Sundaram Finance was incorporated in the year 1954 with a mission to finance the purchase of commercial vehicles and passenger cars. The company started its journey with paid up capital of INR 2 lakhs and went public in the year 1972. The company’s shares were listed on the National Stock Exchange after being listed on the Madras Stock Exchange in the year 1972. The equity shares of the company, however, have been delisted from the Madras Stock Exchange Limited from the 27th of January, 2004 as per the SEBI guidelines for voluntary delisting.
About Sundaram Finance
Sundaram Finance has witnessed rapid growth over the earlier decades based on core values like unmatched customer service, ethical and fair business practices and safe and reliable financial policies. There are several keywords which influence all Sundaram Finance financial servicesand operations which are the following:
These are the five pillars of the company which was envisioned by Shri T. S. Santhanam who spotted an opportunity related to hire-purchase finance operations in the country. Sundaram Finance was promoted by the Madras Motor Insurance Company, a part of the renowned TVS Group. Shri Santhanam was a true visionary who identified several opportunities that went hand in hand with the growth of the nation.
Sundaram Finance Service Principles
The company reached out to small truck operators and met their financing requirements at a time when preferences were only given by financiers to large truck operators. The company initially emerged as a preferred transport sector financier and it dedicated its services towards the growth of the road transport industry and is today synonymous with quality automotive financing in India. The company has a nationwide network supported by dedicated service and support teams who ensure personalized customer service at all times. The core values of fairness, prudence, service excellence and transparency have been steadfastly retained. Sundaram Finance was a pioneer in the way it offered value added services to customers in a period when customer satisfaction was not an important parameter as it is today.
In recent times, the bouquet of Sundaram Finance financial services online has spread to cover commercial vehicle and car financing, tractor finance, tyre finance, construction equipment finance and fleet cards. Additionally, its subsidiaries ensure a solid presence in segments like General Insurance, Housing Finance, Mutual Funds, Retail Distribution of numerous financial products and services and business process outsourcing and information technology services. The organization has partnerships with Sun Alliance & Royal in the United Kingdom for General Insurance along with BNP Paribas of France for housing finance. The company offers several attractive deposit schemes to customers along with leasing operations. Under this leasing model, the company has several Indian blue chip organizations as clients ranging from aircraft to computers. The company has also been successful with regard to computerizing and networking all its branches and offices for more efficient functioning.
Sundaram Finance Home Loans
Sundaram Finance Limited established its housing finance wing called Sundaram Home Finance Limited on the 2nd of July, 1999. The company offers quicker turnaround times, customer friendly products and approaches and a strict no ambiguity approach. Sundaram Finance home loans are given for constructing houses on plots of land, purchasing existing freehold properties including row houses, apartments and bungalows and also for purchasing an apartment, row house or bungalow from a builder.
For housing loans up to INR 20 lakhs, 85% of the cost of the property subject to valuation and repayment capacity can be obtained as home loan. This stands at 80% of the cost of the property as loan in case of loans above INR 20 lakhs and up to INR 75 lakhs. For housing loans above INR 75 lakhs, 75% of the cost of the property can be availed as housing loan. Salaried individuals can repay the loan within a maximum of 20 years or retirement age whichever is earlier while the maximum tenure stands at 15 years or 65 years whichever is earlier for self employed professionals and NRIs. Sundaram Finance interest rates are quite competitive in case of home loans.
You can also get loans in case you wish to add an existing floor or extra rooms to your house. These are home extension loans which give 100% of cost of estimates. Home Improvement Loans take care of internal and external repairs to your existing home and here also, 100% of the cost estimate can be taken as the loan. You can take the Land Loan and 75% of the cost of the land is given. The repayment tenure is 10 years for salaried, NRI and self employed customers.
Sundaram Finance Loan Against Property
Loans can be taken against commercial and residential properties at Sundaram Finance. A maximum up to 50% of the value of the property as determined by Sundaram BNP Paribas Home can be taken as loan or eligibility based on income whichever is less. Salaried and self employed professionals both have a maximum of 10 years as the repayment period for these loans.
Sundaram Finance business loans
There are several kinds of business solutions including capital expansion, short term funding and other SME loan needs. Term loans are given for acquisition of new/second hand equipment where up to 75% of invoice value is provided. 60 months is the repayment period with the charge on machinery under loan being the primary collateral and the residential property/land being the second collateral along with a personal guarantee. Refinance is offered for existing unencumbered machinery along with other kinds of business loans.