{"id":12689,"date":"2020-09-01T12:01:29","date_gmt":"2020-09-01T06:31:29","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=12689"},"modified":"2020-12-07T14:46:31","modified_gmt":"2020-12-07T09:16:31","slug":"nbfc-dsa-registration","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/","title":{"rendered":"NBFC DSA Registration: A Guide on NBFC Direct Selling Agent"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The term \u201cNBFC DSA Registration\u201d denotes the registration of a person who works as a referral agent for NBFCs and Banks. However, in rural areas, these people are known as Business Correspondents. <\/p>\n\n\n\n<p>The main job of a Direct Selling Agent is to find potential customers for banks or NBFCs they represent. Further, the leads generated by these people are then forwarded to the concerned bank or NBFC. <\/p>\n\n\n\n<p>In this blog, we will talk about the concept of Registration of Direct Selling Agents, and the benefits of becoming an NBFC DSA.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a353f78a4305\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a353f78a4305\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Eligibility_Criteria_for_Direct_Selling_Agent\" title=\"Eligibility Criteria for Direct\nSelling Agent\">Eligibility Criteria for Direct\nSelling Agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Benefits_of_Becoming_NBFC_Direct_Selling_Agent\" title=\"Benefits of Becoming NBFC Direct\nSelling Agent\">Benefits of Becoming NBFC Direct\nSelling Agent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Benefits_to_Customers_from_NBFC_DSA\" title=\"Benefits to Customers from NBFC DSA\">Benefits to Customers from NBFC DSA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Benefits_to_Financial_Institutions_from_DSAs\" title=\"Benefits to Financial Institutions\nfrom DSAs\">Benefits to Financial Institutions\nfrom DSAs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Duties_of_NBFC_DSA_Direct_Selling_Agents\" title=\"Duties of NBFC DSA (Direct Selling Agents)\">Duties of NBFC DSA (Direct Selling Agents)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Documents_Required_for_NBFC_DSA_Registration\" title=\"Documents Required for NBFC DSA Registration\">Documents Required for NBFC DSA Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Process_of_NBFC_DSA_Registration_in_India\" title=\"Process of NBFC DSA Registration in\nIndia\">Process of NBFC DSA Registration in\nIndia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-dsa-registration\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_Direct_Selling_Agent\"><\/span>Eligibility Criteria for Direct\nSelling Agent<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Eligibility-Criteria-for-Direct-Selling-Agent-1024x768.png\" alt=\"Eligibility of NBFC DSA\" class=\"wp-image-12691\" width=\"555\" height=\"417\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Eligibility-Criteria-for-Direct-Selling-Agent-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Eligibility-Criteria-for-Direct-Selling-Agent-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Eligibility-Criteria-for-Direct-Selling-Agent-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Eligibility-Criteria-for-Direct-Selling-Agent.png 1200w\" sizes=\"(max-width: 555px) 100vw, 555px\" \/><\/figure><\/div>\n\n\n\n<p><em>The <\/em><strong><em>eligibility criteria<\/em><\/strong><em> to <\/em><strong><em>become DSA<\/em><\/strong><em> in India are as follows:<\/em><\/p>\n\n\n\n<ol><li>Must\nbe an Indian Citizen above the age of 18 years;<\/li><li>Must\nknow about the Financial Products;<\/li><li>Wants\nto work in Public Dealing;<\/li><li>Must\nhave Good Communication and Convincing Skills;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_Becoming_NBFC_Direct_Selling_Agent\"><\/span>Benefits of Becoming NBFC Direct\nSelling Agent<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-of-Becoming-NBFC-Direct-Selling-Agent-1024x768.png\" alt=\"Benefits of Applying NBFC DSA\" class=\"wp-image-12692\" width=\"524\" height=\"393\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-of-Becoming-NBFC-Direct-Selling-Agent-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-of-Becoming-NBFC-Direct-Selling-Agent-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-of-Becoming-NBFC-Direct-Selling-Agent-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-of-Becoming-NBFC-Direct-Selling-Agent.png 1200w\" sizes=\"(max-width: 524px) 100vw, 524px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>benefits of obtaining NBFC DSA Registration<\/em><\/strong>\nare as follows:<\/p>\n\n\n\n<ol><li>Provides\nAdditional Income; however, the amount varies from lead to lead;<\/li><li>Enable\nto start a business with Low Cost and Less Risk;<\/li><li>Offers\nFlexible Working Hours;<\/li><li>No\nneed for Higher Education;<\/li><li>Respective\nbank or NBFC provides Skill Training;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_to_Customers_from_NBFC_DSA\"><\/span>Benefits to Customers from NBFC DSA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Customers-from-NBFC-DSA-1024x768.png\" alt=\"Benefits to Customers from NBFC DSA\" class=\"wp-image-12693\" width=\"519\" height=\"389\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Customers-from-NBFC-DSA-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Customers-from-NBFC-DSA-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Customers-from-NBFC-DSA-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Customers-from-NBFC-DSA.png 1200w\" sizes=\"(max-width: 519px) 100vw, 519px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>benefits to Customers from NBFC DSA<\/em><\/strong>\nare as follows:<\/p>\n\n\n\n<ol><li>Concerns\nand Issues gets resolved easily and quickly by the agent;<\/li><li>Gets\nto choose from a variety of loan options;<\/li><li>DSAs\nare available to provide After-sales Assistance;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_to_Financial_Institutions_from_DSAs\"><\/span>Benefits to Financial Institutions\nfrom DSAs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Financial-Institutions-from-DSAs-1024x768.png\" alt=\"Benefits to Financial Institutions from