Andromeda Sales & Distribution, India’s premier loan distribution network, has successfully expanded its operations into the Middle East following exceptional domestic performance in the financial year 2023-24. The company reported a remarkable 23% growth in loan disbursals, reaching $9,048 million in FY24, with significant contributions from the home loan segment, which saw a substantial increase of over 22%.
Furthermore, the Loan Against Property (LAP) segment also witnessed a notable growth, with disbursements reaching $2,973 million, showcasing a 10.33% increase from the previous year. These figures highlight Andromeda’s strong performance and solidify its position as India’s largest loan distribution network. Established in 1991, Andromeda has evolved into a diversified financial services provider offering a range of products, including home loans, loans against property, personal loans, and business loans.
Building on its domestic success, Andromeda has partnered with Wealth Link Solutions to venture into the Middle East market. The strategic collaboration aims to address the home loan needs of the significant Non-Resident Indian (NRI) population in the region, estimated at approximately 9.55 million. This demographic presents a lucrative market for Andromeda to offer its home loan products and services tailored to meet the needs of NRIs.
Sandeep Lalwani, Director of Andromeda, expressed optimism about the expansion into the Middle East, citing the large NRI community in the region as a promising market for their home loan services. Neelam Verma, CEO and Co-Founder of Wealth Link Solutions, shared her excitement about the collaboration, emphasizing the opportunity to provide NRIs with the best home loan options and financial support for property investments in India.
Fatima Qasimi, Managing Director and Co-Founder of Wealth Link Solutions, highlighted the challenges NRIs in the Middle East face when securing home loans for properties in India. The collaboration with Andromeda aims to simplify this process, offering tailored home loan solutions, competitive rates, and efficient service to facilitate property investments in India for NRI clients. Andromeda’s extensive network of over 4,000 employees, 450 branch locations, and 25,000 agents further demonstrate its capability to provide top-notch home loan services to a broader audience.
In conclusion, Andromeda’s strategic expansion into the Middle East in partnership with Wealth Link Solutions signifies a significant milestone for the company as it aims to tap into the growing NRI market in the region. With a strong track record of performance in India, Andromeda is well-positioned to offer tailored home loan solutions to NRIs, providing them with the financial support they need to invest in properties back in India. The collaboration between Andromeda and Wealth Link Solutions is poised to streamline the home loan process for NRIs in the Middle East, making property investments in India more accessible and convenient.
