A loan agent must be always available during office hours to resolve customer queries and guide them along every step of the loan application process. 

• Help customers choose the best loan option: Customers may sign up for home top-up loans, unsecured personal loans, and other seemingly beneficial loan schemes without measuring the odds. Loan agents assess your income and assets, calculate monthly settlements with the help of a home loan EMI calculator, and evaluate your existing loans, thus helping you make an informed decision. 

Wrapping up

Working as a loan DSA agent is a lucrative career option, with unlimited income potential and flexible working hours. Nowadays, there has been an increasing demand for loan agents. Lending institutions no longer have the bandwidth to help out every customer. Officegoers and business owners also do not have the time to figure out everything by themselves. This is where loan DSA agents swoop in to help out borrowers.