Sundaram Home Finance opens small business loans branch in Kancheepuram
The Hindu
SHF opens exclusive SBL branch in Kancheepuram, targets to disburse ₹10 crore in initial phase. Expansion plans to Tier 2 & 3 towns & affordable housing segment. Net profit of ₹117 crore on disbursements of ₹2,307 crore.
Sundaram Home Finance (SHF) has opened an exclusive small business loans (SBL) branch in Kancheepuram and targets to disburse around ₹10 crore in the initial phase of its launch in this region.
These branches will provide loans up to ₹20 lakh against residential property to support the business growth and working capital requirements of small businesses in Kancheepuram and nearby locations, the company said in a statement.
The wholly owned subsidiary of Sundaram Finance forayed into the small business loans segment in October 2022. It has opened over 25 exclusive branches in South and West Tamil Nadu and disbursed ₹65 crore in the first year.
“As part of its growth plans for this region, SHF will explore further expansion into Tier 2 and 3 towns in Tamil Nadu such as Arani, Ambur and Tirupattur next year,” said MD D. Lakshminarayanan.
SHF has plans to double its SBL branch network to 50 including expanding into Telangana over the next 9-12 months.
Also, the company is currently in the process of expanding into the affordable housing segment and is looking to open 10 branches and hire up to 75 people for that segment in the initial phase.
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