Loan distributor, Andromeda Loans, saw loan disbursements surge by 23 per cent in FY 23-24 to 75,397 crores, compared to the previous year. Last year the loan disbursal had soared by 63 per cent. The 23 per cent surge in FY 23-34 was driven primarily by the demand for home loans which accounted for around Rs 33,918 crore in FY24, up by over 22 per cent from last year. During the period, personal loan disbursements showed the highest growth which surged from 5,565 crore to 9,776 crore followed by business loans from 5,255 to 6,927 crore (32 per cent).
In FY24, the Loan against Property distribution worth Rs 24,776 crores was disbursed, an increase of 10.33 per cent from the preceding year.
Raoul Kapoor, Co-CEO of Andromeda Sales and Distribution Pvt Ltd said, “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.” Since the second half of the current fiscal year, a notable increase has been observed in the affordable housing loan market, coupled with a rise in high-ticket-size demand from salaried employees for personal loans, Andromeda said in its release. Kapoor expressed confidence in the portfolio rising further this fiscal year, anticipating a decrease in interest rates as inflation is likely to ease.
The loan distributor in its release said that its loan portfolio grew nearly fivefold from Rs 15,333 crore in FY 2018-19 to Rs 75,397 crore in the fiscal year ending March 2024, across all segments. Looking ahead, Kapoor anticipated a growth in the number of agents across India, an increase in disbursals across multiple products, an expansion of branches nationwide, and increased reach to tier 2 and tier 3 cities.
