Finance companies are the organizations which are involved in financing any consumer or business enterprise by lending money to them against any collateral security. Financial companies can be defined as the ones which offers loans to individuals, institutions and businesses.
The basic point where a finance company differs from bank is that, it does not accept deposits from the public, unlike banks. Whereas a common feature between a bank and a financial company is that it acts as a lending entity by extending credit, where it may or may not draw funding from banks or other resources such as money market.
Such companies may hold specialisation in offering financing with a wide number of instalment plan sales. It extends credits for the purpose of consumer purchases, commercial uses, for financing houses and production project etc. The Indian Finance Industry comprises of numerous players which helps in boosting the economy of the country by providing financial assistance to various projects.
There are many finance companies in India, but for your informed selection during the times of need, we have shortened your research step.This post lays down the list of Top 10 Finance Companies in India, here have a look!
10. IFCI Ltd.
Last on this list is Industrial Finance Corporation of India (IFCI), that came into existence in 1948 and presently offers financial assistance to projects related to infrastructure. IFCI has occupied tenth place in the list of Top 10 Finance Companies in India.
9. Infrastructure Development Finance Company Ltd (IDFC)
Next on this list is Infrastructure Development Finance Company Ltd (IDFC), a leading finance company in India, which was founded in the year 1997. IDFC finance projects are related to various sectors like Roads, Energy, Industrial Parks, Communication, etc.
Some of the projects financed by the company are Ennore SEZ, Hyderabad Greenfield and LNG Power Plant (Gujarat).
8. Muthoot Finance
Muthoot Finance founded in the year 1939, offers many services like Gold Loan, Wealth Management Services, Money Transfer, etc.
This company has secured the eighth position in the list of Top 10 Finance Companies in India.
7. L&T Finance Limited
L&T Finance Limited ranks as the next financial company, which was incorporated in the year 1994. The product line of the company include Home Loan, Business Loan, Commercial Vehicle Loan, etc.
6. Shriram Transport Finance Company (STFC)
STFC is a leading finance company in sector of commercial vehicles.
5. Rural Electrification Corporation Ltd. (REC India)
Some of the major projects financed by REC are Santaldih Thermal Power Plant (West Bengal), Utran Thermal Power Plant (Gujarat) and Tehri Hydro Electric Plant (Uttarakhand).
4. Power Finance Corporation Ltd. (PFC)
Power Finance Corporation Ltd. is the next financial company, which was established in the year 1986 and presently stands among the leading financial companies in India. The company provides financial support to projects related to power sector, which include power generation, power transmission and power distribution.
Power Finance Corporation Ltd’s some of the well-renowned clients of the company are State Electricity Boards, Private Power Companies and Joint Sector Power Companies etc.
3. LIC Housing Finance Ltd.
The company also provides loans to builders and developers for construction of residential projects and premises. The company is among the fastest growing finance companies in India LIC Housing Finance Ltd., is ranked 3rd in the list of Top 10 Finance Companies in India.
2. Bajaj Finance Limited
Bajaj Finance Limited is a part of Bajaj Group and provides different types of loans like home loan, gold loan, personal loan, doctor loan, etc. Bajaj Finance Limited has gained a lot of reputation lately with the kind of services it provides.
1. Housing Development Finance Corporation Limited (HDFC)
Financial services provides by HDFC are Housing Loans and Non Housing Loans. HDFC is a swiftly growing finance company and has aced the list of Top 10 Finance Companies in India.