Home / Companies / News /  Andromeda’s loan disbursals rise 1.5 times to 38,462 crore in FY22

Retail loan distributor Andromeda on Thursday said its loan disbursals grew nearly 1.5 times during the last financial year to 38,462 crore on significant improvement in business climate, extensive use of technology and recovery in the housing segment.

The company now targets loan disbursals worth over 60,000 crore for the ongoing financial year.

For the last fiscal, loan disbursals (comprising home loans, loans against property, personal loans, business loans and others) rose to 38,462 crore from 15,575 crore at the end of 2020-21 fiscal.

Andromeda is currently present in 90 cities and will soon have footprints in 115 cities.

“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," said Raoul Kapoor, co-chief executive officer, Andromeda.

According to Kapoor, the economy went through a rough patch following the outbreak of the covid-19 pandemic. However, the situation has improved significantly on account of initiatives taken by the finance ministry and the Reserve Bank of India, and also the rapid vaccination drive of the government, he said.

“We increased the total loan disbursals from 15,575 crores to 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 60,664 crores by the end of the current financial year,“ he said.

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

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

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout