Andromeda Expands Loan Distribution Network into the Middle East to Serve NRI Financial Needs

Business

Andromeda Expands Loan Distribution Network into the Middle East to Serve NRI Financial Needs

Andromeda Sales & Distribution, India's largest loan distribution network, has announced its strategic expansion into the Middle East. This move follows a year of exceptional domestic growth, with the company reporting a 23% increase in loan disbursals, amounting to $9,048 million (Rs. 75,397 crore) in the Financial Year 2023-24. The home loan segment led this growth, increasing by 22% to approximately $4,070 million (Rs. 33,918 crore) from the previous year.

The Loan Against Property (LAP) segment also saw significant growth, with disbursements rising by 10.33% to $2,973 million (Rs. 24,776 crore). These figures reinforce Andromeda’s standing as India's premier loan distributor, with a diverse portfolio that includes home loans, personal loans, business loans, and other financial products.

Established in 1991, Andromeda has grown from a Direct Sales Associate for Citibank into a diversified financial services provider. Building on its domestic success, the company is now venturing into the Middle East, partnering with Wealth Link Solutions to address the home loan needs of the region’s 9.55 million Non-Resident Indians (NRIs).

Wealth Link Solutions, with its deep understanding of the Middle Eastern financial landscape and strong connections within the NRI community, will collaborate with Andromeda to offer customized home loan solutions. This partnership will enable NRIs to access competitive rates and flexible terms for home loans, making it easier for them to invest in Indian real estate.

Commenting on the expansion, Mr. Sandeep Lalwani, Director of Andromeda, stated, "Our domestic success has provided the foundation for this strategic move into the Middle East. The region's large NRI community presents a significant opportunity for our home loan services. In collaboration with Wealth Link Solutions, we are excited to extend our expertise to NRIs in the UAE, Saudi Arabia, Kuwait, Oman, and Qatar."

Ms. Neelam Verma, CEO and Co-Founder of Wealth Link Solutions, expressed her enthusiasm for the partnership: "We are thrilled to collaborate with Andromeda to offer NRIs in the Middle East the best home loan options, ensuring they have the financial support needed to invest in properties back in India."

Ms. Fatima Qasimi, Managing Director and Co-Founder of Wealth Link Solutions, added, "Our collaboration with Andromeda aims to simplify the home loan process for NRIs, providing tailored solutions, competitive rates, and efficient service, making property investment in India more accessible."

Andromeda’s extensive network, with over 4,000 employees, 450 branch locations, and more than 25,000 agents, positions the company to provide top-tier home loan services to a broader audience, now extending to the Middle Eastern NRI population.