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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”. In this post, we will provide you with the list of top finance companies in India.
A finance company is a company whose primary function is to make loans to individuals. However, it cannot receive deposits like a traditional bank. A finance company acts as a lender by offering credit for purchases or other requirements. There are various types of finance companies in India, such as Asset Finance Companies, Infrastructure Finance Companies, Micro Finance Institutions (MFIs), Housing Finance Companies and Investment Companies.
Below is the list of top ten finance company in India. These companies are major players in the finance industry and provide a wide range of finance products and services to individuals as well as business entities.
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.
Bajaj Finance is a subsidiary of Bajaj Finserv - a deposit-accepting Finance company. It has a diversified portfolio across SMEs, retail and commercial customers. It has a strong presence in rural and urban areas. BFL has two 100% owned subsidiaries, namely, (i) Bajaj Housing Finance Ltd. (‘BHFL’ or ‘Bajaj Housing’) which is registered with National Housing Bank as a Housing Finance Company (HFC); and (ii) Bajaj Financial Securities Ltd. (‘BFinsec’), which is registered with the Securities and Exchange Board of India (SEBI) as a Stock Broker and Depository Participants.
On March 25, 1987, Bajaj Finance was initially established as Bajaj Auto Finance Ltd., a non-banking financial company with a primary focus on financing two and three-wheelers. It made its first public offering of equity shares and went public on the Bombay Stock Exchange and the National Stock Exchange of India after more than ten years in the auto finance industry. The company then expanded into wealth management, deposits, commercial lending, consumer lending, SME (small and medium-sized firm) finance, and rural lending.
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.
Has more than 30,500 employees
Have nationwide access to 1048 branches
Has more than 2000 agents, channel partners and several bank partners
Assets under management worth Rs. 3705 Billion
The customer base of more than 35 million
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”.
The company’s gold loan portfolio as of March 31, 2010, was 2.8 million in India.
Has provided services to 1921 branches across 20 states and 2 union territories.
It was the earliest NBFC institution that was established in India.
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).
Power Finance Corporation Ltd. (PFC) is an infrastructure finance company devoted to funding the power industry. It was created by the Indian government with the sole purpose of financing and developing the nation's power industry. PFC currently supports over 23% of the installed power production capacity in India and is the single largest lender to the power sector.
Through a range of capacity-building initiatives, PFC has also been assisting State Power Utilities in its capacity as a Development Financial Institution. Additionally, PFC serves as the nodal agency for the Restructured Accelerated Power Development and Reforms Program (R-APDRP) and Ultra Mega Power Projects (UMPP) development.
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 like trade, agriculture, commercial vehicle loan, individual, corporate and rural loans. L&T is honoured for sustainable practices and is a leading finance company in the Capital Goods Sector.
L&T Finance is a subsidiary of Larsen & Toubro. Its products are available across wholesale finance, rural and housing sectors through its subsidiaries. The business also deals in mutual fund products and provides wealth management services. Supply chain financing, infrastructure finance, and structured corporate finance are among the wholesale finance products offered by L&T financing.
Home loans, real estate finance, and loans secured by real estate are all part of the company's housing finance business. Additionally, the organization offers financing for agri-allied financial leads and farm equipment. Structured corporate loans, debt capital markets, and other discontinued products make up its defocused business area.
Larsen & Toubro Ltd. served as a holding company for the financial services division of L&T Finance, which was established as L&T Capital Holding Ltd., a public limited company. The investments made by Larsen & Toubro Ltd. in firms such as India Infrastructure Developers Ltd., L&T Finance Ltd., and L&T Infrastructure Finance Company Ltd. were transferred to L&T Finance in 2009.
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.
In November 2022, the merger of Shriram Transport Finance Company and Shriram City Union Finance Limited led to establishment of Shriram Finance Ltd. After the merger, Shriram Finance became the second largest finance company in India.
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 Tamil Nadu, Chennai. It has 1029 locations across India. The primary business of Chola is to provide distribution of financial products. Also, the firm funds rural and agricultural loans. AmbitionBox rates Cholamandalam Investment & Finance is rated 4.0 out of 5 stars (based on 4.5k company reviews).
Cholamandalam Investment and Finance Company provides its customer services like vehicle finance, home loans, loans against property, small and medium enterprises (SME) loans, consumer and SME loans, secured business and personal loans, insurance agency, mutual fund distribution and many other financial services.
The company’s segments include Vehicle Finance, Loan against property, Home Loans and Other loans. The Vehicle Finance Loans division offers loans to auto dealers as well as loans to consumers secured by the purchase of new or used cars, tractors, and construction equipment. Loan against property segment provides loans to customers against real estate.
Loans for the purchase of residential real estate are offered by the Home Loans sector. Chola’s Other Loans division provides unsecured loans as well as loans secured by shares. Cholamandalam Securities Limited and Cholamandalam Home Finance Limited are two of its subsidiaries.
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.
Because of the positive work culture, HDB Financial Services has been awarded several awards, such as DNA Awards, the NBFC Partner of the Year, and the AmbitionBox Best Places to Work award.
The growth of every country is based on their financial system. Similarly, in India, the financial sector is a major source for economic growth. In this sector, there are many key finance companies that promote financial inclusion for the underserved areas across the nation, such as Bajaj Finance, Aditya Birla Finance Limited, Mahindra & Mahindra Financial Services, etc. If you want to register a finance company in India, do not hesitate to contact Registrationwala for assistance.
Q1. Which is the best finance company?
A. Bajaj Finance is India’s best finance company. It has a market cap of Rs. 5.16 trillion (as of 4 February, 2025).
Q2. What services do Indian finance companies provide?
A. Indian finance companies provide a wide range of products and services to their customers, including lending, investment, asset management, insurance, and stock market brokerage.
Q3. Who regulates financial companies in India?
A. The Reserve Bank of India (RBI) is responsible for regulating financial companies in India.
Q4. What are the leading Private Finance Companies in India?
A. Bajaj Finance Limited, Aditya Birla Finance Ltd, Muthoot Finance Ltd, Tata Capital Financial Services Ltd and Mahindra & Mahindra Financial Services Limited are some of the leading private finance companies in India.
Q5. Where can you get the list of finance companies in India?
A. You can get the list of finance companies in India in this blog post.
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