Top 10 Non Banking Financial Companies In India

Non-banking financial companies (NBFCs) play an important part in India's financial ecosystem by providing a diverse variety of financial services such as loans, asset management, and investments. In FY24, the NBFC sector grew by 19% year on year, with a balance sheet of ₹21.8 lakh crore. This indicates a preference for NBFCs over traditional banks. 

NBFCs have become increasingly popular among consumers due to their flexibility, faster processing times, and innovative financial products that cater to diverse needs. Unlike traditional banks, NBFCs offer more personalized services and are often more willing to finance individuals and businesses that might not meet the stringent criteria of conventional banks.  

This article explores some of the top 10 NBFCs in India for 2024, highlighting their key achievements, services, and contributions to the financial sector. 

Top 10 Non-Banking Financial Companies (NBFCs) in India in 2024

1. Shriram Finance Ltd. 

Shriram Finance Ltd. is a prominent NBFC in India, offering a wide range of loan products and financial services tailored to meet diverse customer needs. Here are the key loan products and financial services they offer: 

Loan Products and Financial Services: 

• Personal Loans: Suitable for various personal financial needs such as home improvements, medical expenses, vacations, or weddings. Loan amounts up to Rs. 15 lakhs with flexible repayment options and competitive interest rates. 

• Two-Wheeler Loans: Financing for the purchase of new or secondhand two-wheelers. Loan amounts of up to 100% of the vehicle's value are available, with competitive interest rates and repayment terms of up to 36 months. 

• Gold Loans: Quick loans against gold jewelry. Get the highest loan amount for every gram of gold, up to Rs. 2 crores, with interest rates starting at 9.5% and multiple repayment options. 

• Used Car Loans: Loans for purchasing pre-owned vehicles with affordable interest rates and flexible payback schedules. 

• Commercial Vehicle Loans: Financing for new and used commercial vehicles, including trucks, buses, and other transport vehicles. Loan amounts up to 100% of the vehicle’s value with tailored repayment schedules. 

• Business Loans: Unsecured loans for small and medium enterprises (SMEs) and professionals like doctors and CAs. Loan amounts up to Rs. 1 crore with flexible terms. 

• Home Loans: Loans for purchasing, constructing, or renovating homes. Loan amounts up to Rs. 15 crores with a tenure of up to 40 years and interest rates starting at 8.5% p.a. 

• Fixed Deposits: Attractive interest rates on fixed deposits with flexible tenures to suit individual financial goals. 

Benefits of Financing with Shriram Finance: 

• Flexible Repayment Options: Customized repayment schedules to fit the financial situation of the borrower. 

• Quick Loan Processing: Fast and hassle-free loan approvals with minimal documentation. 

• Competitive Interest Rates: Attractive interest rates across various loan products. 

• A wide range of financial solutions are available to fulfill the needs of both individuals and corporations. 

• Customer-Centric Approach: Dedicated customer service and personalized financial solutions. 

Shriram Finance continues to innovate with its financial services in India, offering competitive loan products and ensuring top NBFC performance through customer-centric and innovative lending solutions. 

2. HDB Financial Services 

HDB Financial Services (HDBFS) is a leading NBFC in India, offering a variety of financial products and services tailored to meet diverse customer needs. 

Loan Products and Financial Services: 

• Personal Loans: Loan amounts up to Rs. 20 lakhs, repayment terms of 12-60 months, and interest rates starting at 10%. 

• Business Loans: Borrow up to Rs. 30 lakhs with payback terms ranging from 12 to 48 months. 

• Auto Loans: Financing up to 90% of the car's value, with payback terms ranging from 12 to 48 months. 

• Two-Wheeler Loans: Up to 95% of the vehicle's on-road price, with repayment periods ranging from 12 to 60 months. 

• Loan Against Property: Up to Rs. 12 crores or 60% of market value, with 180-month duration and balance transfer option. 

• Gold Loans: Loans up to 75% of the gold's worth, or Rs. 20 lakhs, with terms of up to 48 months. 

• Consumer Durable Loans offer up to 100% funding, no cost EMI, and minimal down payments. 

