Andromeda's loan disbursal soars by 23% to Rs 75,397 crore in FY24

Andromeda Sales and Distribution, India's loan distribution network, witnessed a surge in its loan disbursal business during the Financial Year (FY) 2023-24. The company's loan disbursals spiked by over 23% to reach Rs 75,397 crore, with significant contributions from various segments.

In FY24, the home loan business surged to approximately Rs 33,918 crore, marking an increase of over 22% from the previous fiscal year's Rs 27,798 crore.

Loan against Property distribution reached around Rs 24,776 crores, reflecting an increase of 10.33% from the preceding year's figure of Rs 22,456 crores. Additionally, business loans experienced a surge of approximately 32%, rising from Rs 5,255 crores in FY23 to Rs 6,927 crores in FY24. Other segments, including personal loans, also witnessed increases.

Andromeda's loan portfolio has witnessed growth, nearly quintupling from Rs 15,333 crore in FY 2018-19 to Rs 75,397 crore in FY24 across all segments. The company has observed a surge in affordable housing loans and high-ticket-size demand in personal loans from salaried employees.

Raoul Kapoor, Co-CEO of Andromeda Sales and Distribution Pvt Ltd said, “despite a 50-bps increase in interest rates, the demand for home loans continues to grow, buoyed by a positive economic outlook. Digitalisation, faster approvals, and increased availability and flexibility have fueled higher demand for personal loans.”

Kapoor aso emphasises the company's heavy reliance on technology to manage a strong agent base of over 25,000, with expectations of further growth in the current fiscal year.