DUBAI: Andromeda Sales & Distribution, India’s premier loan distribution network, is pleased to announce its strategic expansion into the Middle East, a move fuelled by its exceptional domestic performance. The company recorded over 23% growth in loan disbursals, reaching $9,048 million (Rs. 75,397 crore) during the Financial Year 2023-24. This notable growth was primarily driven by the home loan segment, which increased by over 22% to approximately $4,070 million (Rs. 33,918 crore) in FY24 from $3,336 million (Rs. 27,798 crore) in FY23.
The Loan Against Property (LAP) segment also experienced substantial growth, with disbursements rising 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 underscore Andromeda’s robust performance and solidify its position as India’s largest loan distribution network.
Established in 1991, Andromeda has evolved from a Direct Sales Associate for Citibank into a diversified financial services provider. The company’s portfolio includes home loans, loans against property, personal loans, business loans, and other financial products. Additionally, Andromeda, through its group companies, is involved in the distribution of insurance and mutual funds.
Building on this domestic success, Andromeda is now expanding into the Middle East in collaboration with Wealth Link Solutions. This strategic association is designed to address the home loan needs of the significant Non-Resident Indian (NRI) population in the region, which numbers approximately 9.55 million. This demographic represents a substantial market for Andromeda’s home loan products and services.
Wealth Link Solutions brings a highly experienced team known for its comprehensive understanding of the Middle Eastern financial landscape and strong relationships within the NRI community. The collaboration leverages Wealth Link Solutions’ local expertise and Andromeda’s proven track record in loan distribution to offer unparalleled value to NRIs seeking home loans. This strategic association aims to meet the unique financial needs of NRIs in the Middle East, providing them with customized home loan solutions at competitive rates and flexible terms.
Through this expansion, NRIs will have seamless access to home loans for their properties in India, regardless of their location. This initiative ensures that NRIs can avail themselves 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.”
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 reach in India is further demonstrated by its impressive network: over 4,000 employees, more than 450 branch locations, and an agent network comprising over 25,000 agents. This expansive presence underscores Andromeda’s capability to provide top-notch home loan services to a broader audience.
