Sundaram Home Finance, the wholly-owned subsidiary of non-banking finance company Sundaram Finance has set a target to disburse over Rs 10 crore under the small business loans segment, a top company official said on Saturday. The city-headquartered company has stepped up presence with the inauguration of an exclusive small business loans branch in Coimbatore.
The company has similar branches in Madurai, Tenkasi, Theni, Sivakasi, Tirunelveli, Salem and Rasipuram.
“We have had positive feedback from the locations we have launched so far and are targeting to end this year with disbursements of over Rs 10 crore from the small business loans segment, ” company MD Lakshminarayanan Duraiswamy said.
Sundaram Home registered a 51 per cent jump in net profit for the third quarter ending December 31, 2022 at Rs 53 crore on disbursements of Rs 986 crore.
On the inauguration of new branch in Coimbatore, he said, “We have a strong presence in the Coimbatore region for our home finance business.”
“We believe we understand this market well and are confident of tapping into the opportunity in the small business loan segment in this region. We expect the West TN market to do well for us in this new segment in the coming years,” Duraiswamy who inaugurated the branch in Coimbatore recently, said.