{"id":24231,"date":"2021-01-15T14:33:13","date_gmt":"2021-01-15T09:03:13","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=24231"},"modified":"2021-01-15T14:38:09","modified_gmt":"2021-01-15T09:08:09","slug":"nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/","title":{"rendered":"NBFC DSA Registration: Documentation and Process for becoming Direct Selling Agent"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The term \u201cNBFC DSA Registration\u201d implies the registration of an individual who undertakes tasks as a referral agent for banks and NBFCs. However, in rural areas, these personals are being regarded as Business Correspondent. The primary job of a Direct Selling Agent is to identify the potential clients for NBFCs or Banks they represent.<\/p>\n\n\n\n<p>Moreover, the leads generated by these individuals further send to the concerned <a href=\"https:\/\/corpbiz.io\/nbfc-registration\"><strong>NBFC<\/strong><\/a> or Bank. In this article, we would render explanatory information on the paradigm of Registration of Direct Selling Agents and the positive outcomes of becoming an NBFC DSA.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><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><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#Eligibility_Criteria_for_Obtaining_NBFC_DSA_Registration\" >Eligibility Criteria for Obtaining NBFC DSA Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#Viable_Benefits_of_Securing_an_NBFC_Direct_Selling_Agent_Registration\" >Viable Benefits of Securing\nan NBFC Direct Selling Agent Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#Viable_Advantages_Offered_by_NBFC_DSA_to_the_Potential_Customers\" >Viable\nAdvantages Offered by NBFC DSA to the Potential Customers&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#What_Type_of_Sustainable_Benefits_DSAs_offers_to_Financial_Institutions\" >What Type of Sustainable Benefits\nDSAs offers to Financial Institutions?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#Generalized_Tasks_Performed_by_the_NBFC_DSA_Direct_Selling_Agents\" >Generalized\nTasks Performed by the 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:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#Documentation_Applicable_to_the_NBFC_DSA_Registration\" >Documentation\nApplicable to the 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:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#The_Process_to_be_Followed_by_Applicant_seeking_NBFC_DSA_Registration_in_India\" >The Process\nto be Followed by Applicant seeking NBFC DSA Registration in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/nbfc-dsa-registration-documentation-and-process-for-becoming-direct-selling-agent\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_Obtaining_NBFC_DSA_Registration\"><\/span>Eligibility Criteria for Obtaining NBFC DSA Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following are the eligibility criteria outlined by the authority to become a direct selling agent in India.\u00a0\u00a0<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Eligibility-Criteria-for-Obtaining-NBFC-DSA-Registration.png\" alt=\"Eligibility Criteria for Obtaining NBFC DSA Registration\" class=\"wp-image-24233\" width=\"506\" height=\"512\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Eligibility-Criteria-for-Obtaining-NBFC-DSA-Registration.png 985w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Eligibility-Criteria-for-Obtaining-NBFC-DSA-Registration-296x300.png 296w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/Eligibility-Criteria-for-Obtaining-NBFC-DSA-Registration-768x778.png 768w\" sizes=\"(max-width: 506px) 100vw, 506px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Viable_Benefits_of_Securing_an_NBFC_Direct_Selling_Agent_Registration\"><\/span>Viable Benefits of Securing\nan NBFC Direct Selling Agent Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nfollowing list illustrates the viable benefits of securing an NBFC DSA\nRegistration:-<\/p>\n\n\n\n<ol><li>Facilitates\nadditional income, but the amount may differ from lead to lead;<\/li><li>Allows commencing\na new business with minimal risk and cost;&nbsp;<\/li><li>Renders\nrelaxed working timing;&nbsp;<\/li><li>No\nrequirement for higher qualification;<\/li><li>Respective\nNBFC or Banks provides in-house training regarding skill\ndevelopment.&nbsp;&nbsp;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Viable_Advantages_Offered_by_NBFC_DSA_to_the_Potential_Customers\"><\/span><strong>Viable\nAdvantages Offered by NBFC DSA to the Potential Customers&nbsp;<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The NBFC\nDSA offers several value-added benefits to the potential customers cites below:-<\/p>\n\n\n\n<ul><li>Agent\noffers timely resolutions to customer\u2019s problems and queries&nbsp;<\/li><li>Enable\ncustomers to choose the right loan that fits perfectly in their budget.<\/li><li>DSAs are\nbest known for rendering top-notch after-sales assistance to potential\ncustomers.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Type_of_Sustainable_Benefits_DSAs_offers_to_Financial_Institutions\"><\/span>What Type of Sustainable Benefits\nDSAs offers to Financial Institutions?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DSAs are\nconsidered a crucial asset for financial institutions owing to the following\nreasons:-<\/p>\n\n\n\n<ol><li>DSAs can garner strong reach in the local region through in-person interaction with potential clients.\u00a0<\/li><li>A Direct Selling Agent is capable of identifying potential customers;\u00a0<\/li><li>Escalates awareness regarding the <strong>Financial<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Finance\"><strong>[1]<\/strong><\/a><\/sup> products provided by Banks or NBFCs to the common people;<\/li><li>DSAs are quite proactive in convincing potential clients to seek loans for their needs.\u00a0<\/li><li>DSAs undertake Preliminary Verification and secure client\u2019s requirement in written format for future correspondent.