The Indian loan industry is rapidly evolving. Not only does it have an increasing base of satisfied clients, but it is also reaching out to those who have not been included in its ambit.
DSAs are revolutionary. They act as the link between financial institutions and individuals. Whether you’re in the market for a specific home loan, or are grappling with the many loans available to you, you will be served by a Direct Selling Agent.
They provide borrowers with full and personalised support, fostering brand trust. With their unique approach, it’s a win-win situation for small lenders and industry titans alike as they can both grow their businesses significantly with the loans availed of.
Who is a DSA?
Fundamentally, a Direct Selling Agent (DSA) is an expert intermediary who works for financial institutions, such as banks and non-banking financial corporations (NBFCs).
A Direct Selling Agent identifies potential customers for the financial institution he represents. He guides borrowers through the entire loan application process. He ensures that all necessary documentation is accurate and available.
His role is to connect borrowers with lenders and close deals with them. Some of the products a DSA sells include credit cards, house loans, and personal loans.
For his services, the Direct Selling Agent receives a commission determined by the volume of business he generates or the number of products he sells.
How to Register as a DSA with Oxyzo?
Here’s how an individual can register as a DSA Loan Agent:
- You can get yourself onboarded as a DSA by simply using your mobile number to register.
- Use your client’s GST to apply for loan.
- It takes just 48 hours to get an approval.
- You will receive a unique Direct Selling Agent Loan Agent ID.
- Once your client’s disbursements are successful you will receive your payment.
What Kind Of Training Is Required To Become A DSA?
Once selected, a DSA Loan Agent is trained in the following:
- A thorough understanding of the different loan types lenders offer, interest rates, loan terms, eligibility criteria, and repayment structures.
- An in-depth knowledge of credit cards or insurance products that are part of the lender’s product range.
- Good communication skills, paving the way eventually for excellent sales skills.
- Rapport-building with potential borrowers to foster trust and dependability.
- Enhancing customer service skills, to be a good problem-solver and build relationships with potential customers.
- Gathering knowledge on the regulations set by the Reserve Bank of India and other financial institutions related to DSA practices and loan products. This helps sharpen technical skill set of a DSA.
Documents Required for DSA Registration
To register as a DSA, the only documents required are your phone number and PAN card for individuals or GST for firms. It is that simple!
Eligibility Criteria for the DSA Registration Process
Given below are the eligibility criteria for the registration process of a Direct Selling Agent:
- The applicant must be a citizen of India.
- The applicant should be a minimum of 18 years.
- He or she can be salaried or non-salaried, self-employed or business owners.
- The applicant should provide the required documentation when asked for.
- The applicant should have a thorough knowledge of the lender’s products that he will sell. A degree in finance or banking is not mandatory.
- Besides the above, specific loan products may call for particular eligibility criteria.
Conclusion
The vibrant banking and NBFC industries need proactive and energetic individuals who make sales happen. Typically, a DSA Loan Agent acts as a middleman between borrowers and lenders. They offer help, support, advice and knowledge to potential customers,
A DSA’s power of persuasion, technical expertise, market knowledge and strong client contacts make him a high-value provider. In their own way, DSAs significantly impact their client’s financial security and bring about the growth of financial institutions and banks.