ANDROMEDA’S LOAN DISBURSALS SURGE BY 23% TO RS 75,397 CR IN FY24

Andromeda Sales and Distribution, India’s leading loan distribution network, has recorded more than 23% growth in its loan disbursal business to Rs 75,397 crore during the Financial Year 2023-24, driven primarily by the stellar performance of the home loan segment. The home loan business surged to approximately Rs 33,918 crore in FY24, up by over 22% from Rs 27,798 crore in FY23.

In FY24, the Loan against Property distribution hovered around Rs 24,776 crore, an increase of 10.33% from the preceding year’s Rs 22,456 crore. Meanwhile, business loans experienced a notable surge of approximately 32%, rising from Rs 5,255 crore in FY23 to Rs 6,927 crore in FY24. Moreover, there was a substantial increase observed in the personal loan and other loan segments as well.

Established in 1991 as a Direct Sales Associate for Citibank, Andromeda has evolved into India’s largest loan distribution firm. The company’s diverse loan portfolio includes home loans, loans against property, personal loans, business loans, and other loan products. Apart from loans, Andromeda (via its group companies) is also involved in insurance and mutual fund distribution.

Also Read: Credit Card Bill Payment: When should you pay your credit card bill?

Home loans and loans against property are the primary revenue drivers for Andromeda. Raoul Kapoor, Co-CEO of Andromeda Sales and Distribution Pvt Ltd, said, “Despite a 50-bps increase in interest rates, the demand for home loans continues to grow, buoyed by a positive economic outlook. Digitalization, faster approvals, and increased availability and flexibility have fueled higher demand for personal loans.”

Andromeda’s loan portfolio has witnessed exponential growth, increasing nearly fivefold from Rs 15,333 crore in FY 2018-19 to Rs 75,397 crore in the fiscal year ending March 2024, across all segments. A significant surge has been observed in the affordable housing loan sector in the second half of the current fiscal year, accompanied by a high-ticket-size demand in personal loans from salaried employees.

Andromeda has expanded its presence nationwide by establishing numerous new branches across the country. With a presence in over 100 towns and cities, the company has ambitious expansion plans. During the fiscal year ended March 2024, the company expanded its branch network to 470 branches from about 350 in the preceding year. Andromeda aims to further increase the number of branches substantially in the current financial year.

Looking ahead, Mr Kapoor anticipates growth in the number of agents across India, increase in disbursals across multiple products, expansion of branches nationwide, and increased reach to tier 2 and tier 3 cities.

2024-04-19T17:34:01Z dg43tfdfdgfd