If you are looking forward to getting a loan from a bank, you need to go through many step-by-step procedures. So many people get bored of these procedures. To make things easy for you, a DSA or Direct Selling Agent is there to help. Through DSA, it will certainly be a lot easier and more effective for you to get the loan quickly.
What is DSA?
DSA stands for Direct Selling Agents. The main role and responsibility of a DSA are to find a potential loan borrower or customer for the NBFC or bank for which they work. A professional DSA is there to find a loan borrower and guides them in getting the loan in the best way possible.
A DSA is to connect lender and borrower and also helps in taking care of all the documentation and procedures needed for loan applications. Not to mention, they also do the needful to ensure the documents are genuine and authentic. Hence, a customer or borrower can be benefitted from availing service of a DSA partner.
The DSA, in return, is to get paid for putting effort and acting as a bridge between the lender and the borrower. They are supposed to get payment in the percentage of the loan amount. Moreover, the type of loan may also determine the payout. In rural regions, these DSA partners are known as business correspondents.
The roles and responsibilities of a DSA
There are several important roles and responsibilities that a DSA has. A few such roles are given below.
- Finding a potential borrower of a specific loan from the lender.
- Collecting necessary and relevant documents from borrowers needed for the loan application.
- Conducting proper check-ups to ensure the documents for loan application are valid and genuine.
- Fulfilling all the other procedures to help the borrower get the loan without any issues or difficulties.
In short, the DSA partner is supposed to find a potential borrower and then guide him/her to getting the loan. Therefore, the significance of a DSA is immense, to say the least, for both the bank and the borrower.
Advantages of working as a DSA
A DSA should get several perks and benefits as they play a crucial role in the lending ecosystem. In this regard, the DSA gets the chance to make a lot of money from earning a specific percentage of commission on each loan sanctioned. The more borrowers a DSA can find, the more money he/she can earn.
On the other hand, an individual can work as a DSA side hustle. There are no fixed working hours in this job. Therefore, you can work anytime (during banking hours, off-course). Whether you are a working professional or a housewife, it does not matter, as you can become a DSA agent without prior experience. Last but not least, you will be your boss while working as a DSA. You do not have to work under anybody. You are supposed to work as an independent individual.