New Delhi, August 12, 2024— Andromeda Sales and Distribution Private Limited, India’s leading loan distribution network, is set to extend its services to Non-Resident Indians (NRIs) in Dubai, facilitating home loans for those looking to purchase property in India. Dubai, home to the largest Indian diaspora, represents a significant market of potential home buyers eager to invest in real estate back home.
With this strategic initiative, Andromeda aims to tap into this burgeoning market and assist NRIs in securing home loans as well as commercial property purchase loans for their transactions in India. Andromeda will facilitate loans for these home buyers and expects significant business from this new offering in the fiscal year 2024-25.
“At Andromeda, we are committed to expanding our services to meet the evolving needs of our clients. The launch of our loan facilitation services for NRIs in Dubai is a testament to this commitment. We recognize the significant potential of the Indian diaspora in Dubai and are excited to provide them with seamless access to home loans as well as commercial property purchase loans in India. This initiative not only strengthens our position as India’s leading loan distributor but also reinforces our dedication to innovation and customer-centric solutions,” said Mr. Sandeep Lalwani, Director, Andromeda Sales and Distribution Private Limited.
Andromeda Sales and Distribution, India’s largest loan distributor, disbursed over Rs. 75,000 crore in loans during the Financial Year (FY) 2023-24. This includes nearly Rs 34,000 crore in Home Loans and close to Rs 25,000 crore in Loans Against Property (LAP).
Established in 1991 as a Direct Sales Associate for Citibank, Andromeda has grown into India’s largest loan distribution company. The company offers a diverse loan portfolio that includes home loans, loans against property, personal loans, business loans and other financial products. Beyond loans, Andromeda, through its group companies, is also engaged in insurance and mutual fund distribution.
This new initiative to facilitate home and commercial property purchase loans for NRI buyers from Dubai underscores Andromeda’s commitment to innovation and growth. By providing tailored financial solutions to NRIs, Andromeda continues to meet the evolving needs of its diverse clientele in an increasingly dynamic financial landscape.
About Andromeda Loans:
Andromeda was founded in 1991 by the present Executive Chairman, Mr. Venugopalan Swaminathan. Today, Andromeda is India’s largest retail loan distributor. With a rich legacy that spans over 30 years, covering 100+ cities, 450 branches, with over 4,000 employees and a strong distributor network of over 25,000 partners, Andromeda is poised to leapfrog into the future by leveraging the power of technology. By integrating our acute understanding of the marketplace with the latest trends and developments in digital technology, we help customers find the financial products best suited to their needs.
