Sundaram Business Loan
Sundaram Finance business based in Chennai; was founded by Sri T. S. Santhanam in the year 1954 with a capital amount of 2 lakhs. The Madras Motor and the general insurance company which were leading companies of that time have been the key supporters of Sundaram Finance business in the initial years.
Financial institutions assist organizations in expanding and quickly achieving their objectives. Financial institutions are essential to a country’s advancement because they enable firms that cannot afford investment capital to carry out their operations smoothly and contribute to the growth of the country. One such company that offers various forms of finance and is acknowledged as one of the well-known Financial corporations is Sundaram Finance Business. Sundaram Finance offers loans at a very low-interest rate to a variety of business sectors, individuals, SMEs, and MSMEs.
Sundaram Finance business based in Chennai; was founded by Sri T. S. Santhanam in the year 1954 with a capital amount of 2 lakhs. The Madras Motor and the general insurance company which were leading companies of that time have been the key supporters of Sundaram Finance business in the initial years. Sundaram Finance company has evolved into one of the top insurance companies in today’s life with almost 640 branches all over India. The total count of depositors of Sundaram Finance today is almost 2 lakhs and the customers of vehicles are almost three lakhs.
Sundaram Finance Ltd. Businesss/SME Loan started the business with the main objective of vehicle insurance but eventually includes business loans, housing funds, general insurance, mutual funds, IT, and many more sectors. Sundaram Finance holds to the principle of growth and quality and it mainly aims at enhancing customer value. The founder of the company Late Sri T. S. Santhanam set the company on the principle of “The Sundaram Way”, which is considered the guiding light by the employees of the Sundaram Finance business. The key values of “The Sundaram Way” are Service, Discipline, Prudence, Fair play, Honesty, Integrity, Humility, and Relationship.
Highlights
- Sundaram Finance is registered under the Reserve Bank of India (RBI), as a non-banking financial business that accepts deposits.
- For Fixed deposits and cumulative deposits, the minimum deposit is 10,000/- rupees for a single account.
- The interest rate is fixed and cumulative deposit does not change for users till maturity is attained.
- The age of the person should not exceed 60 years when applying for an SME loan.
- Deposits from NRIs are also available but depend on non-repatriable.
Financial solutions for SMEs
Sundaram finance offers some beneficiary loan solutions to businesses of all kinds in the market. Cash flow based financial institutions such as trading companies, Small, Medium Enterprises, and newly emerging corporations get benefitted from the schemes provided by Sundaram finance. The business such as trading, manufacturing, distributing, and services require different needs, and thus the schemes of Sundaram finance cover all the needs of the business irrespective of their business types. The beneficiary schemes offered by Sundaram finance are mentioned below:
Working Capital Loan: The Working Capital loan scheme is beneficial in order to meet the financial needs of the business. Under the Working Capital Loan scheme, there are four choices available, which the customer can opt for depending on the requirement of the business loan. The four offerings under Working Capital Loan are:
Working Capital Demand Loan (WCDL): In order to meet the updating demand of the business, the Working Capital Demand loan is selected as the basic best feature of this scheme that the Working Capital Demand Loan is assessed and renewed every year. A Working capital Demand Loan has lesser interest rates when compared to Working Capital Loan. Many WCDL Loans can be applied for and also can be closed as per the convenience.
Trans-lines (for transport operators): For the transport industry, Sundaram Finance provides this scheme to fulfill the requirements of the business. The features of the Trans lines are that it includes the assessed method of income derivation and also it supports meeting capital investment to maintain the business functioning properly.
SF Express GST and SF Smart Credit: Sundaram Finance provides the loan up to Rs. 1 crore and this loan can be taken as per the convenience of the customer. It also offers fund Based Credit facilities to its customers. It also allows applicants to pay off debts in affordable installments facility. The charge on the assets is not required in this scheme of Sundaram Finance.
Enterprises Business loan: Enterprise Business loan is a type of Working Capital loan which is converted into the form of a business loan. There is also an option of a top-up loan with the fastest approvals in order to meet the demand of the business quickly.
Channel Finance: The Channel Finance scheme is where the dealers are provided with the funding to obtain goods and services from the company. This scheme also provides discounts on sales or purchase bills. Depending on the working capital cycle, the repayment installments are decided. The Channel Finance scheme is applicable for vendors of large-scale industries to avail of machinery loans, working capital loans, and infrastructure loans for business expansion.
Machinery Term Loan: Sundaram Machinery or Equipment financing is provided for new equipment as well as for the used construction equipment. The funding provided for new equipment is 100% with low-interest rates. The documents required for the funding of new equipment are also less. Sundaram Finance provides funding for machinery loans for different industries as mentioned below:
Farm Equipment Finance: Finance is provided to the old and new farm equipment under the Farm equipment finance system of Sundaram corporation. All kinds of equipment and vehicles on the farm can be insured and the repayment option of the loan can be chosen depending on the finance of the customer. Monthly, quarterly, and half-yearly repayments are available for the farmers. All brands of tractors; and harvesting equipment can be funded using the Farm equipment financing system.
Construction Equipment Finance: Construction Equipment Finance is provided to the manufacturing industry for new and old equipment. New construction equipment such as bulldozers, Concrete Equipment, Compressors, Forklifts, Hot Mix Plants, Dump Trucks, Motor Graders, Hydraulic Excavators, and Mobile Cranes has a tenure of 60 months with affordable EMI options. For the used construction equipment the funding is provided to almost all the models and brands of the equipment with a maximum tenure of 36 months. The EMI offer is also customized based on the affordability of the customers. The Sundaram construction equipment finance provided special offers to the already existing customers with fast turnover duration and low interest.
