During the financial year 2022-2023, Andromeda Sales & Distribution, India’s largest loan distribution network, witnessed a massive increase in loan disbursements. Loan disbursements grew by nearly 63%, driven by excellent results across credit categories 60,000 crores. It is commendable that Andromeda was able to boost loan disbursements despite rising interest rates. The company intends to maintain its momentum and is targeting a growth rate of 12-15% for FY 2023-2024.
Andromeda delivered at the end of March 2023 Above Rs 26,328 crore for “home loans” 17,505 crore in 2021-2022. The disbursement was for “loan against property” 20,649 crores in FY23, an increase of about 78.7% from 11,556 crore in the financial year 2021-2022. Disbursement of “Business Loans” increased by 101.50% in FY 2022-23 5,525 crores from 2,742 crore in the financial year 2021-22. Additionally, its “personal loan” disbursements climbed 6,551 crore in FY 22-23 4,119 Cr last year, a jump of 59.04%. In the financial year ending March 2023, the corporation plans to expand its branch network from about 300 to 350 branches.
Prosales, a corporate agency for life, health and general insurance, is a subsidiary of Andromeda. The number of premiums collected by its “insurance” company has more than quadrupled from 32 crores in FY 21-22 to over 75 crores in FY 2022-23. From 15,333 crore in the financial year 2018-19 36,842 crore in the financial year 2021-22 60,000 crore in the year ending March 2023, marking a substantial increase in Andromeda’s loan disbursements. This growth has been observed in all categories.
Mr. Raul Kapoor, Co-CEO, Andromeda Sales & Distribution Pvt Ltd, said, “The company relies heavily on technology to manage a strong agent base of over 25,000, which is set to grow even further. He also expressed confidence in the current financial year as inflation is expected to come down, which will lead to reduction in interest rates. Andromeda is receiving a good number of inquiries from potential home buyers, which is a positive sign for the future growth of the company.”
Kapoor further added, “Despite the Reserve Bank of India raising the key interest rate from May 2022, there has not been a significant impact on home loan demand and homebuyers understand that rates will eventually come down.”
Mr. Kapoor said that he is optimistic about the future and believes that India is on track to become the third largest economy in the next few years. The economy is doing well and the situation has improved significantly after a challenging period following the outbreak of the Covid pandemic.
Andromeda started as a sales associate for Citibank in 1991 and has since grown to become India’s largest loan distribution company. Most of the products offered by Andromeda are Home Loan, Loan Against Property, Personal Loan and Business Loan. The company has a presence in over 1000 towns and cities and a strong distributor network of over 25,000 partners with a rich legacy of over 30 years.
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