Have you ever applied for a loan through an agent instead of directly with the bank?
Have you ever questioned why someone is pushing you to apply for a loan when you can do it in person at a bank or NBFC?
Well, for starters, more often than not, this is not a scam. In fact, people who help you procure a loan from a bank or an NBFC are direct selling agents or DSA.
It is important to follow a specific process in order to become a direct sales agent. You cannot simply decide to sell loans from a bank without first completing the registration process.
Each bank, NBFC, and lending platform has its unique registration process, with some common steps:
Please visit the bank, NBFC, or lending platform to submit your application.
Make the necessary payment.
After making the payment, the bank, NBFC, or lending platform will contact you to provide necessary documents.
After you submit, our legal team will begin due diligence, verifying your documents and checking your CIBIL score and credit history.
Please complete all necessary information, sign the agreement and then submit it.
The DSA code will be issued to you.
Once you receive the code you can start uploading loan documents.
Given below is the list of documents you will have to submit for DSA Registration: