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A Non-Banking Financial (NBFC) is a financial institution that provides financial and banking services without fitting the definition of a bank. These institutions are supervised and governed by the Reserve Bank of India (RBI).
The role of NBFCs is a crucial one for the Indian economy since it provides credit and other financial services to parties which are usually not served by the traditional banks. In this article, we will take a glimpse at the top 10 NBFCs in India.
Tata Capital Limited was established in 2007 as a subsidiary of Tata Sons Limited. The Mumbai-based business offers a wide range of investment and financial services to the customers including consumer loans, infrastructure financing, commercial financing, cleantech financing, asset financing, private equity, leasing services and more.
L & T Finance Ltd. was established in 2008. It is headquartered in Mumbai and provides diverse financial services, including loans for vehicles and home, EMI cards, consumer and durable finance. This NBFC also serves small and medium enterprises through overdraft facilities and term loans.
Bajaj Finserv Limited is an Indian Financial Services company which was established in 2007. Its head office is in Pune. This company is engaged in general insurance, commercial lending, consumer finance business and wealth management. Their popular product is an EMI card which offers ‘No Cost EMI’ (with processing fees) facility to many customers.
Apart from this, Bajaj Finserv also offers credit cards which can be availed by the customers for welcome bonuses, cash back, high reward points, rewards on online and offline purchases, exclusive discounts, and easy EMI Conversion.
Incorporated in 2007, HDFC-bank owned HDB Financial Services (HDBFS) is a leading NBFC which provides both secured and unsecured loans. It serves both Individual and Business Clients. It is regarded as a well-established business with strong capitalization. HDBFS works in the lending business and BPO service areas.
Founded in 1991 and headquartered in Mumbai, Aditya Birla Finance Limited (ABFL) is a subsidiary of Aditya Birla Capital Limited. It offers end-to-end lending, wealth management and financing services to a wide range of customers. ABFL is amongst the largest NBFCs in India based on Assets Under Management (AUM).
Headquartered in Kochi, Kerala, Muthoot Finance Limited was established in 1939. This NBFC provides various services such as foreign exchange, money transfers, travel services, asset management and gold loans. It is the largest gold loan NBFC in India, according to Wikipedia.
Founded in 1991, Mahindra & Mahindra Financial Services Limited is headquartered in Mumbai. It was initially known as Maxi Motors Financial Services, but in 1992, it changed its name to its present name. It is a rural NBFC which provides various services such as vehicle financing, house financing, insurance broking, SME financing, mutual funds, etc.
Founded in 1978, Cholamandalam Investment and Finance Company’s head office is located in Chennai. This company began as an equipment lending business before it grew into a financial services provider. This NBFC is a part of the Murugappa Group, which consists of 28 businesses in total.
A prominent member of the TSF group, Chennai-based Sundaram Finance Limited was established in 1954. Sundaram Finance commenced operations with the aim of providing financing for commercial vehicles.
The company began with a paid-up capital of Rs. 2 lakhs and was promoted by Madras Motor & General Insurance Company, which was considered as one of the leading insurance companies in India at the time. Sundaram Finance has a diversified presence in vehicle finance, SME finance, leasing, general and life insurance, mutual funds, construction equipment finance and wealth management services.
Founded in 1979 and headquartered in Mumbai, Shriram Transport Finance Company Limited offers various money-related administrations such as stock broking, mutual funds, general protections and so on. It is one of the major organizations for offering funds to business vehicles, such as light duty trucks, heavy duty trucks, construction vehicles and mini trucks.
Disclaimer: The rankings mentioned in this blog post ‘Top 10 NBFCs in India’ are based on the author’s personal opinion, and do not correlate to any official rankings.
NBFCs have become a favorable choice by many individuals and businesses for financial and banking services. These financial institutions provide credit and other financial services to parties which are usually not served by the traditional banks. Need assistance in NBFC Registration? Connect with Registrationwala.
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.
