How Can a Beginner Start DSA for a Bank?

A DSA bank agent, also known as Direct Selling Agent, is an individual who works as a referral agent for a particular bank or NBFC. The main objective of a DSA bank agent is to pinpoint and find potential clients for the NBFCs or banks that they are representing. In order to carry out this task, the DSA bank agent will in turn fetch clients who are looking for a loan in the market. These potential clients are then redirected to the concerned bank or NBFC and once the loan is approved, the loan processing work is then carried forward.

A cost-effective payout is offered for the services of a DSA bank agent. The payout is usually in terms of the percentage of the type of loan and the loan amount. This payout structure can work really well for individuals who are looking to bag some extra earnings. DSA bank agents are also known as loan officers. You can also manage your work hours as per your flexibility and bring in as many leads as you wish and earn commissions for every successful referral. If you are an extrovert then this is the right job for you as it also serves as a potential opportunity for you to expand your social network. When you are a DSA bank agent, you get a monthly payout. This opportunity also allows you to improve your communication skills while boosting your knowledge in the loan sector. Well, in order to become a DSA bank agent, you are required to follow some registration steps which have been listed below –

  1. Visit the bank, NBFC, and submit your loan DSA application to them.
  2. The respected bank or NBFC will contact you after your application has been received by them. They will then ask you to furnish certain documents.
  3. A legal team of the financial institutions will begin a thorough background check. After the submission of all attestments, they will get verified. They will also check your credit history and CIBIL score.
  4. If there are no problems and you clear the background check, you will receive a DSA registration agreement with the correct stamp duty.
  5. You have to fill in the necessary details, sign the agreement, and submit it to the bank or NBFC.
  6. You will get the DSA code ((have your DSA code saved someplace safe as it is the only way your application can be traced back to you)
  7. Once the code is received, you may start uploading the loan documents.

When you become a DSA bank agent of a reputed bank, you can build your team in a few years and build your own company. You can always couple the experiences that you have gained as a DSA bank agent by working out problems that you encounter as the CEO (every entrepreneur’s dream) of your organization. If you have a team under you, you can always lead and inspire them with your right attitude as well as actions that you’ve mastered by working as a DSA bank agent.

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