Chennai: In its first expansion outside the TN market in the Emerging Business
(EB) segment, Sundaram Home Finance (SHF) has set foot into Andhra Pradesh with the
opening of five branches in Guntur, Tirupathi, Nellore, Eluru and Vijayawada.
The company on Tuesday also announced its plans to open seven more branches in the next
12 months.
The EB segment comprises of Small Business Loans (SBL) and Affordable Housing (AH)
finance, a SHF release here said.
In the SBL segment, the company provides loans of up to Rs. 20 lakhs to small businesses
and entrepreneurs towards business growth and working capital financing against residential
properties while in AH finance, the company provides home loans of up to Rs.35 lakhs.
Company MD D Lakshminarayanan said “having established a strong presence in the smaller
towns in TN in the EB segment with close to 40 branches, we felt that the timing was right to
expand into AP. We believe that the changing dynamics of the Andhra Pradesh market offers
a great potential for us to tap into the growing opportunities in the small business loans and
affordable housing segment in this state.”
UNI
