Andromeda Sales & Distribution, India’s premier loan distribution network, has forayed into the Middle East, following an exceptional domestic performance. The company recorded over 23% growth in loan disbursals, reaching ₹75,397 crore during Financial Year 2023-24.

This remarkable growth can be attributed to the home loan segment, which increased by over 22% to ₹33,918 crore in FY24 from ₹27,798 crore in FY23.

The Loan Against Property (LAP) segment also recorded substantial growth, with disbursements rising to ₹24,776 crore, reflecting a 10.33% increase from the previous year’s ₹22,456 crore.

With this track record, Andromeda’s expansion into the Middle East, in collaboration with Wealth Link Solutions, is designed to address the home loan needs of the substantial Non-Resident Indian (NRI) population that crosses 9.55 million. The collaboration aims to provide NRIs in the Middle East customized home loan solutions at competitive rates and on flexible terms. They can avail of home loans for their properties in India.

Established in 1991, Andromeda’s portfolio comprises home loans, loans against property, personal loans, business loans, and other financial products. Through its group companies, Andromeda is involved in the distribution of insurance and mutual funds. – editor@nrifocus.com