NRIs get wider choice on financing needs

Andromeda extends loan distribution network into the Middle East

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From left: : Sameep Mehta, Himanshu Thakkar & Sandeep Lalwani from Andromeda along with Neelam Verma and Fatima Qasimi from Wealth Link Solutions.— Supplied photo

Published: Thu 15 Aug 2024, 12:05 PM

Andromeda Sales & Distribution, India’s premier loan distribution network, has announced 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 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 in FY24 from $3,336 million in FY23.

The Loan Against Property (LAP) segment also experienced substantial growth, with disbursements rising to $2,973 million, reflecting a 10.33% increase from the previous year’s $2,695 million. 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.

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.”

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.”

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.