Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance, has introduced a customised business loan product targeted at small traders, shops, and business owners.
As the first step in this direction, the company has opened an exclusive small business loan branch at Madurai in Tamil Nadu, said a company statement.
The branch will focus on providing small businesses with loans for residential property to support their growth and working capital requirements. The company will open another exclusive small business loan branch in Tenkasi on Friday.
“Small businesses in tier-2 and -3 towns in Tamil Nadu are thriving once again and are looking to expand. There is a need for formal financing options for this segment. Our new offices in Madurai and Tenkasi will deliver loans of up to ₹20 lakh that will help these small shops and business owners grow,” said Lakshminarayanan Duraiswamy, Managing Director of Sundaram Home Finance.
Duraiswamy added, “The Sundaram Group is known for its customer service for close to seven decades and we are confident that the delivery of the ‘Sundaram Experience’ will be a differentiator to customers in this segment.”