How to Obtain a DSA Loan Franchise
If you are great at networking and are looking to earn some extra bucks in the finance department but don’t wish to work in a bank then working as a loan DSA franchise for a bank or even NBFC (non-bank financial company) is the job for you! Now you might be wondering how can I work for a bank without working in the bank, well, working as a loan DSA franchise (direct selling agent) means that you are working for the affiliated bank or NBFC as a referral agent for loans.
As a loan DSA franchise, you have to find customers in the market who are looking to apply for loans for the bank you are affiliated with. These potential customers are then to be directed to the concerned bank or NBFC and the loan process is taken forward. For the effort put in by you, a payout will be provided. The percentage of a loan DSA franchise payout depends on the type of loan and the amount of the loan. And the payout varies from customer to customer, so it’s a pretty good source of additional income.
And of course, you can’t just wake up one day and find yourself a customer. There is a process that needs to be followed to apply for a loan DSA franchise and given below are a few common steps every bank has –
- Visit the bank you want to work for and submit your application to the bank or NBFC. Note that you can work as a DSA for one bank only and if found that you are affiliated with other banks as well, your application will be rejected right there.
- On being contacted by the bank, or NBFC, you will be asked to provide certain documents.
- The bank or NBFC will then verify your documents, a legal team will start a due diligence process, and your CIBIL score and credit history will be checked.
- If there are no issues with the background check, a DSA registration agreement with the right stamp duty will be sent to you.
- You then have to fill in the required details, sign the agreement, and submit it to the respective bank or NBFC.
- Your DSA code will then be issued to you. Make sure you don’t lose the code provided to you by the bank as the code traces the application back to you.
- Once you receive the code you can start uploading loan documents.
You might as well go ahead and call yourself a mini entrepreneur because as a loan DSA, you bring more business to the banks and NBFC. You act as the bridge between customers and Banks or NBFCs because many customers hesitate to use the loan system due to a lack of understanding. That’s where you come in and fill this gap with the human touch (bank employees can be a little arrogant sometimes) and help the people in need of loans by simplifying the loan application process for them.