A Non-Banking Financial Company (NBFC) is an organization that provides banking and financial services without having a banking license. They provide traditional banking services like loans and deposits but are not allowed to accept demand deposits. NBFCs are regulated by the Reserve Bank of India (RBI).

What Are The Benefits Of Using An NBFC?

There are several benefits of using an NBFC over a bank, these include:

NBFCs can lend money to people who may not be eligible for a loan from a bank. This could be due to factors such as poor credit history or insufficient collateral.

NBFCs are often quicker and easier to deal with than banks. They may have fewer branches, but this can make them more accessible to customers.

NBFCs are not subject to Reserve Bank of India (RBI) guidelines, meaning they have more freedom to set their own lending rates. This can make them more competitive than banks.

Top 20 NBFC In India 2023

Bajaj Finance Limited

Bajaj Finance Limited offers a variety of loans including personal loans, home loans, car loans, and business loans. The company also provides credit cards, investment products, and insurance products. Bajaj Finance Limited has a wide network of branches across India and offers online banking services.

With a strong presence in both urban and rural areas, Bajaj Finserv has become a household name, synonymous with trust and reliability. This NBFC has consistently ranked among the top 10 non-banking finance companies in India and is expected to maintain its position in 2023 and beyond.

ICICI Bank

The bank was founded in 1994 and has grown to be the largest bank in India. It offers a series of financial products and services, including personal banking, commercial banking, and investment banking.

It provides various financial products and services, including savings accounts, current accounts, fixed deposits, loans, credit cards, debit cards, and insurance products.

Aditya Birla Financial

Aditya Birla Financial Services includes Aditya Birla Finance Limited. It was founded in 1991 and provides exact and specialized solutions in capital markets, structured finance, corporate finance, and commercial mortgages.  Aditya Birla Capital continues to expand its product portfolio, invest in digital capabilities, and enhance its customer experience to further strengthen its position as a leading NBFC in India.

Aditya Birla Capital is a prominent non-banking financial company (NBFC) in India, providing a diverse range of financial services including lending, insurance, wealth management, and asset management. The company has a strong presence across India, with over 700 branches and 135,000 distribution partners.

Shriram Finance Ltd

Shriram Finance Ltd, headquartered in Chennai, India, is a leading non-banking finance company that specializes in retail finance. The company has a PAN India presence with over 946 branches and counts over 15,000 employees as part of its team.

Shriram Finance Ltd has established a strong foothold in the Indian financial industry and is often considered one of the top 10 non-banking finance companies in India today.

Housing Development Finance Corporation Limited (HDFC)

Founded in 1977, Housing Development Finance Corporation Limited (HDFC) has come a long way in becoming India’s leading housing finance institution. It is now the largest private sector bank with an asset base of over Rs 6.8 lakh crore, making it one of the top financial institutions in India. The company offers a wide range of services including mortgages, vehicle loans, education loans, personal loans, and small business loans to customers across the country.

Tata Capital Financial Services Limited

Tata Capital Financial Services Limited is a leading Non-Banking Financial Company (NBFC) in India. The company offers a wide range of financial products and services to individuals, corporates, and SMEs.

It is a division of Tata Capital Ltd. to name one of its subsidiaries. Financial services are provided by the firm. The business provides consumer loans, wealth management services, and commercial and infrastructure financing. India’s retail, corporate, and institutional clients are all served by Tata Capital Financial Services. In Mumbai, Maharashtra, the business is located. One of India’s top ten financial institutions is this one.

State Bank of India

It was founded in 1955.  SBI offers a series of financial products and services, including personal banking, commercial banking, and international banking. The bank provides a range of financial products, such as savings accounts, current accounts, fixed deposits, loans, credit cards, debit cards, and insurance products.

SBI is known for its excellent customer service, innovative products, and strong financial performance. The bank has won numerous awards and recognition for its efforts in these areas.

L&T Finance Holdings Limited

L&T Finance Holdings Limited is one of the leading non-banking financial companies (NBFC) in India. It is a part of the Larsen & Toubro Group, one of the largest engineering and construction firms in India.

L&T Finance Holdings Limited offers a wide range of financial products and services to its customers, including loans, investments, insurance, and deposit products.

The company’s financial performance has been consistently impressive, which has earned it the respect and admiration of analysts and investors alike. L&T Finance Holdings Limited’s commitment to delivering value to its customers and shareholders, coupled with its strong financials, has contributed to its positive reputation in the market.

Muthoot Finance Ltd

India’s Kochi is home to Muthoot Finance Ltd, which was established in 1939. The Company offers loans (finance) secured by gold jewelry security. Financing and Power Generation make up the Company’s two business sectors. The company offers a range of financial services, including gold loans, microfinance, affordable housing loans, and vehicle loans.

Muthoot Fincorp operates through a network of over 3,600 branches across India, and its customer base includes over 22 lakh individuals and small businesses. The company’s commitment to customer service and innovation has helped it maintain a strong market position.

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is a subsidiary of the Mahindra Group, one of India’s largest business conglomerates. The company offers a range of banking and financial products and services including deposits, loans, credit cards, insurance, investments, and wealth management.

MMFSL’s focus on serving the rural and semi-urban areas has helped it establish a loyal customer base, as it offers customized financial solutions that cater to the specific needs of its customers. Additionally, the company has placed a strong emphasis on digital initiatives to improve operational efficiency and enhance the customer experience.

Reliance Capital Limited

Reliance Capital Limited is one of the largest non-banking financial companies (NBFCs) in India. It is a part of the Reliance Group and offers a range of financial products and services to retail, corporate, and institutional customers.

Reliance Industries was created in the 1960s by Dhirubhai Ambani and Champaklal Damani. In addition to operating in the fields of energy, petrochemicals, textiles, natural resources, and retail, Reliance also owns telecommunications firms and retail locations throughout India. As of March 31, 2018, the company had total assets of Rs. 1,61,173 crore (US$ 24.4 billion) and a net worth of Rs. 14,074 crore (US$ 2.1 billion).

 

Magma Fincorp Limited

Magma Fincorp Limited is one of the oldest and most trusted NBFCs in India. They offer a wide range of financial services including personal loans, home loans, vehicle loans, SME loans, and agri-loans. They have a strong presence in over 25 states and 150+ districts across India.

Magma Fincorp Limited has been awarded the Best Retail NBFC at the 11th edition of the India FinTech Awards 2020.

Poonawalla Fincorp

Poonawalla Fincorp is a prominent non-banking finance company (NBFC) based in India, serving customers across various sectors including agriculture, small and medium enterprises (SMEs), and rural and semi-urban markets. The company has established itself as a leading player in the industry, with a wide range of product offerings including loans, customized financial solutions, and advisory services.

Cholamandalam Investment and Finance Company Limited

CIFCL’s portfolio includes offerings in vehicle finance, home loans, SME loans, and corporate finance, among others. With a network of over 1,100 branches and a presence in over 400 rural locations, CIFCL has established itself as a key player in the financial services industry in India.

One of the top 10 financial services providers in India. Among the services offered by the organization are vehicle finance, house loans, business home mortgages, small and medium-sized companies (SME) loans, investment advisory services, brokerage, and a range of other financial systems.

Kotak Mahindra Bank

The bank was founded in 1985 as a non-banking financial company and received a banking license in 2003. Kotak Mahindra Bank also offers a range of investment and wealth management services, such as mutual funds, portfolio management, and equity investments.