DSA\" class=\"wp-image-12694\" width=\"559\" height=\"420\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Financial-Institutions-from-DSAs-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Financial-Institutions-from-DSAs-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Financial-Institutions-from-DSAs-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/Benefits-to-Financial-Institutions-from-DSAs.png 1200w\" sizes=\"(max-width: 559px) 100vw, 559px\" \/><\/figure><\/div>\n\n\n\n<p>The benefits availed of by <strong><em>Financial\nInstitutions from DSAs<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ol><li>Provides\nEase in Local Approach;<\/li><li>A\nDirect Selling Agent shortlists the Potential Customers;<\/li><li>Increases\nAwareness about the Financial Products offered by Institutions to the Common\nPeople;<\/li><li>DSAs\nefficiently address Loan Seekers;<\/li><li>DSAs\nperform Preliminary Verification, and Register needs of the clients;&nbsp; <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Duties_of_NBFC_DSA_Direct_Selling_Agents\"><\/span>Duties of NBFC DSA (Direct Selling Agents)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>duties of a Direct Selling Agent<\/em><\/strong> are\nas follows:<\/p>\n\n\n\n<ol><li>Collects\nthe Completed Loan Application from the interested clients, together with the required\ndocuments;<\/li><li>Conducts\na Preliminary Check for both application and documents collected;<\/li><li>&nbsp;Ensure the genuineness of the documents\ncollected;<\/li><li>Upload\nor Submits the application and documents;<\/li><li>Provides\nhis\/her DSA (Direct Selling Agent Code), so the application can easily be traced\nback to him\/her.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_NBFC_DSA_Registration\"><\/span>Documents Required for NBFC DSA Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>documents required for NBFC DSA Registration<\/em><\/strong>\nare as follows:<\/p>\n\n\n\n<ol><li>Aadhar\nCard;<\/li><li>PAN\n(Permanent Account Number) Card Details;<\/li><li>Bank\nAccount Details;<\/li><li>Driving\nLicense;<\/li><\/ol>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\"><img decoding=\"async\" loading=\"lazy\" width=\"785\" height=\"95\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/NBFC-License-Registration.png\" alt=\"NBFC Registration in India\" class=\"wp-image-12697\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/NBFC-License-Registration.png 785w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/NBFC-License-Registration-300x36.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/09\/NBFC-License-Registration-768x93.png 768w\" sizes=\"(max-width: 785px) 100vw, 785px\" \/><\/a><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_NBFC_DSA_Registration_in_India\"><\/span>Process of NBFC DSA Registration in\nIndia<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Normally, every Bank, <strong><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\" class=\"text-primary\">NBFC<\/a><\/strong>, and Lending Institution has its own way of registering Direct Selling Agents. However, the common steps involved in the process of NBFC DSA Registration in India are as follows:<\/p>\n\n\n\n<ol><li>Visit\nand Submit the application to the respective NBFC, Bank, or any other Lending\nPlatform;<\/li><li>Make\nthe required payment;<\/li><li>After\nfurnishing the payment, the applicant will be contacted by the concerned NBFC,\nBank, or Lending Platform;<\/li><li>Furnish\nthe documents asked by the respective Institution;<\/li><li>Now,\nthe documents submitted will be verified;<\/li><li>A\nteam of legal professionals will conduct a process of Due Diligence, and will\ncheck the Credit History and CIBIL Score of the applicant;<\/li><li>If\nthe authorities are satisfied with the form and documents submitted, a duly\nstamped Agreement of DSA Registration will be sent to the applicant;<\/li><li>&nbsp;Now, fill in all the necessary details asked;<\/li><li>Sign\nthe Agreement of DSA Registration;<\/li><li>Submit\nthe Agreement;<\/li><li>The\nauthorities will now issue a DSA Code, which will be used to track the status\nof the application;<\/li><li>After\nreceiving the DSA, a Direct Selling Agent can start uploading the loan\ndocuments;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A&nbsp;\nDirect Selling Agent or DSA acts as a bridge between the potential\nborrowers and lenders. Their main work is to collect leads and refer the same\nto the lending institutions. <\/p>\n\n\n\n<p>Further, these people are paid on the\nbasis of the efforts put in by them. That means they are paid out some\npercentage of the actual loan amount. <\/p>\n\n\n\n<p>Furthermore, the services provided by these agents to banks or NBFCs are taxable under RCM (<strong>Reverse Charge Mechanism<\/strong>)<a href=\"https:\/\/en.wikipedia.org\/wiki\/Goods_and_Services_Tax_(India)#Reverse_Charge_Mechanism\">[1]<\/a> . For more details visit Swarit Advisors.<\/p>\n\n\n\n<p class=\"text-left\"><b>Also, Read<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/nbfc-gold-loans\/\">What are the NBFC Gold Loans<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term \u201cNBFC DSA Registration\u201d denotes the registration of a person who works as a referral agent for NBFCs and Banks. However, in rural areas, these people are known as Business Correspondents. The main job of a Direct Selling Agent is to find potential customers for banks or NBFCs they represent. Further, the leads generated [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":12690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[89,544],"tags":[969],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12689"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=12689"}],"version-history":[{"count":12,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12689\/revisions"}],"predecessor-version":[{"id":16886,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12689\/revisions\/16886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/12690"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=12689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=12689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=12689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}