• Construction Equipment Loans: Up to 100% financing on equipment cost, with terms of up to 48 months. 

Key Benefits and Features: 

• Simple, Streamlined, Hassle-Free Process 

• Instant Sanction & Disbursal 

• Reasonable Interest Rates 

• No Hidden Charges 

• Flexible and Easy Repayment Options 

• Easy Documentation 

HDB Financial Services stands out among Non-Banking Financial Companies in India 2024 due to its customer-centric approach and innovative lending solutions. 

Additional Read: How Credit Card Businesses In India Are Stepping Up To Make Credit Cards More Accessible 

3. LIC Housing Finance Ltd. 

LIC Housing Finance Ltd. is a leading NBFC in India, offering a range of loan products and financial services tailored to meet diverse customer needs. 

Loan Products and Financial Services: 

• Home Loans: For purchasing, constructing, or renovating homes. Loan amounts up to Rs. 15 crores with a tenure of up to 30 years and interest rates starting at 8.5% p.a. 

• Griha Suvidha: Home loan scheme for existing borrowers to fund home extensions and renovations. 

• Home Improvement Loans: Loans specifically for home renovations and improvements. 

• Home Loan Balance Transfer: Switch your current mortgage to LIC Housing Finance in order to take advantage of better terms and interest rates. 

• Top-Up Loans: Additional loan amount on existing home loans. 

• Loan Against Property: Secured loans against residential or commercial property. 

Benefits of Financing with LIC Housing Finance: 

• Attractive Interest Rates: Competitive rates starting at 8.5% p.a. 

• Flexible Tenure: Loan repayment tenure of up to 30 years. 

• High Loan Amounts: Loans up to Rs. 15 crores. 

• Quick and Easy Processing: Streamlined application process with minimal documentation. 

• Wide Range of Products: Comprehensive financial solutions for various needs. 

• Innovative Solutions: Tailored products like Griha Suvidha for specific borrower needs. 

LIC Housing Finance continues to be a leader in the financial services sector in India, offering innovative lending solutions and maintaining top NBFC performance. 

4. Tata Capital 

One of the top NBFCs in India is Tata Capital, which provides a wide range of loan options and financial services to meet a variety of demands. 

Loan Products and Financial Services: 

• Personal Loans: Flexible personal loans for various needs such as travel, medical expenses, weddings, and home renovation. Interest rates starting at 10.99% p.a. 

• Home Loans: Loans for purchasing, constructing, or renovating homes, with loan amounts up to Rs. 5 crores and interest rates starting at 8.75% p.a. 

• Business Loans: Loan amounts from Rs. 1 lakh to Rs. 90 lakhs, with interest rates starting at 12.5% p.a., and tenures up to 60 months. 

• Vehicle Loans: 

• Used Car Loans: Up to 95% financing with interest rates starting at 14.99% p.a. 

• Two-Wheeler Loans: Interest rates starting at 10.99% p.a. 

• Loan Against Property: Loans up to Rs. 7.5 crores. 

• Loan Against Securities: Financing up to Rs. 40 crores with interest rates ranging from 8% to 20%. 

• Microfinance Loans: Loans up to Rs. 1 lakh with a repayment tenure of 36 months and an average interest rate of 25.49%. 

• Education Loans: 

• Unsecured loans up to Rs. 75 lakhs. 

• Secured loans up to Rs. 200 lakhs. 

• Loan tenure up to 13 years. 

Key Benefits and Features: 

• Quick Processing: Fast approvals and minimal documentation. 

• Flexible Repayment: Personalized EMI plans and loan terms. 

• Competitive Interest Rates: Attractive rates across various loan products. 

• Customer-Centric Services: Personalized solutions and dedicated customer support. 

• Innovative Digital Solutions: Easy loan management and application through digital platforms. 

Tata Capital is recognized for its innovative lending solutions and strong market performance, making it a top performer among Non-Banking Financial Companies India 2024. 

5. Aditya Birla Finance Ltd. 

Aditya Birla Finance Ltd. (ABFL) is a prominent NBFC in India, offering a variety of loan products and financial services to cater to diverse financial needs. 

Loan Products and Financial Services: 

• Home Loans: Starting at 8% per annum. The loan term can be up to 30 years, with a maximum loan amount of up to 90% of the property's cost. 

• Personal Loans: Flexible repayment options with tenures up to 7 years. Maximum loan amount of Rs.50 lakhs. Interest rates range from 10% to 16% based on individual credit profiles. No security or collateral required. Repayment options include ECS/NACH. Adding a co-applicant enhances your loan eligibility. 

• SME & Business Loans: Offers Working Capital Demand Loan, Term Loan, Transaction Banking Facilities, Line of Credit, and Business Loans up to Rs. 25 crores for SMEs in India. 

Key Benefits and Features: 

• Flexible Repayment: Offers personalized loan tenures and EMI plans to suit your needs. 

• Quick Processing: Fast approvals with minimal documentation. 

• Competitive Interest Rates: Attractive rates across various loan products. 

• Comprehensive Solutions: Diverse financial products to meet individual and business needs. 

• Customer-Centric Approach: Personalized financial solutions and dedicated customer support. 

Aditya Birla Finance Ltd. is recognized for its innovative lending solutions and strong market performance, making it a top performer among Non-Banking Financial Companies India 2024. 

6. Indiabulls Housing Finance Ltd. 

Indiabulls Housing Finance Ltd. (IBHFL) is one of India's largest housing finance companies, offering a variety of loan products and financial services. 

Loan Products and Financial Services: 

• Home Loans: Financing for purchasing, constructing, or renovating homes. Offers flexible loan amounts and competitive interest rates tailored to individual needs. 

• Loan Against Property: Secured loans against residential or commercial property to meet various financial requirements. 

• Commercial Real Estate Loans: Financing solutions for developers for the construction of residential and commercial properties. 

• Lease Rental Discounting: Loans against rental receipts from commercial properties. 

• NCDs (Non-Convertible Debentures): Investment options offering high returns with different tenures. 

Financial Performance: 

• Profit After Tax (PAT) increased by 21% to ₹319 crore in Q4 FY2024. 

• Successfully raised ₹3,500 crores through equity shares and convertible securities in FY2024. 

• Dollar Bonds: Accepted bids on dollar bonds in February 2024, demonstrating significant international market confidence. 

Key Benefits and Features: 

• Custom Loan Products: A large selection of lending options designed to meet various budgetary requirements. 

• Competitive Interest Rates: Attractive interest rates on home loans and other financing solutions. 

• Innovative Financial Solutions: Utilizes advanced technology and innovative financial products to meet customer needs. 

• Customer-Centric Services: Personalized financial solutions and dedicated customer support. 

Indiabulls Housing Finance stands out among Non-Banking Financial Companies in India 2024 due to its strong financial performance, innovative lending solutions, and customer-focused approach. 

Also Read: 10 Best Platforms To Get Instant Short Term Loans In India 

7. Muthoot Finance Ltd. 

Muthoot Finance Ltd. is a leading NBFC in India, renowned for its extensive network and comprehensive financial services. 

Loan Products and Financial Services: 

• Gold Loans: Secured loans against gold jewelry, offering quick access to funds with minimal documentation. 

• Home Loans: Financing for purchasing, constructing, or renovating homes, with competitive interest rates and flexible tenures. 

• Personal Loans: Unsecured loans for various personal needs, providing flexible repayment options. 

• Business Loans: Financing solutions for small and medium enterprises (SMEs), including working capital loans and term loans. 

• Vehicle Loans: Loans for purchasing new and used vehicles. 

• Microfinance: Loans to support small businesses and individuals in rural areas. 

• Insurance Services: A range of insurance products including life, health, and general insurance. 

• Mutual Funds: Investment options in mutual funds to help customers grow their wealth. 

Financial Performance: 

• Net Owned Funds: Crossed ₹208.94 billion in FY2023. 

• Branch Network: Expanded to over 4,700 branches in FY2023. 

• Gross Annual Income: Reached ₹105.44 billion in FY2023. 

Key Benefits and Features: 

• Extensive Network: Wide branch network ensures accessibility across India. 

