Sundaram Finance

• It is a deposit where interest is paid at every monthly or quarterly basis.
• The company pays interest on the last day of the month.
• On quarterly basis on March, June, September, December.

Method of repayment of interest

• Interest payments through electronic clearing service EFT/NEFT/NECS.
• Interest by way of par cheque.

It is a deposit on which the payment on maturity is available. The accrued interest is paid along with the principal on the maturity.

On maturity the customer has the following options which he can consider:

• Payment of maturity amount
• Renewal of maturity amount
• Renewal of lower multiples of Rs.1000 {but should have Rs.10000/- in the deposit account}

Renewal of higher multiple of Rs.1000 by paying through cheque for the excess amount.{the cheque should be deposited in the company before the date of maturity

Sundaram finance accepts deposits from NRI’s on the non conversion basis.

The terms and conditions governing the NRI account are as follows.

• Acceptance of all the deposits can be made only in Indian currency at through NRO a/c’s payable at Chennai.

NRI deposits will not be accepted from any kind of inward remittances made through overseas.

The depositor has to make a declaration to the company stating that the deposits with the company is transferred through NRO a/c’s only and has not been made through any remittances from overseas and through any NRE OR FCNR [B] a/c’s.

• The depositor has to give an undertaking according to the APPENDIX 1.
• The procedure for submitting the declaration of non-deduction of tax by the depositor is not applicable to the NRI accounts.
• In case the depositor is a resident of a country which is the DTAA [double tax avoidance agreement] system of tax deduction then the tax is deducted according to that law as per the rate applicable.
• The depositor has to furnish all the details of his Indian or overseas address with the company.
• No loans are allowed against the NRI deposits.

The persons eligible for the car loans are as follows:

• Individuals-salaried
• Individuals-professional
• Individuals-business
• Partnership concern
• Proprietorship concern
• Public and private limited company

The company has special packages designed specially for women and senior citizens.

The company also offers car insurance facility to its customers.

Sundaram Finance Limited has evolved as a big sector in a housing finance. It provides loans to both formal and informal categories of people of the society. The Sundaram home Finance Limited formed as subsidiary unit of Sundaram Finance Limited came into being on 2^ndJuly 1999. To utilize the market potential to its fullest the company entered into the joint venture with BNP PARIBAS Personal Finance on 9^th May 2007 and became the pioneer leaders of the home loan finance. And the company was renamed as Sundaram BNP Paribas Home Finance Limited.

Sundaram BNP Paribas Home Finance (SBNPPHF) Interest Rate is linked to SH-Prime Lending Rate (SH-PLR). The current SH-PLR is 15.55% p.a. to 15.65% p.a. effective 07.01.2019. Sundaram BNP Paribas Home Finance offers Housing Loan that starts from 10.25% interest rates.

The housing loan is given for the following purposes:

• Constructing a house on your own land or plot.
• Purchasing a house, bungalow etc. from the builder.
• Purchasing freehold properties.

Amount of Loan given:

Loan upto 20 lacs:- 85% of the value of the property and the repayment capacity of the customer as estimated by the Sundaram BNP Paribas Home Finance Limited.

Loan upto 20 lacs-75 lacs:- 80% of the value of the property and repayment capacity of the customers as decided by theSundaram BNP Paribas Home Finance Limited.

Loan above 75 lacs:-75% of the value of the property and repayment capacity of the customers as decided by theSundaram BNP Paribas Home Finance Limited.

Term of loan

For salaried people it is 20 years or retirement period whichever is earlier.

For self-employed people it is 15years or 65 years of age whichever is earlier.

For NRI’s it is 15 years or retirement whichever is earlier.

Sundaram Finance Limited also provides loans to its customers for the commercial purposes like for purchasing tractors, tyres, etc. Sundaram Finance has marked its presence in the industry with around 566 branches, 2 lakh depositors and nearly 100000 commercial vehicles and car finance customer base. The company offers the small investors with the fast processing of the loans and hassle free documentation process.

The loans are offered for the following purposes:

• Financing of Construction equipment finance.
• Financing tractors for farmers and contractors.
• Fleet card finance to the fleet owners, operators or corporates it is a kind of fuel financing product.
• Tyre finance schemes to the fleet owners or corporate who own small/ medium/ heavy vehicles.