DSA stands for Direct Selling Agent, and it is a word used frequently in the financial service and banking industry. These agents are crucial for sourcing customers while being at the core of a lender’s operations. If you want to be a DSA loan agent then you must understand what role they play in an institution and what the registration process looks like. Once you know this information, you can then determine when you want to start working as a DSA.
Who is a DSA Loan Agent?
A direct selling agent is an entity or individual that works on behalf of a financial institution or bank. As an agent, you will be the first person to connect with prospective clients. You will represent the institution you are connected to and focus on understanding the customer’s needs. Once you comprehend it, and think it aligns with the loan you are selling then you would suggest the funding option to the people.
You may not be able to generate a lead in a single conversation and might have to follow up with the client frequently. But once the client shows any interest, then you will take their information after ensuring that they are eligible for the product. Upon doing that, you will also create a loan application request for the customers on their behalf and then submit the case to the sales team.
From there, they will guide the customer the rest of the way and your job is done as a DSA loan agent. This entire process requires a lot of communication so you will also be clearing up any query that the client may have.
Step-by-Step DSA Loan Agent Registration Process
Now that you know who a loan agent is, you must know all about the DSA registration. You must complete the following steps to begin working as a direct selling agent.
1. Complete the Initial Registration
The first step to starting your DSA registration is entering your residential PIN code, mobile number, the business you want to enrol with, and the product type. Then, inform the lender whether you have been referred by an existing partner or an employee.
Now, accept the privacy terms along with other conditions and then verify your information with a One-Time Password (OTP).
2. Enter your Profile Details
Start with picking the type of business constitution you want to register as. Next, enter your full name, PAN, and date of birth according to the information you have in your documents. Verify and then fill in your work email address. Verify all the information again through another OTP. You may move on to the next step once you have clicked on “Proceed”.
3. Fill in Your Bank Details
Include your account number and verify it in the appropriate section. Fill in the current account number if you are registering as a non-individual. You will also need to fill in your IFSC code post which, your name and MICR code will be auto fetched. You cannot click on “Proceed” and move on.
4. Submit Your Documents
Submitting your documents has become easier than ever before. You can either upload them manually or submit them through the DigiLocker method. If you are going with the latter, then you simply need to select the documents you want to submit and continue. But if you are going with the former, then you need to upload the copies digitally.
5. Sign the Agreement
Now, you must sign the agreement after reading it carefully and thoroughly. Click the checkboxes and you will get an OTP. Once you fill in the password and submit it, your DSA registration is completed.
Conclusion
Becoming a direct selling loan agent is simple but you must ensure that you meet the eligibility criteria. Once you do, then you can start collecting all the documents you need. If all the paperwork is in the right order, then your registration can be completed within a short time. It’s also important to select the right lender to become an agent with. Ensure that you are comfortable with the lender’s payout policies and you have checked all the information before signing up for anything.
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