RULOANS plans to deepen its presence in Vijayawada; targets Rs 1000 crore business this fiscal year

RULOANS Distribution Services, a leading financial products distribution company, early September announced its plan to expand loan distribution business in Vijayawada, a prominent city of Andhra Pradesh, which situates very close to the upcoming state capital Amaravati, and strengthen its presence with a special focus on affordable housing finance.

With a significant presence in over 4,000 cities across the country, RULOANS has already started its operations in Vijayawada and the company is trying to gain a foothold in the city, offering a range of products such as home loans, auto loans, business loans, loan against property, MSME loans, renewable energy loans, and personal loans. The company, having a strong network of 275+ Public Sector Banks (PSB), private banks, and NBFCs, is now looking to cash in on the growing demand for affordable housing loans in the state, which has a very industry-friendly business policies and investment climate.

RULOANS’ expansion in Vijayawada is part of its strategic move to increase its footprint across India with an eye on the growing tier-2 and tier-3 cities. After the bifurcation of Andhra Pradesh, Vijayawada remains the most prosperous city in the state, showing huge potential for realty, affordable housing and infrastructure businesses.

With a significant share in the loans and financial services distribution business, RULOANS garnered Rs 38,000 crore business in FY24. The company is targeting Rs 50,000 crore business in the current fiscal year (FY25). The company has served over 10-lakh clients across cities in India, with a proficient Loan Calculator algorithm that helps clients find the best options and deals for loans and other financial products.

Kaushik Mehta, Founder & CEO of RULOANS, said: “Vijayawada has emerged as a dynamic city in the loan market, showcasing tremendous potential across various categories. The city’s strategic location, which comes very close to the new state capital, and its thriving economy have contributed immensely to the increased lending activities in recent years. Vijayawada has seen substantial growth in both retail and business loans, with the public sector banks actively contributing to it. As of 2023, the total loan disbursement in the region has shown a sharp increase, with sectors like real estate and small businesses leading the demand. The visible growth and development seen around Vijayawada have further consolidated the credit expansion, making it a key market in the state’s overall lending landscape. Despite having fiscal challenges, Vijayawada continues to demonstrate resilience in the economic activities and position itself as a promising industrial hub and attractive investment destination, which enhances credit demand significantly in the region.”

Lalitha Aditya Achanta - Vice President of RULOANS further added, “As we are running this business with highly experienced people, we want to have our strong foot prints in Andhra Pradesh with presence in all tier-2 and tier-3 cities. We are confident that we’ll cross Rs 1000 crores mark from this region alone by the end of this financial year. We plan to increase our footprint across Andhra Pradesh by opening up multiple such offices.”