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Sundaram Home Finance, as part of its diversification programme, plans to open 10 exclusive ‘Small Business Loan’ branches in Tamil Nadu over the next six months to help small traders, shops and business owners.
“Small businesses in tier 2 and tier 3 towns in Tamil Nadu are thriving once again and are looking to expand their business. There is a need for formal financing options to this small business segment,” said Lakshminarayanan Duraiswamy, MD.
The wholly owned subsidiary of Sundaram Finance Ltd., on Wednesday opened a new branch and rolled out a customised business loan product to offer advances up to ₹20 lakh. Plans are afoot to open the next one in Tenkasi on Friday and other eight branches by March 23.
This branch would exclusively focus on providing small business loans against residential property to support customers’ business growth and working capital requirements.
“Last year, we disbursed loans to the extent of ₹2,311 crore. For FY23, the new portfolio will fetch us an additional revenue of ₹10-15 crore. We plan to hire 50 people for the new business and about 250 for the division,” he said.
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