A personal loan is a multipurpose credit facility that allows potential borrowers to easily meet their financial requirements. This unsecured credit option does not demand any collateral, and the fund is sanctioned entirely based on the borrower’s credit score and repayment capacity.
Moreover, personal loans have become one of the best credit-selling financial products due to their advantages. This is why, to meet up the demand, multiple loan providers are functioning in India. However, most of the time, loan seekers fail to select the right lender. In this regard, borrowers can apply for a DSA personal loan as a better alternative.
To gain a clear understanding of such loans, read along.
7 benefits of applying for a DSA personal loan
DSA or Direct Selling Agents are potential professionals who work on a referral basis for leading financial institutions. The lending institutions appoint them to find out prospective customers. Moreover, if the loan application is successfully sanctioned, DSA receives a certain percentage of commission from the concerned financial institution.
Nonetheless, here are some of the proven benefits of a DSA personal loan for the intending borrowers to make the maximum out of this borrowing:
- Apply for the best loan
Availing personal loans from DSA allows potential borrowers to perform the best comparison of lenders and loan options. Almost every DSA offer a list of top lenders in the country. This list shows a comparison in all aspects, such as repayment tenor, interest tenor, processing fee, etc.
By going through the list, borrowers can select the right lender per their financial requirements. Therefore, if borrowers plan to apply for a personal loan from DSA, they do not have to check out various lenders’ websites.
- Take care of credit score
New borrowers are likely to make mistakes that can significantly impact their credit scores. For instance, if one applies for a personal loan from a lender extending strict eligible parameters, loan application might be rejected.
However, if one applies for a DSA personal loan, the loan agents will only send the application to the lender whose qualifying parameters match his/her financial profile. Moreover, if the eligibility does not match, the DSAs will not proceed with loan processing, and there will be no impact on the credit score.
Besides, borrowers must also know how a credit score is important for personal lending and try to maintain a healthy one to ensure obtaining desired loan amounts at favourable interest rates.
- Offer efficient customer support
Availing a DSA personal loan will ensure efficient customer support as compared to other lending institutions. The DSAs conduct a strict process which ensures an improved service for the customers. Furthermore, they will also provide suggestions to the intending borrowers about how to acquire a personal loan without a CIBIL or low score and assist them in acting accordingly.
- Ensure higher approval chances
Most of the DSAs are associated with multiple lenders. When a borrower applies for a DSA personal loan, the loan officers evaluate his/her details meticulously and select the most suitable lender for the borrower to prompt online approval. Besides, borrowers must also know about the easy approval tips for a personal loan.
- Help save effort and time
Applying for a DSA personal loan will allow loan seekers to save substantial time and effort. They only need to apply for the loan through the DSA website. After the successful submission of a loan application, the DSA will assist borrowers in further loan proceedings.
Besides, borrowers can also check their estimated EMIs and overall interest outgo by using an online EMI calculator beforehand, thereby allowing them to manage their finances efficiently.
- No additional charges
These benefits from DSA do not come with any additional cost. Applicants just need to pay the exact amount of processing fee as specified by the concerned financial institution. The service from DSA is free of cost because they receive a commission from the lender.
- Provision of doorstep service
The Direct Selling Agents are primarily known for their efficient doorstep services. The DSAs usually send their executives to a borrower’s preferred location to collect necessary documents, clarifying doubts and performing necessary formalities for further loan processing.
Thus, by knowing about the benefits of applying for a DSA personal loan, borrowers can make an informed decision.
Also, reputed lending institutions like Bajaj Finserv are equipped with DSAs efficient in their job and get potential borrowers for the concerned financier. To approach any of the DSAs, borrowers can contact on Bajaj Finserv helpline number for further assistance.
Besides, existing borrowers avail pre-approved offers on a range of secured and unsecured financial products that significantly simplify and accelerate the loaning process. To check the pre-approved offers, borrowers need to mention their names and contact details.
Leading financiers appoint the DSAs after checking their eligibility, and they must adhere to the lending institution’s rules and regulations. Therefore, considering all the benefits above and facts, one can apply for DSA personal loan to ensure a prompt and simplified loaning process.