Get a Quote
Get a Quote and Find Services to Fit Your Needs 50000+ Satisfied Clients
5000+ Licenses & Registration
15 Branches across India
75 Years + Combined experience
Explore the history of the classic Lorem Ipsum passage and generate your own text using any number of characters, words, sentences or paragraphs.
The financial sector in India is a huge sector, it not only includes commercial banks but the Non-Banking Financial Companies (NBFCs). These organizations provide services such as loans, microfinance, insurance, investment and asset management services.
In a speech given by the Executive Director of the Reserve Bank of India, P Vijaya Bhaskar said - “NBFC companies are game-changers that are very important to the economy”.
Below is the list of top 10 finance companies in India in 2024. These companies help in the growth of the banking sector especially between the time of 2006 and 2013. According to the report of the Reserve Bank of India, NBFC contributed 29.1% in February 2024.
Bajaj Finance Ltd. is a subsidiary body of Bajaj Finserv Ltd. It is the largest Non-Banking Financial Company which is registered with RBI. Mainly it provides money for lending and accepts deposits. Similarly, it accepts deposits from corporations also and provides different financial products.
The company has been in the market for more than 35 years and has become a market leader in lending in the NBFC sector of India. And, the highest domestic credit rating is given, AAA/ Stable for long-term borrowings, A1+ for short-term borrowings and CRISIL AAA/ Stable & [ICRA]AAA(Stable) for the FD program.
Aditya Birla Finance Ltd. is a part of Aditya Birla Capital Ltd. a well-diversified Non-Banking Finance Company in India. It is one of the five top largest private diversified NBFCs in India based on AUM.
ABFL provides lending services, financing and wealth solutions to customers across the nation. Also, it caters to the different needs of various customers from retail, HNI, ultra HNI, micro-enterprises, SMEs, and mid and large corporates.
A unique online financing platform, ABFLDirect.com is created by the company to provide real and MSME customers quick, convenient and hassle-free services. For customers, the ABFL is a one-stop solution as it caters for the diversified needs of customers across different stages.
The Muthoot Finance company was established on March 14, 1997, as a private limited company with the name “The Muthoot Finance Private Limited” under the companies act. But on May 16, 2007, it incorporated a fresh certificate for the name changes to “Muthoot Finance Private Limited” and got a fresh certificate for a change in status from the Registrar of Companies (RoC).
In India, the Muthoot Finance company is the largest gold financing company that provides business and personal loans secured by gold jewellery or gold loans. Also, it is given to individuals who don’t have time to take a personal loan. The company is a “Systemically Important Non-deposit taking NBFC”.
Tata Capital Financial Services Ltd. is a part of Tata Capital Limited. This company is registered as a Systemically Important Non-Deposit Accepting Non-Banking Financial Company which offers funds and services.
It caters for the different needs of retail, corporate and institutional customers of different businesses. Non-banking financial services include commercial finance, infrastructure finance, wealth management and distribution and marketing of Tata cards.
Mahindra & Mahindra Financial Services Limited is a rural non-banking financial institution. So, its headquarters are in Mumbai, and was founded in 1991, when its name was incorporated as Maxi Motors Financial Services Limited.
In India, it is one of the top tractor financiers who provide various services including corporate and working capital and gold advances. Although, it is specialized in offering gold loans, vehicle loans, corporate loans, personal loans, home credit and working capital advances.
In 1986, the Power Finance Corporation Limited was established and it is a Navratna Status company. It is also known to provide funding to various national power projects which help them in power production, transmission and distribution.
Also, it provides non-banking financial services and supports organizations involved in power generation, transmission, and distribution. The company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Established in 1994, the L&T Finance Limited headquarter is based in Mumbai. As compared to other NBFCs, the company is a strong player in the field of NBFC. It provides financial services to trade, agriculture, commercial vehicle loan, individual, corporate and rural loans. In 2024, L&T is honoured for sustainable practices and ranked No. 1 in the Capital Goods Sector.
Shriram Transport Finance Company Limited was founded in 1979 to offer funding services for Light and Heavy Duty Trucks, Mini Trucks, Passenger Vehicles, and Construction Vehicles. Similarly, it focuses on providing funding to commercial and business vehicles. The company’s non-banking financial services include stockbroking, general protection, mutual funds, and general insurance.
As the financial services division of the Murugappa Group, Cholamandalam Investment and Finance Company began as an equipment lending business in 1978 before growing into a financial services provider.
Its headquarters are in Chennai and has 1029 locations across India. The primary business is to provide distribution of financial products, business financing, and instant loans for homes and vehicles. Also, the firm funds rural and agricultural loans.
HDB Financial Services is owned by HDFC Bank which is the largest Indian private sector bank. It provides secured and unsecured loans and is one of the fastest-growing financial organizations that work in the Lending Business and BPO Services areas.
In addition, HDB financial services provide instant loans to professional and independent contractors. Its wide distribution network is distributed to more than 1000 branches and 22 Indian states and 3 Union Territories.
Conclusion
The growth of every country is based on their financial system; similarly, in India, the financial sector is a source of worldwide economic growth. So, private sector activities include the industry which expands the foreign banks, insurance firms, mutual funds, and venture capital. The new face of the Indian financial system is robust, transparent and resilient.
Also read: Top 10 Insurance Companies in India
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
