Sundaram Home Finance, a wholly-owned subsidiary of Sundaram Finance, has expanded its presence in Madhya Pradesh by opening two new branches in Pithampur and Ratlam. With this move, the total number of its branches in the state has increased to five, including existing locations in Indore and Bhopal.

The company has set a disbursement target of Rs 3 billion in Madhya Pradesh for the current financial year. This expansion aligns with its strategy of exploring growth opportunities in Tier II and III towns outside South India, while strengthening its base in states where it already operates.

Madhya Pradesh has been identified as a key market for the company beyond South India due to rapid industrial growth, which is contributing to increased affordability among customers. Over the past year, Sundaram Home Finance has observed strong demand for mid-segment home loans—particularly in Indore and Bhopal—with an average ticket size of Rs 4 million. Similar demand is anticipated in the newly added locations of Pithampur and Ratlam.

Last year, the company crossed Rs 10 billion in disbursements outside South India. It currently operates over 150 branches across the country.

News source: The Week