A Direct Selling Agent (DSA) is a critical player in the loan distribution process who works for banks and financial institutions. These loans include Personal loans, Home Loans, Car Loans, Business loans, insurance, Mutual Funds, Credit Cards, and more. Generally, the terms, conditions, and eligibility criteria for DSA loans are the same as for loans obtained directly from banks or online. The lenders decide the approval process, interest rates, repayment terms, and required documents.
In this post, we will understand what DSA Agent is and How to Become DSA Agent Online.
Who is called a Direct Selling Agent (DSA)?
A Direct Selling Agent (DSA) or Loan DSA is an individual or business entity acting as a financial institution referral agent. DSAs help banks and non-banking financial companies (NBFCs) to acquire potential customers for various financial products like loans, credit cards and insurance policies. DSAs get a payout for their efforts, a percentage of the loan amount. This percentage varies from loan to loan. In rural areas, DSAs are called business correspondents. Irrespective of the location, this is a good way to earn extra income.
How to Become DSA Agent Online in India
Registering as a DSA Loan Agent with Ruloans is easy and profitable.
Step 1: Apply
Go to the “Become Partner” section of the Ruloans website. Fill up the DSA Registration form with your details and upload the required documents.
You need to sign up with your mobile number and provide the following:
Soft copies of your PAN card, Aadhaar, passport, or voter ID Two passport-size photographs GST registration (if applicable for companies) The proof of employment includes salary slips if you’re employed, account statements and proof of address if you’re self-employed, and invoices and financial statements if you’re self-employed Account details: bank statement for last 3 months.
Step 2: Expect a Call
We will call you as soon as you submit your application to guide you through the process and schedule a meeting.
Step 3: Meeting
A Ruloans Manager will explain how to generate leads and work as a DSA Loan Agent in the meeting.
Step 4: Sign the DSA Agent Agreement
After the meeting, you will sign the DSA Loan Agent Agreement.
Step 5: Get your DSA Agent Code
After signing the agreement, you will receive your DSA Agent Code. You need this code to track your client’s loan applications and commissions (payments).
Get your DSA registration done easily with Ruconnect’s DSA registration app
Ruloans offers Ruconnect App, India’s first B2B Loan Distribution Channel Partner App. The app simplifies and speeds up the DSA Loan Agent Registration process. By combining KYC and document submission through the app, potential DSAs can complete their registration in minutes.
Eligibility to Become DSA Loan Agent
- Age: You should be above 25 years old.
- Nationality: You should be a resident of India.
- Educational Qualifications: No educational qualification required to become Ruloans DSA Loan Agent.
- Professional Qualifications: You can register as a DSA Loan Agent whether you are employed or a business owner.
Documents Required to Become DSA Agent Online
To register as a DSA Loan Agent Online with Ruloans, you need to provide the following:
- Sign up with your Mobile Number
- Upload soft copies of your PAN card, Aadhaar, passport, or voter ID.
- Two passport-size photographs
- GST registration (if applicable for companies)
- The proof of employment includes salary slips if you’re employed, account statements and proof of address if you’re self-employed, and invoices and financial statements if you’re self-employed
- Account details: bank statement for last 3 months
- Registration form: fill up the “Become a Partner” registration form with all your personal and financial details.
Why Become a DSA Agent
Here are a few of the DSA Agent Benefits
- Attractive Commissions: DSAs get lucrative commissions for each referral.
- Flexible Timings: You can work at your own pace and convenience.
- No Major Investment: Becoming a DSA requires minimal investment, so it’s for many.
- Multiple Products (Cross-Selling Option): DSAs can offer multiple financial products from multiple institutions and more earning opportunities.
Final Words!
Becoming a DSA Agent with Ruloans is a great opportunity to grow your business and earn attractive commissions. With Ruloans’ vast network and support, you can easily navigate the loan distribution process and bridge the gap between borrowers and lenders. Start now with Ruloans and become a DSA Loan Advisor, a part of India’s growing financial ecosystem.