• Quick Loan Processing: Fast disbursement of loans with minimal documentation. 

• Competitive Interest Rates: Attractive interest rates on various loan products. 

• Customer-Centric Approach: Focus on providing personalized financial solutions. 

• Custom Loan Products: A large selection of lending options designed to meet various budgetary requirements. 

Muthoot Finance stands out among N on-Banking Financial Companies in India 2024 due to its innovative lending solutions, extensive network, and customer-focused services. 

8. Mahindra Finance 

Mahindra & Mahindra Financial Services Limited (Mahindra Finance) is one of the leading NBFCs in India, focusing on the financial needs of rural and semi-urban markets. Recognized for its strong performance and customer-centric services, Mahindra Finance offers a wide range of loan products and financial services. 

Loan Products and Financial Services: 

• Vehicle Loans: 

• Financing for both new and secondhand tractors that helps the agriculture industry: tractor loans. 

• Auto loans: Repayment plans that are adaptable for both new and used automobile loans. 

• Loans for the purchase of new and old commercial vehicles, such as trucks and buses, are known as commercial vehicle loans. 

• Home Loans: Loans for purchasing, constructing, or renovating homes with competitive interest rates and flexible tenures. 

• Personal Loans: Unsecured loans for various personal needs with flexible repayment options. 

• Business Loans: Financing solutions for small and medium enterprises (SMEs) including working capital loans and term loans. 

• Insurance Services: Comprehensive range of insurance products including life, health, and vehicle insurance. 

• Mutual Funds: Joint venture with Manulife Investment Management (Singapore) offering a variety of mutual fund products. 

Financial Performance: 

• Revenue: ₹15,962.69 crores in FY2024, showing a growth of 24.44% YoY. 

• Net Income: ₹1,943.05 crores in FY2024, a decrease of 6.19% YoY. 

• Net Profit Margin: 12.17%, a decline of 24.64% YoY. 

• Q1 FY24 Revenue: ₹4,348.38 crores as of March 2024. 

• Q1 FY24 Net Profit: ₹670.64 crore as of March 2024. 

Key Benefits and Features: 

• Extensive Network: Wide branch network ensures accessibility across India. 

• Quick Loan Processing: Fast disbursement of loans with minimal documentation. 

• Competitive Interest Rates: Attractive interest rates on various loan products. 

• Customer-Centric Approach: Focus on providing personalized financial solutions. 

• Custom Loan Products: A large selection of lending options designed to meet various budgetary requirements. 

Mahindra Finance stands out among Non-Banking Financial Companies in India 2024 due to its innovative lending solutions, extensive network, and customer-focused services. 

9. Piramal Capital & Housing Finance Ltd. 

Piramal Capital & Housing Finance Ltd. (Piramal Finance) is a leading NBFC in India, offering a range of loan products and financial services designed to meet various financial needs. 

Loan Products and Financial Services: 

• Home Loans: Financing for purchasing, constructing, or renovating homes, with competitive interest rates and flexible tenures. 

• Construction Loans: Loans for property construction. 

• Renovation Loans: Loans specifically for home renovations and improvements. 

• Extension Loans: Financing for extending existing properties. 

• Home Loan Balance Transfer: Transfer your existing home loan to Piramal Finance for better interest rates and terms. 

• Business Loans: Including small business loans, working capital loans, and secured business loans. 

• Personal Loans: Quick and easy personal loans for various needs with flexible repayment options. 

• Pre-owned Car Loans: Loans for purchasing used cars. 

Financial Performance: 

• Retail Loans AUM: In June 2024, it surpassed ₹50,000 crores. 

• Clientele: increased from 1.7 million in March 2022 to 4.1 million in March 2024. 

Key Benefits and Features: 

• Simple, Streamlined, Hassle-Free Process 

• Speedy Loan Processing 

• Instant Sanction & Disbursal 

• Reasonable Interest Rates 

• No Hidden Charges 

• Application to Disbursal Online 

• Flexible and Easy Repayment Options 

• Easy Documentation 

Piramal Finance stands out among Non-Banking Financial Companies in India 2024 due to its innovative lending solutions, strong financial performance, and customer-focused approach. 

