A direct selling agent (DSA) plays a crucial role in the financial industry, particularly in the realm of loans. One such type of loan is the Loan Against Property (LAP), where the borrower uses their property as collateral when applying for the loan. LAP loans are considered secured loans by financial institutions and typically have lower interest rates.
In this blog, we will delve into the world of Loan Against Property DSA agents, exploring their role, skills required, eligibility criteria, documents needed, and how to apply for a registration online. Additionally, we will discuss the benefits of working with Ruloans, a reputed lending firm, and provide key takeaways and FAQs.
Why Do Banks Hire Loan Against Property DSAs?
Banks and non-banking financial companies (NBFCs) often look for Loan Against Property DSAs to help them increase sales. Customers also prefer working with Loan Against Property DSAs, as they take care of the tedious paperwork and offer recommendations. A Loan Against Property DSA does not just prepare documents, but also evaluates a person’s credit score and gives them advice on what loan product would alleviate their financial concerns. In short, lenders hire Loan Against Property DSAs to sell loans and in exchange for their services, loan agents take a percentage of the total loan amount as commission fees.
Skills Required to Work as a Loan Against Property Agent
There is no meritocratic gatekeeping in the DSA industry. If you have resilience and adequate knowledge of marketing techniques, you can thrive as a Loan Against Property DSA agent. You must go through all your lender’s training modules and gather detailed information about all their loan products. It will come in handy when answering customer queries. In the case of Loan Against Property, DSA agents must keep track of the real estate market to help customers make more informed decisions when pledging their property as collateral.
Eligibility Criteria to Work as a Loan Against Property DSA
- Age: You must be over 18 years of age to work as a Loan Against Property DSA.
- Citizenship: If you are not an Indian citizen, you cannot work as a Loan Against Property DSA.
- Qualifications: You do not need any college degrees or professional qualifications to work as a Loan Against Property DSA. You need to pick up strong communication skills.
- Credit history: Although not a compulsory requirement, you must have an excellent repayment record to work as a Loan Agent. It is a no-brainer that to maximize your chances of getting selected for the role, you need to have good CIBIL scores, for you will be in charge of others’ finances.
- Lingual skills: It is not a mandatory requirement, but if you know the local language of the area you will be operating in, you may find it easier to establish a sense of familiarity and better communicate with your clients.
Documents Required to Work as a Loan Against Property DSA
- Identity proof: Aadhar card, PAN card, Voter ID
- Address proof: Electricity bills, passport, driving license
- Bank statements: Your most recent three months’ bank account transactions.
- Income proof: Salary slips if you worked at an organization, business address proof or financial information if you ran a business, or payment invoices if you were self-employed as a freelancer.
- Tax details: Form 16 and other income tax details.
- Registration form: Your Loan Against Property DSA partner program registration form
How to Apply for a Loan Against Property DSA Registration Online?
- Fill out the registration form: Head to the official website of the bank or NBFC you want to partner with. Look out for their DSA Partner Program registration form. Fill it out with all your personal and professional details. Make sure to explicitly mention that you want to work as a Loan Against Property Loan Agent.
- Submit the necessary documents: To complete the DSA registration process, you have to submit identification documents, address proof, and income proof. Some firms may also charge an application fee. After paying the fees, you can submit the form.
- Show up for the interview: If you meet the eligibility criteria, you may be called in for an in-person or virtual interview. The interviewers will assess your abilities and check if you have the capability to bring in clients for the firm. They will also tell you about the responsibilities and duties of a Loan Against Property DSA agent.
- Understand the role: If your profile is selected for the role of a Loan Against Property DSA agent, the interviewers will tell you about the pay structure, what percentage of commission you can expect after selling a loan, working hours, and other details. Make sure to understand the position of a DSA agent carefully. They work as mediators between the lending firm and the customer to streamline processes.
- Read the terms and conditions: If the lending firm approves you for the role and you are satisfied with the pay structure and working hours, you will soon be formally inducted into the organization. Before that, make sure to read through their terms and conditions thoroughly before signing the final agreement.
- Sign the DSA agreement: A DSA agreement is the final step in the registration process. It is a written contract that details the terms and conditions between the two parties in a more explicit manner. After you sign it, you will be given a series of training modules to watch and learn. You can also reach out to other experienced agents in the firm and understand how to attract and retain more clients.
Key Takeaways
- Loan Against Property DSAs help customers negotiate loan terms and help them submit the required documents to their lender.
- Loan Against Property DSAs are essential for banks and NBFCs as they help increase sales and offer personalized recommendations to customers.
- Ruloans is a reputed lending firm that offers many in-demand financial products and takes an adequate interest in helping their agents upskill.
FAQs
Q: What is a Loan Against Property DSA agent?
A: A Loan Against Property DSA agent is a direct selling agent who promotes financial products and services on behalf of the financial institution. Their primary role is to generate leads and guide loan applicants.
Q: What are the skills required to work as a Loan Against Property DSA agent?
A: There is no meritocratic gatekeeping in the DSA industry. If you have resilience and adequate knowledge of marketing techniques, you can thrive as a Loan..
