Who can become Andromeda Loan Agent

A Direct Selling Agent (DSA) sells finance products in the name of the bank or NBFC they have partnered with. Lending institutions, like us, actively recruit DSA channel partners to expand client base and bring in more revenue. DSAs are considered excellent service providers in the industry. If you are interested in educating people about financial products and helping them choose the best loan product for themselves, you will love working as a loan agent. 

Eligibility criteria for loan agent registration

• Open to both salaried and non-salaried individuals: The position of a loan DSA agent is open to both salaried and non-salaried individuals. It is only your negotiation skills and professionalism as a DSA agent that will set you apart from other competitors. 

• Must be above 18 years of age: You must be a legal adult i.e. above 18 years of age for loan agent registration anywhere in the country. 

• Must be an Indian citizen: If you are an Indian citizen, you can apply for loan agent registration in the country. 

• No professional qualifications required: You do not need any specific professional degree or diploma to begin working as a DSA channel partner. However, you must go through the training modules offered by loan facilitators like Andromeda Loans to learn the ropes of the industry. You also need to pick up communication skills and learn about loan products to work as a DSA franchisor. 

• An excellent social network: If you have some prior experience in the finance industry and already possess a pool of significant clientele like tax advisors and chartered accountants, you will find it easier to adapt to the legal jargon and pitch to clients. 

• Good CIBIL score: Although not mandated by every bank or NBFC, it is best to have a good CIBIL score and an excellent credit history. Make sure that your bank statements and finances are in order before applying for the role of a DSA agent. 

Documents required for loan agent registration

• Proof of identity: Voter ID or PAN card or Aadhar card

• Address proof: Utility bills or driving license or passport

• Registration form details: Loan facilitators like Andromeda Loans’ official registration form

• Income tax details: Form 16 or Income Tax returns documents

• Bank transaction details: Your most recent 3 months’ bank transaction details

How to apply for loan agent registration online?

• Sign up for the partner program: To partner with us a DSA agent, visit our website, and click on ‘Become our partner’. After that, a registration form will be displayed on your screen. Fill in your details and submit the form to complete your loan agent registration online. 

• Expect a callback: On receiving your details, you could expect a call back from us within the next 48 working hours. We will try to gauge your abilities and see if you are a good fit for the role of a DSA agent. We will also tell you about the duties and responsibilities of a DSA channel partner and inform you of the terms and conditions of the institution. 

• Understand the workings of a DSA agent: We will walk you through the loan sanctioning processes, documentation details, and loan schemes. During the conversation, you will get a proper idea of what a day in the life of a DSA agent looks like, what are their working hours, and how much commission would they receive upon selling a loan product. You will also get a closer look at the kind of products we want you to sell.

• Sign the DSA agreement: If you agree to the terms and conditions and are shortlisted for the role, you will receive a DSA agreement. It is a written contract that details the terms and conditions that both parties have accepted. After signing the DSA agreement, you will be formally inducted into the organization. 

• Go through the training modules: Every loan facilitator like Andromeda Loans provides on-job training modules to facilitate your understanding of the loan products. These training sessions hone your persuasion and communication skills and also accustom you to pitch products to clients. 

Skills required to succeed as a loan DSA agent

• Attention to detail: Most of a DSA agent’s daily work life revolves around maintaining records, informing clients of their application progress, and communicating every detail back to their loan facilitator. These tasks are detail-oriented in nature and require one to maintain professionalism at every step. 

• Strong negotiation skills: The primary duty of a DSA channel partner is to sell financial products like loans and credit cards to interested individuals. You must be able to position our products in a positive light and sell benefits to individuals. However, you must never mislead them, and always make sure to suggest only those products that would suit their needs. 

• Knowledge of financial products: A DSA agent must possess a thorough knowledge of the existing and upcoming loan schemes to suggest the best one to their clients. You must listen to your client’s vision, assess their income flow and existing assets, and then help them make an informed decision. 

• People-first attitude: A DSA channel partner works with people day in and day out. You must have a calm and polite demeanor to answer customer queries. Make sure to always call your clients only during office hours. A DSA agent must never harass or mislead their customers. 

Wrapping up

A Direct Selling Agent (DSA) educates people about different financial products and guides them with the best solution, such as loans. While there is no specific educational qualification required to be one, we have outlined some eligibility criteria and requisite skills to recruit DSAs.