A Loan Agent is a person who works for banks, credit unions, mortgage companies and independent leaders to apply for loans. The average range of commission for the DSA range from 0.2% to 2% over different types of loan. It is all about the amount of loan you are willing to sell to the customers. Also, one of the main work of a loan agent is to collect and verify the required documents to ensure their legitimacy. Direct Selling Agent or DSA, is another name given to loan agents. Their role is to link the customers with the lenders they have partnered with while helping their clients through the entire loan application process. The main source of income for a loan agent is commission. Loan agents also ease the process of loans and assist in servicing post loan-sanction.
There are several criteria that must be followed before you can become a loan agent:
- You don’t require any qualification degree in banking or finance to work as a loan agent.
- You can be salaried or non-salaried, you can still apply for the job of loan agent.
- You must have basic knowledge about finance and banking.
- You should be of legal age in India i.e. 18 years old and above.
- You should be a citizen of India.
- You must have a positive credit history and have a high CIBIL score.
There are also several advantages if you choose to become a loan agent:
- You don’t need any previous work-related DSA experience or hold any qualification degree related to banking or finance.
- This profession is less demanding, so you can work as per your convenience. Even students can become a loan agent as long as they have completed high school at least.
- After each loan sanctioned under your reference, you earn a The amount of commission varies on the amount of loan sanctioned. Usually, 0.60% – 1% is the commission on home loans and personal loan.
Without any previous experience in this sector, you can become a loan agent successfully. The work timings are very flexible. In fact, you can work on your timing based on your choice. All you have to do is help the customers to get a loan. Moreover, you will not require any type of license if you want to work as a loan agent or DSA.
To summarize, both banks, financial companies and even customers benefit from a person who chooses to become a loan agent. You must have vital and primary knowledge about finance and banking along with the passion to persuade people. Your main job is to assist potential customers in locating funds as a DSA loan agent. However, the DSA Loan agent greatly benefits the customers in filling up the documents and applying for the loan. The commission is the main source of income for loan agents, which varies with the amount of loan sanctioned. .