Sundaram Home Finance plans to double SBL branch count in a year

Sundaram Home Finance plans to double SBL branch count in a year

Sundaram Home Finance is planning to double the number of its small business loans (SBL) branches to 50 over the next 9-12 months as it continues to expand in tier II and III cities.Following its foray into the small business loans segment in October 2022, the company has opened more than 25 exclusive branches in south and west Tamil Nadu and disbursed Rs 65 crore in the first year.As part of the expansion, the company has opened an exclusive SBL branch in Kanchipuram. The new branch will provide business loans of up to Rs 20 lakh against residential properties.

Managing director Lakshminarayanan Duraiswamy said: “Kanchipuram is a trading hub and SMEs there have been doing well in recent times. The town also attracts lakhs of tourists and devotees around the year. We already have a strong presence in north Tamil Nadu for the home finance business and understand this market well…”The company is targeting disbursements of around Rs 10 crore in the initial phase of its launch in this region. As part of its growth plans, Sundaram Home Finance will explore further expansion into towns such as Arani, Ambur and Tiruppattur next year.The company is in the process of foraying into the affordable housing segment and is looking to open 10 branches and hire up to 75 people initially.Sundaram Home Finance reported a net profit of Rs 117 crore on disbursements of Rs 2,307 crore for the half year of the current fiscal.