Sundaram Home Finance is targeting to penetrate deeper into smaller towns in Tamil Nadu over the next 12 months to strengthen presence in its stronghold in the State.
Buoyed by its early success in Coimbatore, where it had opened a branch last year, the company has now opened a new Emerging Branch (EB) in Pollachi.
The branch will provide small business loans to entrepreneurs and small businesses of up to ₹20 lakhs to meet their working capital requirements and to support their business growth. The company will also target the affordable housing finance market with loans of up to ₹35 Lakhs from its new branch in Pollachi, says a release
On expanding into smaller towns in west TN, D Lakshminarayanan, MD, Sundaram Home Finance said in the release, “Small entrepreneurs are thriving in the region and are looking for working capital financing from credible players to expand their businesses. We see this as a good opportunity for us to leverage in the EB segment. While Coimbatore has largely driven our growth, we are looking to expand our presence in smaller towns such as Tirupur, Dharapuram, Erode and Pollachi.”
The company is looking to treble its overall disbursements in the Coimbatore region to over ₹500 crores in the next 12-18 months, including disbursements of around ₹50 crores from the newly launched EB segment, he said.
Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance Ltd., provides home loans, plot loans, home improvement and extension loans, loans against property and small business loans to traders and small shops. It forayed into the affordable housing segment earlier this year, the release said.
