Andromeda plans Rs 1 trillion loan disbursal in FY25 as demand rises | Economy & Policy News

Driven by the high demand for home loans, Andromeda Sales and Distribution, a leading loan distributor, has registered a growth of 23 per cent in total disbursals in FY24. The company put the total loan amount  at Rs 75,397 crore during the year.

The company is aiming to disburse loans worth Rs 1 trillion in the next financial year.

The home loan business of the company surged to approximately Rs 33,918 crore in FY24, up by over 22 per cent from Rs 27,798 crore in FY23.

The company has also highlighted that in the financial year 2024, the loan against property distribution was around Rs 24,776 crore, an increase of 10.33 per cent from the preceding year’s Rs 22,456 crores.

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

Andromeda has a presence in over 100 towns and cities with 470 branches. 

A report by realtors’ body Credai had said last month that the real estate sector is estimated to reach a market size of $1.3 trillion by 2034 and $5.17 trillion by 2047.

 

First Published: Apr 19 2024 | 8:53 PM IST