New Delhi, April 19, 2024 : Andromeda Sales and Distribution, India’s leading loan distribution network, witnessed remarkable growth in its loan disbursal business during the Financial Year (FY) 2023-24. The loans disbursal soared by over 23% to touch Rs 75,397 crore, 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 crores, an increase of 10.33% from the preceding year’s Rs 22,456 crores. Meanwhile, business loans experienced a notable surge of approximately 32%, rising from Rs 5,255 crores in FY23 to Rs 6,927 crores in FY24.
The launch of the OneAndro App marks a notable achievement for Andromeda. It offers a range of benefits for lenders and the Andro sales team, including simplified agent onboarding processes and quick disbursals across various product categories. This initiative aims to streamline financial processes and enhance the customer experience.
Mr. Kapoor emphasized the company’s heavy reliance on technology to manage a robust agent base of over 25,000, which is set to increase significantly. He expressed confidence in the current fiscal year, anticipating a decrease in interest rates as inflation is likely to ease. 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.
