NBFC, four letters that ring a bell in Indians, especially those who are deeply rooted in the financial sector. Non-Banking financial institutions work to be the backbone of a developing economy like India, especially in stressful times like now. NBFCs work to provide banking and financial services to the public but on the contrary, unlike banks, they don’t accept deposits from the public.
Hence, you should definitely know about the best NBFCs in the country –
1) Power Finance Corporation Limited
Like the name suggests, it the financial aspect of the Indian power sector. Founded in 1986, it has been listed on NSE as PFC and has grown to have subsidiaries like PFC Consulting, Bihar Mega Power Limited, and many others. The success is exponential as it’s one of the oldest NBFCs in the nation.
2) Shriram Transport Finance Company Limited
Commonly called STPC, it is one of India’s largest Asset-based NBFC. The company’s journey started back in 1974 in Tamil Nadu and it has focused on both Vehicle, Consumer and MSME financing over the years.
3) Bajaj Finance Limited
Bajaj Finserv is a major part of Bajaj Holdings and Investments Limited where it focuses on wealth management services, insurance, and lending. It is also listed on NSE as BAJAJFINSV where it has been doing quite well lately.
4) Mahindra & Mahindra Financial Services Limited
With prime focus on rural and agricultural finance, this one is based on the primary aggregator of the nation. It has its headquarters in Mumbai and is the top provider for tractor loans in the country. It was founded in 1991 and later got listed in both NSE and BSE.
5) HDB Finance Services
A part of the renowned HDFC Bank, HDB Employees Welfare Trust is a vital aspect of HDB Finance Services. Founded in 2007, HDBFS is accredited with CARE AAA and CRISIL AAA, it works to provide financial loans, short-term debt, and commercial papers and BPO services too.
6) Cholamandalam Investment and Finance Company Limited
Famously called ‘Chola’, it is the financial arm of the Murugappa group. With more than 999 branches across the nation, it has its own subsidiaries in the fields of Home Finance and securities as well.
7) Tata Capital Financial Services Ltd
It recently launched its ‘Count on Us’ campaign, proving how consumer-driven it is. The interest rates are kept attractive and they offer instant personal loan approvals for ease of consumers. One unique factor is the provision of used car loans provided by TCFSL.
8) L&T Finance Limited
Founded in 1994, it is headquartered in Mumbai and works for financing bike loans, home loans, mutual funds and farm equipment too. Listed in both BSE and NSE, it is a part of the S&P BSE 200 and S&P BSE 500 indices which is no minor feat. Known to be focused on sustainability and creating value, this NBFC is doing a great job indeed.
9) Aditya Birla Finance Limited
A company that has a healthy balance sheet with great ratings from agencies like ICRA, it is among the top five private diversified NBFCs in India. It provides personal finance, corporate finance, and SME loan services as a well-known subsidiary of the Aditya Birla Group.
10) Muthoot Finance Ltd
One of the largest gold financing company in the world, Muthoot Finance Ltd is headquartered in Kerala, India. It works highly with small traders, vendors, farmers and has managed to establish a stronghold in the US, UAE, and UK as well. It has also won prestigious awards like the Skoch Financial Inclusion Award 2013 in recognition of its major initiative in the area of ‘Access to Banking and Financial Services’
