Sundaram Home Finance launches emerging business segment; Rs 300 cr target disbursal
Chennai: Sundaram Home Finance has launched an 'emerging business' vertical as part of its diversification move and has set a target to disburse Rs 300 crore during this financial year in this segment, a top official said.
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The city-headquartered company, a wholly owned subsidiary of Sundaram Finance Ltd, said the Emerging Business segment would comprise Small Business Loans and the Affordable Housing financing verticals.
Expecting it to be a growth driver for the company, Sundaram Home Finance Managing Director and CEO Lakshminarayanan Duraiswamy said he has plans to open around 20 branches in the Emerging Business segment in Tamil Nadu, Telangana and Andhra Pradesh and add another 200 employees.
«We had forayed into Small Business Loans financing in October 2022 and the response over the first 18 months has been quite satisfactory with the company having disbursed over Rs 125 crore… We felt the Affordable Housing financing has similar contours in terms of the loan amount, customer profile, market segment and geographies,» Duraiswamy said in a statement on Wednesday.
«We believe that together the Emerging Business team can jointly cater to this growing segment of Affordable Housing and Small Business Loans,» he said.
With this launch, Sundaram Home Finance would have two business divisions —
