Given the increasing demand for personal loans, DSAs are increasing at a rapid pace in our country. The number of DSA functioning here is pretty high. Most of the time, individuals looking for a loan are found to get confused in choosing the right category of lender (banks or NBFCs). The loan seekers trust their bank’s relationship managers for a personal loan instead of a personal loan DSA partner. But if you study who exactly is a DSA and what they do for you carefully, you will find a number of benefits of applying for a personal loan through a personal loan DSA partner. Listed below are some of such benefits that you will gain by hiring a personal loan DSA partner –
- Time-saving – As an individual or a business owner who is looking to apply for a personal loan through a personal loan DSA partner, you will save quite a lot of time and work. All you need to do is, apply for a personal loan online through the website of the personal loan DSA partner. Once you have submitted your application to their website, the personal loan DSA partner will guide you to take all the necessary steps to apply for a personal loan.
- Quick and guaranteed approval – Usually, a personal loan DSA partner has a partnership with various banks or NBFCs for a personal loan. So when you send your loan application to the banks or NBFCs through the personal loan DSA partner, he/she will gauge your details and choose the best bank or NBFC for you so that your loan gets approved quickly.
- Your CIBIL and credit scores are in safe hands – If you’re someone who is applying for a personal loan for the 1st time, your chances of making personal loan mistakes are higher which in turn can spoil your CIBIL and credit score. If you blindly apply for a personal loan from a bank or NBFC whose eligibility criteria do not match yours, your application will be immediately rejected, hence further spoiling your CIBIL and credit score. But if you apply for a personal loan from a DSA, they will forward your application only to those banks or NBFCs, whose eligibility criteria match yours. And suppose if you’re not eligible to apply for a personal loan, the partner will notify you and won’t process your application, hence, causing no harm to your CIBIL and credit score.
- No charges – You don’t have to pay a single penny to the personal loan DSA partner, you only have to pay the exact amount of the processing fee mentioned by the bank or NBFC. The DSA will deliver their services to you without any money because they get a commission from the bank or NBFC. Their role is to find potential clients for the registered bank or NBFC therefore they earn profit from the bank or NBFC.
The personal loan DSA partner always has to follow the rules and regulations set by the bank or NBFC they are affiliated with. Hence any false activity is a punishable offence for them. If you report it to the bank, they will seize the license of that personal loan DSA partner. Keeping these facts in mind, one can easily trust a DSA for personal loans.