Non Banking Financial Companies (NBFCs) are those companies that provide banking services without having a banking license. NBFCs are not like banks and have some restrictions.
NBFCs play a vital role in the country’s economy by offering financial services to rural areas, where about 70% of the population of the country live. They provide a wide range of financial services like loans, chit-funds, etc.
The NBFC sector is a big sector, which is growing swiftly and at present account for more than 12% of the country’s GDP. NBFC also contribute to the country’s economy by lending to infrastructure projects.
NBFC companies can be classified into different categories such as development finance institutions, leasing companies, investment companies, discount & guarantee houses, venture capital companies, corporate and development companies.
There are many non-banking financial companies operating in the country, which offer financial services. This post lays precise descrption about the Top 10 Non-Banking Financial Companies (NBFC) in India.
10. Reliance Capital
10th position on this list is occupied by Reliance Capital, an Indian financial service company incorporated in the year 1986. The company stands among the top financial service companies in the country.
Asset Management, Commercial Finance, Broking and Distribution and Insurance are some of the domains in which the company operates. Mutual Fund, Life Insurance, Mortgage, Business Loan and Asset Construction are some of the services offered by the company.
9. Sundaram Finance
Sundaram Finance is a leading financial service company incorporated in the year 1954 and offer finance for the purchase of commercial vehicles and passenger cars. The company offers services in different domains like investments, business finance and retail business.
Mutual Funds, Mortgage Loans, Car Finance, Tractor Finance and Deposits are some of the products of the company. The company has over 1 Lakh customers and more than 560 branches in the country.
8. Mahindra and Mahindra Financial Services Limited (MMFSL)
Mahindra and Mahindra Financial Services Limited (MMFSL) has over 1000 branches in the country and offer various financial services. The company offer vehicle loans, home loans, gold loans, corporate loans, working capital loans, etc.
The company has two subsidiaries, which are Mahindra Insurance Brokers Limited and Mahindra Rural Housing Finance Limited. These subsidiaries offer insurance services and housing financial services of premier quality.
7. L & T Finance
L & T Finance Limited is another strong player in this segment and occupied ninth place in the list of Top 10 Non Banking Financial Companies (NBFC) in India. Incorporated in the year 1994, L & T Finance Limited offers a spectrum of financial services for various sectors like agriculture, industry, trade, etc.
Personal Vehicle Loans, Commercial Vehicle Loans, Rural Loans and Corporate Loans are some of the products of the company. Winner of multiple awards, L & T Finance has offered financial services to over 10 lakh people.
6. Shriram Transport Finance Company Limited
Shriram Transport Finance Company Limited is a leading company in offering finance to commercial vehicles. Founded in the year 1979, Shriram Transport Finance Company Limited offer various financial services like mutual funds, general insurance, stock broking, etc
The company provides finance for Heavy Duty Truck, Light Duty Truck, Passenger Vehicle, Farm Equipment, Mini Truck, Construction Vehicle, etc.
5. Power Finance Corporation Limited
Power Finance Corporation Limited is a Navratna Status company, that provide financial support to various power projects in the country. Established in the year 1986, the company offers services to projects related to power generation, power transmission and power distribution.
This company has secured the fifth position in the list of Top 10 Non Banking Financial Companies (NBFC) in India.
4. Indiabulls Housing Finance Limited
Winner of Best Housing Finance Company of the Year, Indiabulls Housing Finance Limited is a leading housing finance company in the country. The company offer home loans and loans against property at competitive rated and helps customers in possessing their dream home.
3. Bajaj Finserv
Bajaj Finserv is another leading private player and ranked second in the list of Top 10 Non Banking Financial Companies (NBFC) in India. Founded in the year 2007, Bajaj Finserv Limited is engaged in the business of lending, wealth advisory and insurance.
Personal Loan, Doctor Loan, Gold Loan, Home Loan and Business Loan are some of the products of the company.
HDFC is the leading non-banking financial company, which came into existence in the year 1977. HDFC is a leader in providing loans and finance for houses in the country.
HDFC has a strong presence in the country with over 300 outlets, which offer services to more than 2,400 towns and cities. HDFC till now has given loans of Rs 2.5 Trillion and financed over 50 lakh cumulative units.
Home Loans, Plot Loans, Home Improvement Loans and Loan against property are some of the products of the company. The company offers attractive interest rates on loans, which made it the most popular house financing company.
1. LIC Housing Finance Limited
LIC Housing Finance Limited is among the leading housing finance companies in the country and ranked fifth in the list of Top 10 Non Banking Financial Companies (NBFC) in India. Founded in the year 1989, LIC Housing Finance Limited provides loans for construction, repair and renovation of houses and flats.
Headquartered in Mumbai, LIC Housing Finance Limited has more than 230 marketing units and offices in the country.