\u00a0<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Generalized_Tasks_Performed_by_the_NBFC_DSA_Direct_Selling_Agents\"><\/span><strong>Generalized\nTasks Performed by the NBFC DSA (Direct Selling Agents)<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nis a list of the duties undertaken by the NBFC DSA in general, which are as\nfollows:-<\/p>\n\n\n\n<ol><li>Gathers\nthe completed application for loans from the potential clients along with the\nnecessary documentation;&nbsp;<\/li><li>Undertake\na Preliminary Check for both application &amp; documents gathered;&nbsp;<\/li><li>Ensure the\nlegitimacy of the collected documentation;&nbsp;<\/li><li>Upload or\nsubmits the collected applications along with documents.&nbsp;<\/li><li>Provides\nDirect Selling Agent Code to the application before submission for seamless\ntracking.&nbsp;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documentation_Applicable_to_the_NBFC_DSA_Registration\"><\/span><strong>Documentation\nApplicable to the NBFC DSA Registration<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The given\nlist encloses the type of documents required for the obtainment of NBFC DSA\nregistration.&nbsp;<\/p>\n\n\n\n<ol><li>Aadhar\nCard of the applicant;<\/li><li>PAN\n(Permanent Account Number) Card of the applicant;<\/li><li>Bank\nAccount Details such as IFSC code and account number;&nbsp;<\/li><li>Driving\nLicense<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Process_to_be_Followed_by_Applicant_seeking_NBFC_DSA_Registration_in_India\"><\/span><strong>The Process\nto be Followed by Applicant seeking NBFC DSA Registration in India<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Radically,\nevery financial institution such as Bank and NBFC underpins an independent\nprocess for registering Direct Selling Agents in India. However, the\ngeneralized steps involved in the process of said registration are as\nfollows:&nbsp;<\/p>\n\n\n\n<ol><li>Make your way to the respective bank, NBFCs, and other financial platforms for the submission of the filled application;<\/li><li>After submitting the said application, make the payment against the same as prescribed by the respective banks;<\/li><li>Upon payment submission, the concerned bank, NBFC, or lending institution will get in touch with the applicant for further processing.\u00a0<\/li><li>Submit the requested documents as prescribed by the respective institution;\u00a0<\/li><li>The institution will then examine the submitted documents against the requisites set by them.<\/li><li>A team of officials from the institution will conduct the process of <a href=\"https:\/\/corpbiz.io\/due-diligence\"><strong>Due Diligence<\/strong><\/a> and will determine the CIBIL score and credit history of the applicant;\u00a0<\/li><li>If the institutions stamp their approval on the form &amp; documents submitted, a legally attested agreement of NBFC DSA registration will be sent to the applicant;\u00a0<\/li><li>The applicants are required to fill in the requested details in the manner cited in the agreement;<\/li><li>After agreeing to the terms and conditions, the applicant is supposed to render their approval by signing the agreement;<\/li><li>Submit the signed agreement to the respective institutions;\u00a0<\/li><li>Upon receiving the agreement, the institutions will grant the DSA code, which can be used as a reference number for monitoring the status of the loan application.\u00a0<\/li><li>Soon after securing the DSA, a Direct Selling Agent can perform the task of uploading the loan documents.\u00a0<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A Direct\nSelling Agent (DSA) acts as a representative of lending institutions for\npotential clients or credit seekers. Their primary task is to promote and sell\nthe financial product of the lending institution through various marketing\ntactics. Every lead they generate attracts lucrative commissions, thereby allowing\nthem to garner a sustainable source of income. It\u2019s imperative to note that\nincome generated by such services is subjected to tax obligation under the\nReverse Charge Mechanism.&nbsp;<\/p>\n\n\n\n<p>Connect with CorpBiz if you would like to pursue your career in the field of Direct Selling Agent (DSA). The interested candidates can join us and earn lucrative income and incentive on every lead they generate.\u00a0 CorpBiz has an aspiring presence in the market with years of expertise under the belt.\u00a0 We have a proven track record in rendering exquisite services in the field of legal advisory, compliances, and government-based registration. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/operational-manual-of-the-nbfcs\/\">A Complete Guide on Operational Manual of the NBFCs\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term \u201cNBFC DSA Registration\u201d implies the registration of an individual who undertakes tasks as a referral agent for banks and NBFCs. However, in rural areas, these personals are being regarded as Business Correspondent. The primary job of a Direct Selling Agent is to identify the potential clients for NBFCs or Banks they represent. Moreover, [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":24237,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[91],"tags":[1431],"acf":{"service_id":"8"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":8463,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/24231"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=24231"}],"version-history":[{"count":19,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/24231\/revisions"}],"predecessor-version":[{"id":24252,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/24231\/revisions\/24252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/24237"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=24231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=24231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=24231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}