Being a loan DSA partner with a registered bank is a gainful career choice for you where you can have complete control, decent working hours and commission. So, if you are someone who’s had their heart set on becoming a loan DSA partner, we are happy to provide you with detailed and up-to-the-point information that you need to know about becoming one and the loan DSA partner registration bank process as well.
For a loan DSA partner, acceptance requirements may vary depending on the bank or NBFC you choose to be affiliated with. Although, anyone who has a high school diploma or similar educational qualification can go ahead with the loan DSA partner registration bank process. Despite your employment status, you can easily apply to be a loan DSA partner. You just need to be well informed about what it is that a loan DSA partner does and the products which you will be selling for the registered bank. You must also have an outstanding credit history as well as a high CIBIL score, if your CIBIL score is less then you won’t be qualified to go through a loan DSA partner registration bank process. The required age for applying for a loan DSA partner registration bank is 18 years and above and the applicant must be a citizen of India.
The loan DSA partner will only represent the bank or NBFC, he or she is registered with and not the client. So, every time a loan application is approved, the DSA agent is paid a commission by the bank. As a DSA agent, you must first get registered with a bank and listed below are a few common steps that need to be followed –
- You need to visit the bank or NBFC you choose to work with or visit their online website and submit your loan DSA partner registration bank application.
- Your given documents will then be verified by the bank or NBFC, and their legal team will do your thorough background check, including your CIBIL score and credit history.
- Once you clear your background check, a loan DSA partner registration bank agreement with the right stamp duty will be sent to your address.
- You have to fill in the vital details, sign the agreement, and submit it back to the bank.
- Once the bank has received your loan DSA partner registration bank agreement, a DSA code will be issued to you (have your DSA code saved someplace safe as it is the only way your application can be traced back to you).
- Once you receive the code you can start uploading loan documents and you’re good to go.
The loan DSA partner registration bank documentation is such that it is minimal and easy to submit. The documents you will be required to submit to the bank are – school and college qualification certificates, your Aadhar card, PAN card, utility bill, driver’s license (if you have one) and your bank account details, including your bank transactions for the past 3 months.