DSA full form is Direct Selling Agent. Direct selling agents or DSAs are experts who introduce and/or bring direct business to organisations in exchange for some payout.
DSA full form in banking is the same as other businesses. Suppose, you wish to apply for a loan and come across an agent somehow. That agent will try to get you to apply for a loan even when you can do so by visiting a bank or other creditor. For beginners or new-to-credit individuals, this is not a scam. In fact, the agents who help you get a loan from a lender are direct selling agents or DSA.
Now that you are aware of bank DSA full form, let’s understand who a DSA is. In banking, a DSA is a person who works as a referral agent for a bank or non-banking financial company (NBFC).
A DSA’s job is to find potential borrowers or investors for the lender they represent. DSAs will look for people who want a loan. These people are then directed to the concerned lenders as leads and the loan process is initiated.
For this effort, DSAs receive a payout from lenders, which is a percentage of the type and amount of loan. This payout is a great way to earn some extra money. DSAs are known as business correspondents in rural areas.
Now that the DSA meaning clear to you, here are other things that DSAs do apart from onboarding potential customers:
Each lender has its own registration process. The common steps involved are:
You will be required to submit the following documents for DSA Registration:
The eligibility criteria to become a DSA are mentioned below:
DSA stands for "Direct Selling Agent." In the banking sector, DSAs are individuals or agencies who are hired to bring business to the bank. They are not employed directly by the bank but work as freelancers or agents.
Banks hire DSAa for various reasons, some of them are listed below -
Working as a DSA can be profitable, but it largely depends on various factors:
Qualification for Becoming a DSA: