CHENNAI: Continuing its expansion in the tier 2 and 3 towns in TN, Sundaram Home Finance on Monday opened its 50th branch in the Emerging Business (EB) segment in Arani.

In addition to Arani, the company also opened new EB branches today in Ambur, Gudiyattam and Tirupathur in North TN.

Also, on Monday, the company opened new EB branches in Mayiladuthurai and Perambalur as part of its overall expansion in small towns in TN.

The Emerging Business comprises small business loans of up to Rs 20 lakh to small shops and businesses and affordable housing finance where the company provides loans of up to Rs 35 lakh.

D Lakshminarayanan, MD, Sundaram Home Finance, said, “In October 2022, we launched ‘small business loans’ targeting businesses in small towns in TN providing working capital loans against property. We later expanded into affordable housing finance and have solidified our presence in the EB segment, with this 50th branch being an important milestone in our growth journey. We expect the next set of 50 branches to come up outside TN and a lot faster than the first 50 as we move into a growth phase in the EB segment.”

On the current focus in North TN, Lakshminarayanan said, “We have already established a strong presence in West and South TN in the EB segment. The current expansion is part of our focus to target the North TN market where we are looking at disbursements of Rs 50 crore over the next 12-18 months.”

Outside TN, the company is looking to expand in AP and Telangana to drive its disbursements growth in the EB segment.