The Top 10 Nbfcs In India, 2024

By Author: NELITO SYSTEMS PRIVATE LIMITED
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The Top 10 NBFCs in India, 2024
Updated On : March 2024

The Indian financial landscape is continually shaped by a few dynamic forces and its important players through pioneering means that continue to sustain an undying commitment to excellence. In the financial sector, businesses that perform excellently and have good customer service are like guiding lights. These include banks, non-banking financial companies (NBFCs), insurers, etc.—the key components of a nation’s economic power that collectively contribute deposits into India’s finances, manage risks, and promote inclusion. They serve as mediators between lenders and borrowers, thus fast-tracking capital allocation efficiency and promoting growth. Across the economy, all financial institutions, especially NBFCS, with either strategic initiatives or outright innovations that have a wider reach within the realm of financing than anyone else, can be said to be driving access to credit facilities, business expansion, and systemic stability for all. Come 2024, the top ten NBFCs in India listed here will be highlighted as they manoeuvre the intricate world ...
... of financial services with brilliance.
LIC Housing Finance Limited
LIC Housing Finance offers a vast range of financial products and services to customers across India. Started in 1989 as an affordable housing finance company in Mumbai, India, it is led by the Life Insurance Corporation of India (LIC), a state-owned insurance and investment corporation and one of the largest institutional investors in India. The company offers long-term financing for the purchase or construction of residential houses. Different types of loans, such as home loans, loans against property, and real estate financing for individuals and developers, are available with LIC. There is a wide network of its agents, branches, and sales teams spread across India.
L&T Finance Holdings Limited
L&T Finance Holdings Limited (LTFH) is a subsidiary of Larsen & Toubro Limited (L&T), one of India's largest engineering and construction companies. Founded in 2008, the NBFC has diversified its reach across a vast customer base, primarily consisting of individuals, farmers, SMEs, and corporations. Its operations are spread across urban, semi-urban, and rural areas of the country. The company has expanded its network via branches, customer service points, and digital channels, offering customers the utmost convenience in accessing their financial services.
Aditya Birla Finance Limited
It is a subsidiary of Aditya Birla Capital Limited and is supposed to be one of the most sought-after NBFCs in the country. It offers a wide range of credit and wealth management services across the country. Considering the AUM, it is counted among the top in the finance sector. It caters to a diverse range of clients, which include retail, SMEs, HNIs, and corporations in different fields like wealth management, corporate finance, personal finance, etc. With a strong distribution network, the company is steadily expanding its product portfolio and strengthening its position as a leading NBFC in the country.
Cholamandalam Investment and Finance Company Limited
This NBFC was established in 1978 and is a subsidiary of Murugappa Group Ltd., a specialized non-banking finance entity. The company is primarily into providing loans for vehicles and construction equipment. Other services that they provide are home loans, home renovation loans, balance transfers, agriculture loans, SME loans, etc. There are other investment options that the company offers, like stocks, mutual funds, bonds, derivatives, demat accounts, etc. Headquartered in Chennai, this is one of the fastest- growing NBFCs in the country, offering a diverse range of products and services to its clients.
Mahindra & Mahindra Financial Services Ltd.
Mahindra & Mahindra Financial Services Limited (MMFSL), more popularly known as Mahindra Finance, lists amongst the top-rated NBFCs in India. Established in 1991 primarily to finance Mahindra vehicles, it later diversified into other sectors. The company boasts a broad customer base, mainly comprising individuals, rural households, farmers, and small businesses. It has established a major presence in rural and semi-urban areas of the country where access to credit has limited reach. Mahindra Finance has a vast network of branches and customer contact points across India, which has enabled its effective reach and support for customers.
Bajaj Finance Limited
Bajaj Finance offers financial services to both individual and commercial customers and has a wide presence across the country. With a high credit rating of FAAA/Stable, it has managed to grab a major market presence at present. It includes a mix of SME’s and retail and commercial clients and is a popular name across rural and urban sectors. With a presence spanning over 35 years, the company also has an A1+ rating for short-term borrowing as well as a global ‘BBB’ rating for long-term borrowing, according to S & P Global Rating.
Tata Capital Finance Service Limited
Tata Capital Housing Finance Limited (TCHFL) is a wholly owned subsidiary of Tata Capital Limited, providing commercial and infrastructure financing, wealth management, consumer loans, and Tata cards through its more than 100 branches. The NBFC is registered with the National Housing Bank as a housing finance company. Its wide range of products includes purchase and construction loans for residential units, the purchase of land, home improvement loans, project finance loans for developers, etc.
Shriram Finance limited
Shriram Finance provides business loans, home loans, vehicle loans, gold loans, and small business loans. It is a part of Shriram Group, which has been in business for the past four decades. This NBFC-D and NBFC-ICC offer consumer financing, EMI cards, vehicle loans, and home loans, serving retail SMEs and commercial sectors. With a client base of 73 million and resources ranging around 270,050 crores (US $34 billion), it is one of the fastest-growing NBFCs in India.
Muthoot Fincorp
Muthoot Fincorp was established in 1997 and has since grown into one of the leading NBFCs in India. It is a part of Muthoot Pappachan Group and offers a wide range of financial services, which include gold loans, housing loans, and vehicle loans. The company serves a diverse client base, which includes individuals, small businesses, and traders spanning across rural, semi-urban, and urban areas. It is known to provide immediate funds for various needs, which makes it one of the most preferred lenders when it comes to disbursing loans on priority.
HDB Financial Services Limited
HDB Financial Services (HDBFS) is a subsidiary of HDFC Bank that provides personal loan products that are more business-oriented, consumer durables loan products, credit cards, and insurance products to its customer base, including individuals and corporate bodies across India. It was formed in 2007 and has a strong business today with robust capitalization. The NBFC boasts CARE AAA and CRISIL AAA ratings and an A1+ rating for its long-term and short-term debt, respectively.
As the economic growth of India surges these top 10 NBFCs spearhead financial inclusion, bolstering businesses and facilitating home ownership. So, if you are seeking loans, choosing the right NBFC unlocks the potential to capitalize on India's financial transformation wave. Nelito Systems offers customized solutions and services for its clients in finance and other sectors. Our FincraftTM Integrated Lending Management Software (ILMS) for NBFCs will help to expand business rapidly and innovate. To learn more about it, write us at marketing@nelito.com or visit us here.