A colossal digital transformation is remaking the Indian lending system with the emergence of DSA apps – fintech-backed platforms that help loan agents source loans, track them, and eventually close them quicker than ever.
In the case of DSAs, in particular, those that can collaborate with more than one lender, these apps present a combined world in which they can produce leads, deposit papers, discover eligibility, and receive real-time updates. Accessibility to a DSA app is not sufficient to ensure a high conversion rate and earnings. It is all about how well or not you use it.
Here in the blog, we deconstruct best practices to employ DSA apps intelligently so that you not only will have high approval rates, but will have fewer application rejections and more commissions.
- Start With Verified and Pre-Screened Leads
Incomplete/mismatched information is one of the greatest factors of rejection in loan applications. Never fall into the trap of sending in leads without the intention actually to qualify them to bring numbers in the pipeline.
Take advantage of the in-built pre-screening options of the app, such as:
- Soft pull CIBIL check
- Income eligibility calculators
- Estimators of Debt-to-Income ratio
They assist you to easily eliminate the leads that stand low chances of being approved, and also enable you to concentrate on the borrowers most likely to be approved.
- Upload Complete and Legible Documentation
The reasons why there are delays and rejection of loans are as a result of illegible, incomplete, and diverse documents. Each app for DSA now has a document upload portal- the way you utilize it defines whether or not it is embraced.
Make sure that you:
- Put all the required documents in their respective formats
- Take a photo with a document scanner program (not with a camera)
- Check uniformity of names, PAN, and address
- Merge PDFs to upload more quickly when you can
Apps added OCR (optical character recognition) to their features, which is an auto reading feature of documents–reducing manual errors, which may be rejected because of other processing problems.
- Choose the Right Lender For Each Profile
Credit policy in every lender is different- some are lenient with self-employed borrowers, and some are firm in terms of minimum CIBIL scores or experience in a job.
Using DSA apps, you can compare the requirements of the lender, so spend a few seconds to align the profile of the borrower with the appropriate lender.
Important parameters of the match are:
- Eligibility to loans
- Spread of interest rates
- Minimum CIBIL requirement
- City coverage and type of employment
By entering the suitable borrower into the suitable lender, you can proceed to have higher approval and faster disbursals.
- Track Application Status Daily and Follow Up Promptly
Loan processing is interactive- there are times when the lenders may come up with queries, demand more documents, or want clarification. DSAs that use their dashboards to track leads actively and quickly convert leads more often.
Train yourself to:
- Check the notifications on apps once a day
- React promptly to queries from lenders
- Call or send a WhatsApp to the borrowers to get an update in advance
Applications such as ICICI Partners, FinBox, or BankSathi give you an opportunity to track the status in real-time mode and turn the situation to your advantage so as to minimize the number of drop-offs.
- Use the In-App Calculator and Simulators
All the DSA partners in the modern world include tools such as:
- EMI calculators
- Loan eligibility calculators
- Comparison of interest rates
- Emergency savings Smart tools
Live application of these tools to a sales conversation will create credibility in the conversation, and the borrowers will make fast decisions. This saves you on the back and forth and improves your probability of getting the same-day closing.
- Offer Multiple Products From the Same App
Most of the DSA apps provide more than personal loans they provide:
- Credit cards
- Home loans
- Business loans
- Insurance products
Adding on similar items will not only boost your revenues but also help the customer trust you and they are more apt to keep the first application as well.
Using a DSA app is the equivalent of carrying the finance office with you. However, as a potent tool, it can be used; hence its ability can be seen through how you use it. Smart usage can be 20x your approval rate and monthly income through things such as improved pre-screening, strategic lender matching, quicker follow-ups, and so many more.