Andromeda Expands Loan Reach to Middle East for NRIs
Following a sharp increase in growth in FY24, Andromeda, the largest loan distributor in India, strategically moves to service the NRI population in the Middle East.
Andromeda Sales & Distribution, India’s leading loan distribution network, has announced a significant expansion into the Middle East. This strategic move is driven by the company’s outstanding domestic performance, which saw remarkable growth in the Financial Year 2023-24.
Domestic Success and Growth
Andromeda achieved over 23% growth in loan disbursals, reaching a total of $9,048 million (Rs. 75,397 crore) in FY 2023-24. The home loan segment was a major contributor, with an impressive increase of over 22%, totalling approximately $4,070 million (Rs. 33,918 crore), up from $3,336 million (Rs. 27,798 crore) in FY 2022-23.
Performance in Loan Against Property (LAP)
The Loan Against Property (LAP) segment also experienced substantial growth. Disbursements in this category rose to $2,973 million (Rs. 24,776 crore), reflecting a 10.33% increase from the previous year’s $2,695 million (Rs. 22,456 crore). These figures highlight Andromeda’s robust performance and reinforce its status as India’s largest loan distribution network.
Andromeda’s Evolution and Diversification
Founded in 1991, Andromeda began as a Direct Sales Associate for Citibank and has since evolved into a diversified financial services provider. The company’s portfolio now includes home loans, loans against property, personal loans, business loans, and other financial products. Additionally, through its group companies, Andromeda is involved in the distribution of insurance and mutual funds.
Strategic Expansion into the Middle East
Building on its domestic success, Andromeda is expanding into the Middle East through a strategic collaboration with Wealth Link Solutions. This expansion aims to serve the significant Non-Resident Indian (NRI) population in the region, which numbers approximately 9.55 million. This demographic presents a substantial market for Andromeda’s home loan products and services.
Wealth Link Solutions’ Role and Expertise
Wealth Link Solutions contributes a highly experienced team with a deep understanding of the Middle Eastern financial landscape and strong connections within the NRI community. This collaboration combines Wealth Link Solutions’ local expertise with Andromeda’s proven success in loan distribution, offering NRIs unparalleled value in home loan services. The partnership is focused on meeting the unique financial needs of NRIs in the Middle East by providing customized home loan solutions with competitive rates and flexible terms.
Seamless Access for NRIs
Through this strategic expansion, NRIs in the Middle East will have seamless access to home loans for their properties in India, regardless of their location. This initiative ensures that NRIs can take advantage of the best home loan options, facilitating their investments in Indian real estate.
Commenting on the expansion, Mr. Sandeep Lalwani, Director of Andromeda, stated, “Our exceptional domestic performance has laid the foundation for exploring new opportunities. The Middle East, with its large NRI community, presents a promising market for our home loan services. In association with Wealth Link Solutions, we are excited to extend our expertise in home loan distribution to NRIs in the UAE, Saudi Arabia, Kuwait, Oman, and Qatar, helping them achieve their financial goals with tailored solutions.”
Ms. Neelam Verma, CEO and Co-Founder of Wealth Link Solutions expressed her enthusiasm for the collaboration: “We are thrilled to associate with Andromeda, leveraging our deep understanding of the Middle Eastern market and our strong relationships within the NRI community. This association will enable us to provide NRIs with the best home loan options, ensuring they have the financial support they need to invest in properties back in India.”
Andromeda’s Extensive Network
Ms. Fatima Qasimi, Managing Director and Co-Founder of Wealth Link Solutions, added, “NRIs in the Middle East often face challenges when securing home loans for properties in India. Our collaboration with Andromeda aims to simplify this process, providing easy access to tailored home loan solutions, competitive rates, and efficient service. We are excited to make property investment in India more accessible and convenient for our NRI clients.”
Andromeda’s extensive network in India further demonstrates its capability to serve a broad audience. The company employs over 4,000 people, operates more than 450 branch locations, and maintains a vast agent network of over 25,000 agents. This expansive presence underscores Andromeda’s commitment to providing top-notch home loan services to a diverse and growing clientele.
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