10. L&T Finance 

L&T Finance Limited is a prominent NBFC in India, offering a range of financial products and services to cater to the diverse needs of customers. 

Loan Products and Financial Services: 

Home Finance: 

• Home Loans: Financing for purchasing, constructing, or renovating homes. 

• Loan Against Property: One can also avail loans against their residential or commercial properties. 

Personal Finance: 

• Personal Loans: Loans for various personal needs with flexible repayment options. 

• Two-Wheeler Loans: Loans for purchasing new and used two-wheelers. 

Farmer Finance: 

• Farm Equipment Finance: Loans for purchasing new and used farm equipment, including tractors. 

SME Finance: 

• SME Loans: Business loans tailored for small and medium enterprises. 

Rural Business Finance: 

• Micro Loans: Group loans for women borrowers for income-generating activities. 

Insurance: Comprehensive range of insurance products including life, health, and general insurance. 

Key Benefits and Features: 

• Simple, Streamlined, Hassle-Free Process 

• Speedy Loan Processing 

• Instant Sanction & Disbursal 

• Reasonable Interest Rates 

• No Hidden Charges 

• Application to Disbursal Online 

• Flexible and Easy Repayment Options 

• Easy Documentation 

L&T Finance stands out among Non-Banking Financial Companies in India 2024 due to its innovative lending solutions, strong financial performance, and customer-focused approach. 

Interesting Read: 15 Ways To Improve Your Finances 

Emerging NBFCs in India 2024 

As the financial landscape evolves, several Non-Banking Financial Companies (NBFCs) in India are making significant strides. Here are some of the top emerging NBFCs to watch in 2024: 

1. Lendingkart - Focuses on providing quick, unsecured business loans to SMEs with an entirely online process and swift disbursement. 
2. U Gro Capital - A tech-driven NBFC offering sector-specific loans to MSMEs. 
3. NeoGrowth - Offers micro, small, and medium enterprises credit facilities with a focus on underserved women entrepreneurs. 
4. FlexiLoans - Provides business loans to MSMEs with easy and instant online access. 
5. Oxyzo Financial Services - Focuses on working capital finance for SMEs, leveraging technology for efficient lending experiences. 

These NBFCs are driving growth and innovation in the financial services sector, catering to diverse customer needs with tailored solutions. 

FAQs about Top 10 NBFCs in India 

1. What is an NBFC?  

An NBFC (Non-Banking Financial Company) is a financial institution that offers banking-like services such as loans and investments but does not hold a banking license and cannot accept demand deposits from the public. 

2. Which NBFC is best in India?

List of Best NBFC in India in 2024

• Shriram Finance Limited.
• HDB Financial Services.
• LIC Housing Finance Ltd.
• Tata Capital.
• Aditya Birla Finance Ltd.
• Indiabulls Housing Finance Ltd.
• Muthoot Finance Ltd.
• Mahindra Finance
• Piramal Capital & Housing Finance Ltd.
• L&T Finance 

3. Which is the no. 1 NBFC in India?

The number one Non-Banking Financial Company (NBFC) in India is Shriram Finance Limited. It is widely recognized for its strong performance, extensive customer base, and comprehensive financial services.

4. How many Non-Banking Financial Companies are there in India?

As of 2024, there are approximately 10,000 Non-Banking Financial Companies registered with the Reserve Bank of India. This number includes various types of NBFCs, such as asset finance companies, loan companies, investment companies, and others.

5. How do NBFCs differ from traditional banks?  

Unlike traditional banks, NBFCs cannot accept demand deposits, issue checks, or be part of the payment and settlement system. They are primarily involved in lending and investing activities and are regulated by the Reserve Bank of India (RBI). 

6. What types of services do NBFCs provide?  

NBFCs in India offer various consumer loans like personal loans, house loans, business loans, microfinance, auto loans, and securities investments.  

7. What role do NBFCs play in financial inclusion?  

NBFCs extend financial services to underserved and unbanked segments of the population, such as rural areas and small businesses, thereby promoting financial inclusion and supporting economic growth. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.