A DSA finance (Direct Selling Agent) is a person who works as an agent for a bank or non-banking financial company (NBFC) by fetching as many potential customers for that particular bank or NBFC. The lead of potential clients is forwarded to the NBFCs or banks to initiate the process of lending and further relevant activities. DSAs are essential in portraying lending institutes and generating business openings in the lending ecosystem. The main source of income for a DSA finance agent is through commission. The commission varies from the amount of the loan sanctioned. Each time a loan is sanctioned, the agents are paid a commission. The average commission on home loans and personal loans is 1%. Business developers have been employed by financial institutions as DSAs to work in the field and provide customers with financial goods provided by the banking sector.
Take a look at what DSAs offer:
Handle Loan Documents
A DSA is involved in collecting and maintaining the loan application forms andnecessary documents of the borrower and verifying them. A DSA must submit allthe received loan documents to the bank or NBFC they are working for.
A DSA finance agent should conduct a process of verification and due diligence to ensure allthe documents are genuine of the application for a loan and documents providedby the client.
When a client desires to take a service from a bank or NBFC, a DSA shouldestablish a telecommunication with that client to collect the details andguide them to avail of the lending facility of the bank or NBFC. A DSA Partner can connectto existing clients of the institution as well if they have agreed to receiveinformation about the products of the bank or NBFC.
Guide the client
The main role of the DSA of a Bank or NBFC is to find the potential customerslooking for a loan. After finding the potential client, a direct selling agent mustguide the borrower with the features of financial services related to the terms andconditions of the loan.
Contact your potential clients only during working hours. As a DSA finance agent, you need to make sure that the client does not feel inconvenient to receive your call. So, call at a suitable time. You must also respect each client’s personal space and privacy by maintaining a professional distance from them. If they do not wish, do not enter their office or residence.
A DSA of a bank or NBFC shall not present any misinformation about the servicesprovided by the bank or NBFC. The DSA finance agent shall not falsely represent themself as anemployee of the lending institution.
Being transparent with your client is very crucial. You should not misguide the client about any loan product or service offered by the bank. Do not make any false promises or fake claims on behalf of the bank that you cannot fulfil later on. Also, you must not represent the client falsely in front of the bank.
These are the roles of DSA financeagents and the things they offer.