What Is a Loan DSA? How EzyLoan Works and How to Spot Fake Loan Agents

When you look for a loan in India, you will often deal with someone other than the bank itself: a loan agent, a broker, an app or a company that says it will "get your loan approved". Some of these are genuine Direct Selling Agents (DSAs) appointed by banks and NBFCs. Others are fraudsters who collect a "file charge" and disappear.

This guide explains what a loan DSA is, how a loan facilitator like EzyLoan works, what a genuine agent will and will not ask you for, and the simple checks that protect you from loan fraud.

What is a loan DSA?

A Direct Selling Agent (DSA) is a person or firm that a bank or NBFC appoints to find borrowers, help them apply and collect their documents. The DSA does not lend money. The lender checks the application, decides whether to approve it, fixes the interest rate and fees, signs the loan agreement with you and sends the money to your bank account.

Lenders use DSAs because they cannot open a branch in every town. A local DSA knows the borrowers in the area, can visit them, and understands which lender's policy suits which kind of customer: a salaried person, a shop owner, a transporter with three trucks or a farmer with property.

DSA, lender and loan app: who does what

Role	What they do	What they don't do
Bank / NBFC (the lender)	Approves or rejects the loan, sets the rate and fees, signs the agreement, disburses and collects EMIs	—
DSA / loan facilitator	Understands your need, suggests suitable lenders, helps with documents and follows up	Does not approve loans, set rates or receive the loan money
Loan app (lending service provider)	Collects applications online on behalf of a regulated lender	Must not lend from its own books unless it is itself a regulated lender

How EzyLoan works

EzyLoan (Dibyansh Associates) is a loan facilitation service provider based in Cuttack, Odisha. We work as a DSA for RBI-regulated partner banks and NBFCs. In practice, the process looks like this:

1. You tell us what you need. A car loan, a top-up on your running car loan, a personal loan, a loan against property or finance for a commercial vehicle. You can apply online, call us or visit the office.
2. We look at your profile. Income, existing EMIs, credit score, the vehicle or property involved, and how quickly you need the money.
3. We suggest suitable lenders. Different lenders have different rules on minimum income, vehicle age, property type and location. Matching you with the right policy improves your chances and saves time.
4. We help with documents. We tell you exactly what each lender needs and check that the papers are complete before they are submitted.
5. The lender decides. The bank or NBFC does its own verification and credit check, then approves or rejects the application and gives you the final terms in writing.
6. The lender disburses. The loan amount goes directly from the lender to your verified bank account (or to the car dealer or the old lender, depending on the loan type).

EzyLoan does not charge borrowers any upfront fee for this service. Processing fees, stamp duty and other charges, where they apply, are charged by the lender and are written in the lender's sanction letter and loan agreement. You can read the details on our loan disclosure and compliance pages.

What a genuine loan agent will ask you for

• KYC documents: PAN card and Aadhaar, or another address proof
• Income proof: salary slips and bank statements, or ITRs and business proof if you are self-employed
• Documents of the asset involved: vehicle RC and insurance, or property papers
• Your consent before the lender pulls your credit report
• Signatures on the lender's own application form and agreement

Red flags: signs of a fake loan agent

Loan fraud usually follows the same script. Walk away if you see any of these:

• Money before the loan. "Pay ₹2,999 file charge", "pay insurance first" or "pay a refundable deposit to release the loan", especially to a personal UPI ID or bank account. A regulated lender deducts its processing fee from the loan or charges it through its own official channel, with a receipt.
• Guaranteed approval. No genuine agent can promise approval "even with a bad CIBIL score". Only the lender decides, after checking your profile.
• No lender name. If they can't tell you which bank or NBFC will give the loan, or the lender's name changes during the conversation, stop.
• Pressure and urgency. "Offer valid for one hour only" is a pressure tactic, not a loan offer.
• Requests for OTPs, PINs or passwords. Never share an OTP, UPI PIN, net-banking password or card CVV with anyone.
• A sanction letter on WhatsApp with no lender contact details. Genuine sanction letters come from the lender, carry its name, address and loan reference number, and can be checked by calling the lender's official customer care.
• Apps that ask for access to your contacts and photos. Illegal lending apps use this access to harass borrowers.

Five checks before you go ahead

1. Confirm the lender is regulated. Banks and NBFCs are regulated by the Reserve Bank of India. You can check an NBFC's registration on the RBI website.
2. Ask for the Key Fact Statement (KFS). RBI requires lenders to give borrowers a Key Fact Statement for retail loans, showing the annual percentage rate (APR), all fees and the repayment schedule before you sign. Compare offers using the APR, not just the headline interest rate.
3. Read the sanction letter. Check the loan amount, interest rate (fixed or floating), tenure, EMI, processing fee and prepayment or foreclosure charges.
4. Pay only the lender, through official channels. If a fee is genuinely payable, it should be to the lender, against a proper receipt.
5. Make sure the money comes from the lender. Loan proceeds should arrive from the lender's account, never from an individual's account.

Why use a loan facilitator at all?

You can always apply to a bank directly. A good facilitator is useful when:

• You are not sure which lender is likely to accept your profile, for example self-employed income, a used car that is a few years old, or property in a smaller town.
• You want to compare more than one lender without visiting several branches.
• You were rejected once and want to understand why before applying again (each new application can add a hard enquiry to your credit report).
• You want someone local to help you collect and check documents.

Frequently asked questions

Does EzyLoan give loans from its own money?

No. EzyLoan is a DSA. All loans are given by our partner banks and NBFCs, which decide on approval, interest rate, fees and tenure.

Do I have to pay EzyLoan anything?

No upfront fee is charged to borrowers for our facilitation service. Any processing fee or other charge is charged by the lender and shown in its sanction letter.

Can a DSA guarantee my loan approval?

No. Approval always depends on the lender's own assessment of your income, credit history, documents and the asset involved. Be careful with anyone who "guarantees" approval.

What should I do if I think I've been cheated by a fake loan agent?

Report it immediately on the national cyber crime helpline 1930 or at cybercrime.gov.in, inform your bank if you shared card or account details, and keep screenshots of all chats and payments.

This article is for general information only. Loan terms are decided by the lender. EzyLoan is a loan facilitator (DSA), not a lender.