Starting a Loan Direct Selling Agent (DSA) business is a relatively good business for those who need good DSA commissions by connecting borrowers and lenders. Thus, as a Loan DSA, you become the middleman, connecting customers with the right financial products.
Here are 5 simple steps to start your DSA business and earn Attractive commissions.
Step 1: Understand the loan DSA Business Agent
A Loan Direct Selling Agent (DSA) recommends borrowers to financial institutions and is involved in the financial industry to a great extent by easing the loan application process.
Benefits of Being a Loan DSA Business Agent:
- Attractive Commission Structure: Acquire DSA commissions based on the loan amount provided by your referrals. Still, when used as a service, it can be a good income-generating strategy, provided you are constant with your supply of clients.
- Flexibility and Independence: Flexible schedule and independence where you can work from home or from any other place of your choice.
- Growth and Networking: You are building a network of happy clients and financial partners and expanding your business horizons, which leads to earning more money.
Step 2: Involves research to identify the right financial partners, including the different types of financial partners available.
Potential Financial Institutions:
Thus, engage as many financial institutions as possible to earn a high DSA income.
- Private Banks
- Public Sector Banks (PSU Banks)
- Non-Banking Financial Companies (NBFCs)
- Other Financial Companies
How to Choose the Right Partners:
When selecting loan partners:
Product Range: Ensure they have multiple loan products.
Reputation: Choose institutions with good customer service and good reputations.
Commission Model for DSAs: Compare DSA commission rates.
Building Relationships:
- Approach Financial Institutions: Pitch a value proposition to potential DSA loan partners.
- Negotiate Terms and Commission Structures: Get agreements that benefit both.
Step 3: Loan DSA Registration
Registration Requirements:
To become a Loan DSA, register with Ruloans:
Documents required:
- ID and business registration certificates
- Soft copies of PAN card, Aadhaar, passport, or voter ID
- 2 passport-size photographs
- GST registration for companies (if applicable)
- Proof of employment: Salary slips (if employed), account statements and address proof (if running a business), or invoices and financial statements (if self-employed)
- Account details: Last 3 months’ bank statements
- Registration form: Fill up the Become Loan Agent Registration form with personal and financial details
Eligibility:
- Age: 25 years and above
- Nationality: Indian
- Educational Qualifications: No qualification required
- Professional Qualifications: Open to working professionals and business owners
Using Ruconnect App:
Ruconnect App by Ruloans is India’s first B2B Loan Distribution Channel Partner App that makes the DSA registration process easy.
Benefits of Ruconnect:
Simple registration and faster approvals
Access to multiple financial partners
How to Register on Ruconnect:
- Download the Ruconnect App.
- Create an account and fill up your details.
- Upload documents.
- Submit and wait for approval.
Step 4: Marketing and Outreach
Marketing Strategy:
- Who are your borrowers? Visa offers clients different loans, mainly personal, home, or business.
- Marketing Channels: such as social media marketing, email marketing, and online advertising.
Networking and Referrals:
Networking and referrals are the key to grow your business:
- Network of Potential Borrowers: Go to trade shows and become a member of professional organizations.
- Encourage Satisfied Clients to Refer Others: Introduce bonus points for clients to refer their friends and kin.
Step 5: Providing Management and Growing Prospect of the DSA Business
Performance Tracking:
Tracking is required to improve:
Monitor Your Progress: Frequently monitor Magellan’s performance indicators, such as the number of leads and loans granted.
- Tools and Methods to Track Commissions and Performance: Recording the DSA payouts within the CRM and/or other tracking systems is essential.
Add More Services:
Diversify to get more clients: Diversify to get more clients:
- Additional Products: You should invest in insurance, mutual funds, and other similar financial products.
- More Institutions: affiliate with additional banks in order to deal with additional loan services.
Continuous Learning and Upgradation:
Stay updated with industry trends and regulations for long-term success:
- Industry Trends and Regulations: Seek professional articles and daily/weekly webinars from which to learn.
- Workshops and Training: Promote acquiring education to upgrade knowledge and skills during the job.
Conclusion!
To become a Loan DSA with Ruloans, you need to know your role, select loan partners, register as a DSA, create a marketing strategy, and manage your business. Follow these steps to start your Loan DSA and earn DSA commissions. Connect borrowers with lenders and grow with Ruloans, India’s largest loan distributor.
