When an individual decides to take a loan, there’s so much cognizance involved in the actual process. While acquiring a loan means embracing financial overburden, it leads to another level of confusion in the borrower’s mind. This is the time when a loan agent appears in the story.
The right loan agent helps individuals and organizations obtain the most suitable funding for meeting the best purposes. They are the sole person whom you can rely on for handling all the fine prints and getting an explanation of all the loan details that you are going to avail. These loan agents play a crucial role in the entire loan acquiring process.
What are the Eligibility Criteria Required for Becoming a Loan Agent?
Whenever you apply for a job position, the first question that comes to your mind is whether you have the eligibility criteria for applying for the post or not. If you have a passion for working in the finance sector and want to be a helping hand for plenty of borrowers, here’s the eligibility requirement that you should meet to gain expertise in the field.
- The applicant should have Indian citizenship
- Must be adult or have completed at least 18 years of age
- There are no such educational criteria to be fulfilled, although the aspirant must be passed a minimum 12th-grade education to become an authorized loan agent
- Have proficiency in the computer as well as internet surfing
- Any businessman or salaried person, who has the willingness to assist the individuals or companies seeking loans, can apply for the loan agent position
What Opportunities Can a Loan Agent Get?
On applying to become a loan agent under a bank, the concerned bank will take all the responsibility to provide the necessary training so that the aspirant can gather minimum experience of working as a loan agent. These agents get the ultimate opportunity to work independently and serve in leisure hours.
From guiding the borrower in choosing the most suitable loan, helping out filling the necessary paperwork to securing the loan from the bank, they are connected with – these loan agents have all the potential to help the clients receive the funds.
Most states ask for a license to mark the loan agents as registered so that they can start their careers smoothly. A loan agent is similar to a salesperson who sells different bank products to prospective customers. Since the loan agent enjoys the freedom of making new business contacts, it will get him/her lifelong income from the financial industry.
How Can a Loan Agent Earn Commissions?
Compared to regular employees, the working hours of loan agents are completely different. Mostly, a loan agent hardly spends 40 hours weekly. However, some work beyond that time also. Whenever the govt. Declares low-interest rates on different kinds of loans, and there has been an immediate rise in seeking loan applications everywhere. This automatically increases the workload of loan agents.
The amount of commission varies on the applied loans. A loan agent can have the opportunity to earn a minimum of Rs.500 to a maximum of 10,000 for each case they handle. If anyone has extensive skills to identify the real needy and sell them appropriate loans, the profession can allow getting a good payout.