Leasing: Sundaram finance corporation also has a leasing facility for corporate customers and for SMEs. Here, the service is provided to the customers of organizations for their equipment, vehicles, and manufacturing services. Leasing is provided with 100% of funding which is cost efficient with minimum documentation required. The interest rate is also low when compared to other loans in the market. GST is incorporated on the rentals with the input tax credit.
Read More: L&T Finance Holdings Ltd Business/SME Loan
Eligibility Criteria
Sundaram finance offers affordable rates to eligible customers depending on their eligibility. There are a number of criteria in order to check the eligibility of the user for sanctioning the business loan. Creditworthiness plays an important role in the eligibility along with age, nationality, occupation, salary, and so on. Below are the key features of eligibility mentioned:
Age: The age of the customer plays a vital role in eligibility. As young customers will have a high time period to repay the loan when compared to older customers. The age limit for applying for Sundaram finance is between 21 to 60 years.
Net Income: The net income of the customers determines the amount that can be repaid depending on the lifestyle of the customer. For example, if the customer earns an amount, then after deducting living expenses also he will be able to repay the loan amount when compared to the customers with low income.
Nature of Employment: The employment is checked by the Sundaram finance officials before sanctioning of loan whether the customer is self-employed or is working for any corporation in order to be secure with repayment of the loan amount. Sundaram Finance requires minimum salary income history with job stability.
Credit Score: A credit score helps in providing desired loan amount. If the credit score is high then the loan amount can be sanctioned without any objection. If the credit score is less the loan amount will be offered less.
Nationality: The customer opting for funding from Sundaram finance corporation must be a citizen of India.
Required Documents
Sundaram Financing requires a few documents in order to proceed with the funding. Some of the documents required by the NBFC or other such funding services for checking eligibility are as mentioned below.
- Financial supporting documents such as Bank information as well as Bank statements, KYC, insurance policy filled form, and RC can be uploaded along with the application form.
- The customer must have a valid account while applying for the loan.
- The mobile number used while registration will only be useful for the facilities.
- Address proofs such as Aadhar card, PAN card, Voter ID, and electricity bills also have to be submitted.
- Along with the duly filled application form, a passport-size photo in JPEG format has to be uploaded if applying online.
The documents can be accepted only if they are in PDFs, TIF, TIFF, or JPG formats only without exceeding 3 MB in size. Also, password-protected documents cannot be uploaded.
Procedure to apply
Applying for the Sundaram Finance business loan online is simple and easy. The procedure of sanctioning the loan also becomes easy if the correct documents are uploaded and the right information is provided in the application. To apply for the Sundaram Finance loan the below steps have to be followed:
Step 1: Visit the official website of Sundaram Finance for a business loan and choose the option Apply for application.
Step 2: Fill in the basic details of the company, personal details, and also contact details such as email ID and mobile number.
Step 3: In this step, after filling in the details required documents have to be uploaded in the required format.
Step 4: Recheck the details thoroughly and then submit the application.
Once the application is checked by the officials of Sundaman Finance, agen will contract the customer for other formalities to follow for sanctioning of the loan. Once documents and information provided in the form are verified and approved by the Sundaram Finance system, the desired loan amount is sanctioned to the bank account of the applicant in the defined working days.
To know more details on SME loans from Sundaram Finance Ltd.
You can email [email protected] or call at +918886666821.
FAQ’s
How to contact Sundaram Finance for any inquiry?
Customers can contact on Ph: +91 44 2852 1181, Fax: +91 44 2858 6641, Deposits Toll Free no: 1800 572 1840,. Working hours are from Mon to Sat – 9.00 am to 5.30 pm. Sundaram Finance is closed on the 2nd & 3rd Saturdays and also on national holidays.
How can customers check the loan status in Sundaram Finance?
Customers can give a missed Call to Ph: 9289220125 to know Loan Statement and for Mobile Number and Email ID updates, customers can download the form from the official website of Sundaram Finance and submit the form to the Branch Manager.
In Sundaram Finance business loan, is KYC registration mandatory?
Yes, in the business loan scheme of Sundaram finance, the KYC is required based on the Prevention of Money Laundering Act, 2002. KYC registration is mandatory in order to be safe from money laundering cases.
Does Sundaram Finance come under RBI?
In the year 1954, Sundaram Finance Limited was established. It was registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI).
In Sundaram can NRIs deposit money in foreign currency?
No, NRIs cannot deposit foreign currency instead they can provide rupees check from the NRI or NRO banks of India in which they have valid bank accounts. They can also send rupee checks from their country which can be payable in Indian banks.
What are the different kinds of payment options available in Sundaram Finance services?
In Sundaram Finance, customers can opt for different modes of payment. For example, they can download the Sundaram Finance application and pay via UPI or net banking. They can also pay through the customer portal or the Quick pay EMI option present on the Sundaram Finance website.
Does Sundaram Finance come under NBFC?
Yes, Sundaram Finance was registered under RBI as a Non-Banking Finance Company (NBFC). Sundaram Finance has provided loans to many SMEs and MSMEs and is very popular in the country for its reasonable interest rate.
Is TVS and Sundaram Finance corporation the same?
Sundaram Finance is only a part of TVS Group, but Sundaram Finance operates independently.
Where is the headquarter of Sundaram Finance?
The headquarter of Sundaram Finance is at Regd. Office: 21, Patullos Road, Chennai (600002). The Deposits Toll-Free no is 1800 572 1840.
What is the advantage of taking a Sundaram Business loan?
The main advantage of taking a Sundaram business loan is that; the turnaround time is very fast with easy EMI options based on the affordability of the business and simple minimal documentation.
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