Personal loans are a kind of unsecured and multipurpose loan extended by financial institutions. This is a term loan which comes at a fixed interest rate ranging from 11% -37% per annum. As a personal loan is unsecured in nature, it does not require any collateral and the loan is sanctioned solely on the credit score and the repayment capacity of the loan applicant.
Recently, personal loans have become one of the best-selling credit products. The high demand for a personal loan is because of the number of advantages of this type of credit product. A personal loan in easy to apply, easy to repay, comes with faster processing and only minimal documents are required. Because of all those features, a personal loan has become the best financing partner to fight monetary urgencies.
Considering the increasing demand for a personal loan, personal loan providers are increasing at a rapid pace in India. There are quite a high number of personal loan lenders functioning in India. There are different kinds of loan providers which includes- national banks, private banks, NBFCs and DSAs.
Many a time, the loan seekers are found to get confused in choosing the right category of the lender. Most of the time loan applicants are found to knock at the door of banks for a personal loan and ignore Direct Selling Agents (DSA). But if you study DSAs and their functionality meticulously, you will find a number of benefits of applying for a personal loan from DSAs.
Super 7 Benefits of Applying for a Personal Loan from DSA
- Better Customer Support
A DSA will always provide you with a better customer support system as compared to banks. The DSAs follow strict code-of-conduct which ensures that the customer gets better and satisfactory service from the DSA. DSAs provide you step by step guidance on each and every step of the loan process.
- Doorstep Service
The DSAs are better known for their doorstep service. DSAs send their executives to your home or office to alternate your visit to your lender’s office. The DSA executives will visit you as many as times needed for any of the reason such as collecting the documents, clarifying any of your doubts or taking signatures of yours on the loan document.
- Online Comparison of Lenders
DSAs perform best in comparing loan options available to you. Almost all DSAs provide you with a table containing the top lenders of the country. The table compares the lenders in all aspects such as interest rate, loan tenure, disbursal time, processing fee etc. Taking a glance at the table, you can find the best lender according to your need. If you apply for a personal loan from DSA, you don’t need to surf a number of lender’s website to get the details of the loan provided by them.
- Your Credit Score at Safe Hands
If you are new to the field of loans and credit, there are high chances of making personal loan mistakes which can lead to spoiling credit score. If you apply for a loan from a lender whose eligibility criteria does not match you, your loan application will be rejected. In this way, a rejected loan application is sure to spoil your credit score. But if you apply for a personal loan from DSA, the DSA will send your application only to the lender whose eligibility criteria matches you. Moreover, if you are not eligible for a personal loan, DSAs will inform you and will not process your application. Hence, there will be no harm to your credit score.
- Higher Chances of Approval
Most of the DSAs have a partnership with multiple lenders of personal loan. When you send a loan application through a DSA, they evaluate your details and chose the best lender on behalf of you so that you get a granted personal loan online approval instantly.
- Saves Time and Effort
Applying for a personal loan from DSA saves a quite good amount of time and effort of the loan seeker. The loan seeker just has to apply for a personal loan online through the website of the DSA. Once your loan application is submitted, the DSA will assist you to take all the steps need to be taken. In this way, it saves a lot of time and effort of the loan seeker. Before Applying for a personal loan online check your EMI with online personal loan EMI calculator. It will help you to plan your finance better way.
- No Extra Charges
All those benefits we get from a DSA comes without any extra cost. One has to pay the exact amount of processing fee mentioned by the bank. Not a single penny you are to pay to the DSA. The DSAs provide you service without any money because they are to get a commission from the lender, not from the borrower. The role of DSA is to find the customer for the banks hence they get their profit from the bank.
The Bottom Line
Here are all the benefits you can enjoy by applying for a personal loan from a DSA. The DSAs are appointed by the banks after checking the eligibility. The DSAs always have to abide by the rules and regulations set by the bank. Hence a fraudulent activity is a punishable offence for the DSA. If such activity is reported to the bank, the bank may seize the license of the DSA. Considering all those facts, one can easily trust a DSA for their personal loans. DSAs make the personal loan process much easier and faster for the customer. So if you want a seamless experience in the personal loan process, apply it through DSAs instead of directly applying from a bank.