Sundaram Home Finance Opens 50th Branch, Eyes Expansion

Chennai, Mar 4 (PTI) Sundaram Home Finance has reached a milestone on its expansion drive with the inauguration of its 50th branch under the emerging business segment, a top official said.

The city-headquartered company, a subsidiary of Sundaram Finance Ltd, expects the next 50 branches to be open outside the state under the emerging business vertical.

The 50th 'Emerging Business' branch has been established in Arani while similar branches were also inaugurated in Ambur, Gudiyattam and Tirupathur in North Tamil Nadu.

The Emerging Business segment launched in October 2022 comprises small business loans up to Rs 20 lakh to small shops and businesses and affordable housing finance where the company provides loans up to Rs 35 lakh.

"We have already established a strong presence in West and South Tamil Nadu in the Emerging Business segment. The current expansion is part of our focus to target the North TN market where we are looking at disbursements of Rs 50 crore over the next 12-18 months," company Managing Director D Lakshminarayanan said after inaugurating the company's 50th branch in Arani.

"In October 2022, we launched small business loans targeting businesses in small towns in Tamil Nadu providing working capital loans against property. We later expanded into affordable housing finance and have solidified our presence in the EB segment with this 50th branch being an important milestone in our growth journey." he said in a company statement on Tuesday.

"We expect the next set of 50 branches to come up outside Tamil Nadu and a lot faster than the first 50 as we move into a growth phase in the EB segment," he added.

The company has drawn up plans to expand into Andhra Pradesh and Telangana markets to drive its growth in the Emerging Business segment. Sundaram Home Finance has around 150 branches across the country.