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DSA Loan Agent

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DSA Loan Agent Registration Process

DSA loan agent or the Direct selling agent is associated with the bank or non-banking financial company (NBFC). DSA agents are the bank or NBFC personnel who acquire potential loan borrowers. The applicant’s loan procedure and all the administrative formalities will be taken care of by the DSA loan agents. DSA loan agents represent the bank or the NBFC and not the hired employee. The agents receive commission over each successful loan application.

However, the agent must get their DSA loan agent registration before starting to work.

What is the procedure for the bank or NBFC DSA registration?

You can easily do the DSA registration online by the following procedure carefully: 

  • Visit the official website of the bank or NBFC of your choice and submit your application. 
  • The next step is to make the payment. 
  • After you are done with the payment and the application submission bank or NBFC will contact you to verify the documents for DSA partner registration.
  • The legal team appointed by the bank or NBFC will start the due process by verifying your documents, your past credit history, and your credit score. 
  • Once all the documents and necessary information are vetted by a bank or NBFC, and if they are satisfied with your application, then they will send the DSA agreement. 
  • You sign and then submit the agreement. 
  • Bank or NBFC will issue a DSA loan agent unique to you. 

After getting the DSA loan agent code, you become the bank or NBFC’s DSA partner. You need that code to upload the loan document. Loan availed through the referral of your code will earn you commission on the loans. You can also apply for the DSA on multiple finance portals to further smoothen your DSA loan agent procedure.

What are the documents required for the DSA registration?

Documents required for the verification of the DSA loan agent may differ from institution to institution. However, in general, you need to provide the following documentation for the loan DSA partner registration:

  • Two recent passport-sized photographs.
  • ID proof:
    • PAN card
    • Aadhaar card
    • Voters ID 
    • Passport 
  • Address proof (individual)
    • Aadhaar card
    • Voters ID 
    • Passport 
    • Any utility bill of last six months
  • Address proof (institution)
    • Any utility bill of last six months
    • Business registration form
  • Bank transaction details or statements of the last three months from the DSA loan agent application date. If you are applying as an individual, then your details as a firm then details of the firm.
  • All Educational qualification certificates (Not required at many banks and NBFCs)
  • Recent form number 16 of Income Tax returns from certified CA.
  • If you are applying as an institution, you need to require the firm’s registration details.
  • GSTIN details (only if applicable)

What are the eligibility criteria for the DSA registration process?

Eligibility criteria may vary from institution to institution. 

  • To become a DSA loan agent. you don’t need to hold a degree in banking or finance. 
  • Any salaried or non-salaried individual can apply to be a DSA loan agent. 
  • You need to have thorough knowledge 
  • You need to be above 18 years of age. 
  • You need to be an Indian citizen. 
  • You need to have a good credit history with a good CIBIL score.

What are the advantages of becoming a DSA loan agent?

  • Educational qualifications are not mandatory to be a DSA loan agent. Anyone with any educational background can become a DSA loan agent. 
  • It is not a strict job; you can work at your leisure. 
  • Students who are still pursuing their education can opt to be a DSA loan agent. 
  • You get the commission over each loan that avails through your referral code. The bigger the loan amount, the bigger your commission.

DSA Loan Agent Registration Process

1. How much do DSA loan agents earn per referral?

DSA loan agents’ earnings come from the commissions they receive from personal or business loans. You usually get 1% of the loan amount as commission behind each loan. The commission percentage can increase as per the loan amount. Loans above 30 lacs may get you a commission of 1.5% to 3% depending on the institution of your association.

2. Can CA become DSA loan agents?

A CA can become a DSA loan agent by following a similar procedure. These days it is turning out to be another career opportunity for the CA’s to be DSA agents. Potential borrowers also opt for CA DSA agents for their loan applications. It becomes easy for them to deal with all the tax rebates and other technicalities related to loans.

3. Does DSA get payments from the customer?

No, DSA’s earn their commissions on the loan from banks.

4. Is a DSA loan agent a good career option?

Yes, if you have the skillset to become a DSA loan agent. It does not matter what loan type it is. If the loan is availed under your referral ID, you benefit from it. Your earnings may increase or decrease over the years depending upon the number of clients you get.

5. Can I become a DSA loan agent with multiple banks or NBFC?

No, you cannot become a DSA loan agent with multiple banks or NBFC at the same time. After you are done with the online DSA registration, the bank or NBFC sends the agreement for you to follow. Once you sign the contract, you become their commissioned employee. You can, however, hold a job in any other profession or sector.

6. Do DSA loan agents get a salary?

No, DSA loan agents do not get the salary. Instead, they get a commission on each loan that was availed through them. DSA agents can opt to get the commission in a lump sum or form of monthly payments. The mode of payment will depend upon the institution.

7. Is there any age limit on becoming a DSA agent in India?

There is no age restriction apart from being an adult Indian citizen to be a DSA agent in India.

8. What are the skill sets required to be a DSA loan agent?

There are no mandatory educational criteria to be a DSA loan agent. However, you need to be persuasive and apt in your communication with the client. You need to have a thorough knowledge of the loan procedures in India.

9. How does a DSA loan agent earn business for a bank or NBFC?

The primary goal of the DSA agents is to secure potential borrowers for the bank. Some DSA’s are also referred to as the business correspondent of the bank or NBFC.

10. How do I improve my CIBIL score?

To improve your CIBIL score, you need to pay off all the existing or previous loans you have availed of. You also need to consistently make EMI payments of your loan.

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