New Delhi, 20thApril,2022.

With significant improvement in business climate, the extensive use of technology and recovery in the housing segment; loan distributor Andromeda’s loan disbursals grew nearly 1.5 times during the last financial year to Rs 38,462 crore and the company has set an aggressive target of over Rs 60,000 crore in the 2022-23 fiscal year.

Its loan disbursals (comprising home loans, loans against property, personal loans, business loans and others) rose to RS 38,462 crore in 2021-22 from Rs 15,575 crore at the end of the 2020-21 fiscal.

Andromeda is currently present in 90 cities and will very soon achieve its cherished milestone of making its presence felt in 115 cities throughout the length and breadth of the country, said Andromeda Co-CEO Mr Raoul Kapoor.

“Our goal is to provide loans to homebuyers on easy terms so that he or she can own his/her dream house. By doing so we also added to nation building as the realty sector creates demand for industrial goods and generates jobs for both skilled and unskilled persons,” he said at a press conference here.

The economy did go through a rough patch following the outbreak of the COVID pandemic. However, the situation has improved significantly on account of initiatives taken by the Finance Ministry and Reserve Bank, and also the rapid vaccination drive of the union government, he said.

“A benign interest rate regime and Finance Ministry’s focus on the realty sector has helped in giving the necessary boost to residential real estate and we tried our best to encash the opportunity by leveraging technology and reaching out to more people,” Mr Kapoor added.

“We increased the total loan disbursals from Rs 15,575 crores to Rs 38,462 crores registering a growth of 147 per cent. Riding on the back of a strong foundation and a strong technology backbone, we are confident of sustaining this growth and even increasing our loan disbursals to Rs 60,664 crores by the end of the current financial year,” he said.

The improvement, he said, was witnessed in all segments of loans including home loans, consumer loans and business loans.

The home loan disbursals stood at Rs 17,993 crore at end-March 2022 as against Rs 7,838 crore in 2020-21. This year the home loan target is Rs 28,966 crore.

Similarly, the disbursals in the ‘loan against property’ was Rs 13,060 crore, almost three times of Rs 4,268 crore in the fiscal 2020-21. The target for 2022-23 has been set at Rs 17,848 crore.

Andromeda increased its branch network to 300 in the fiscal ended March 2022 from 251 in the preceding year. The company aims to further increase the number of branches to 325 in the current financial year.

Andromeda uses technology to manage a strong agent base of more than 6,000. The use of a strong tech stack has enabled the company to engage with a growing number of agents across the length and breadth of the country.