Confusing how to become a Direct Selling Agent (DSA) of loans in India? NBFC DSA registration will help you to enter a highly rewarding career in financial services. By registering with NBFC DSA online, individuals and small business owners have an opportunity to collaborate with Non-Banking Financial Companies (NBFCs) to get loan leads and make lucrative commissions.

With the momentum of digital lending, online loan DSA registration requests increased by more than 40% just in the past two years. Be it business loan DSA registration or personal loan opportunities, the understanding of eligibility, documents and stepwise process is the major step towards getting started with confidence.

What is the NBFC DSA Registration in India?

NBFC DSA is the abbreviation of Non-Banking Financial Companies Direct Selling Agent. NBFC DSA registration is the procedure of registering individuals or companies that serve as referral agents of NBFCs and banks. They are usually referred to as Business Correspondents in the rural markets, and assist in the generation of leads of different financial products like personal loans, business loans and home loans. The leads are subsequently passed on to the various NBFCs or banks where they are processed.

As digitalization has taken place, NBFC DSA registration online has provided an opportunity to an aspiring agent to apply to it in any location. Be it the online loan DSA registration or the opportunity in business loan DSA registration, this process can open up a continuous source of income and help people to obtain the money they require.

Eligibility Criteria to Obtain NBFC DSA Registration

One should follow the following eligibility criteria to obtain NBFC DSA Registration in India:

  • The person should be an Indian Citizen
  • He should be above 18 years of age
  • Should be willing to work in public dealing
  • Knowledge about financial products
  • Must have good communication and coordination skills

What are the benefits of NBFC Direct Selling Agent?

The following are the benefits of becoming NBFC DSA:

  • It ensures scope for additional income, but the amount may vary from lead to lead
  • Allows establishing new business with minimum risk and cost
  • They provide flexible working hours
  • There is no demand for higher qualifications
  • Respective banks/NBFCs provide skill training

What are Benefits of NBFC DSA to Customers?

It offers various benefits to customers. The benefits include:

  • The direct selling agents assist with the issues and queries of customers
  • They allow customers to choose the appropriate loan as per their budget
  • Excellent post-sales assistance is provided by Natural Selling Agents to customers.

What are the Benefits of DSA to Financial Institutions?

DSAs are beneficial to financial institutions in the following ways:

  • Ensure ease in the local approach
  • Identify and shortlist potential customers
  • Improve awareness regarding the financial products provided by institutions to the local people
  • Assist people who need loans efficiently
  • Perform initial verification and register the needs of clients

What are the Duties of NBFC DSA?

Their duties are as follows:

  • Collect the fill the loan application from the clients along with the documents required
  • Perform a preliminary check for both the application and documents collected
  • Ensure that the documents collected are genuine and valid
  • Upload or submit the application as well as the documents
  • Provide their DSA Code that allows tracking the application

What are the Documents required for NBFC DSA Registration

To obtain NBFC DSA Registration, the following documents are required:

  • The Aadhaar Card of the applicant
  • The PAN card of the applicant
  • Driving License
  • Details of bank account like IFSC and account number

What are the Procedure for NBFC DSA Registration in India?

Usually, financial institutions such as Banks and Non-Banking Financial Companies use their method to register as Direct Selling Agents in India. The steps are explained below;

1. Submission of application

Firstly you will be required to visit the respective bank, NBFC, or another financial platform to submit the application filled by you. Once the application has been submitted, proceed with payment as prescribed. On the price submission, the concerned bank, the NBFC, or the lending institution will contact you further.

2. Provide documents for verification

Provide the documents requested by the respective institution. The institution shall then examine and verify the documents submitted against the requirements set by the institution.

3. Assessment of credit score and approval

After that, the financial institution will conduct due diligence. A team of professionals from such an institution will perform the process of due diligence and will determine the CIBIL score and the applicant’s credit history. If the institution approves the form and submitted documents, the bank shall dispatch a legally attested agreement of NBFC DSA Registration to the applicant.

4. The final process of the loan

The applicants should fill out the details requested in the manner the agreement prescribes. After agreeing to the terms and conditions, the applicant should sign the deal. Then, submit the signed contract to respective institutions. On obtaining the agreement, the institution shall give the DSA code, which would be used as a reference number to monitor the status of the loan application. Once the DSA code is secured, the task of uploading loan documents can be performed by the agent.

A direct selling agent is pivotal in representing lending institutions for potential clients or credit seekers. Their fundamental objective is to promote and sell the financial products of the lending institution. Therefore, every lead they generate allows them to gain some income (some % of the actual loan amount). The services extended by the Direct Selling Agents are taxable under the Reverse Charge Mechanism.

How can Finline assist you to Provide the Best project reports for Bank Loans?

NBFC DSA registration in India is a good idea to start in case you are interested in creating a steady income with cooperation with leading financial institutions. As an individual or a company, becoming a DSA will give you new possibilities in the expanding financial services industry.

And when you are planning to tie-up with NBFCs or banks, keep in mind that it can be a real difference making to have a well-prepared project report. Finline is the place to go and create professional financial documents easily. It is Canva, but for business reports. It takes you only 10 minutes to construct your project report and that too in your own language. It is accepted in all banks and NBFCs in India. Start with Finline and make your financial sector easier.

NBFC DSA Registration FAQs

 A DSA (Direct Selling Agent) in banking and finance is an individual or firm that connects potential loan seekers with banks or NBFCs. They get commissions on all successful loans that go through their referral.

Registration can be done online through the official web site of the NBFC that you are interested to partner with. Complete the DSA application form, submit all the necessary documents such as PAN, Aadhaar, and bank details, and wait until the approval.

It varies according to the NBFC or bank you are going to apply to. Others are free to register and some may pay a small processing or registration fee. Always enquire with the particular lender.

 The simple criteria are 21 years or above, a valid PAN card, bank account, and a minimum qualification (normally 10 th or 12 th pass). Financial experience in business is an advantage and may not necessarily be required.

Once your DSA registration is accepted by the bank or NBFC, you will be provided a special DSA code. This code assists in tracing all the leads and loan applications made by you and this is where you get paid commissions.