Top 10 NBFCs in India 2026: Leading Companies, Growth, and Trends

Name: Investkraft
Address: Office No. 101A, D Mall, Netaji Subhash Place, Delhi, 110034, IN
Telephone: 9797971876

Oct 9th 2025

Finance

Non-Banking Financial Companies (NBFCs) in India

Non-Banking Financial Companies (NBFCs) play a critical role in India’s financial system by providing loans, asset financing, and credit services where banks may not always reach. They have emerged as key drivers of financial inclusion, serving rural, semi-urban, and urban customers with tailored lending solutions.

In this article, we present a list of the top NBFCs in India (2026), their scale, operations, and strengths, along with updates and regulatory changes that shape the NBFC sector.

What is an NBFC?

Let us first understand what NBFC is from the following points:

An NBFC (Non-Banking Financial Company) is a financial company that provides loans and credit facilities but does not have a full banking license.
NBFCs cannot accept demand deposits (like savings/current accounts).
They are regulated by the Reserve Bank of India (RBI) under specific NBFC norms.
Services include: personal loans, SME loans, gold loans, vehicle loans, consumer durable loans, housing finance, and microfinance.
NBFCs bridge the gap between formal banking and underserved segments, focusing on quicker approvals and flexible credit.

List of Top NBFCs in India in 2026

The following table shows the list of top NBFCs in 2026, with their headquarters and strengths:

NBFC Name	Headquarters	Strengths	Customer Support Number (Customer Care Number)
Bajaj Finance Limited	Pune, Maharashtra	India’s largest NBFC, retail & SME loans, consumer durable loans, digital lending leadership	086980 10101
Shriram Finance Limited	Chennai, Tamil Nadu	Vehicle & SME finance, strong semi-urban & rural presence	0224 157 4545
Muthoot Finance Limited	Kochi, Kerala	World’s largest gold loan provider, trusted brand	011 4669 7754
Mahindra & Mahindra Financial Services	Mumbai, Maharashtra	Rural lending, tractor/vehicle loans, farm sector focus	1800 233 1234
HDB Financial Services (HDFC Group)	Ahmedabad, Gujarat	Consumer loans, enterprise loans, strong urban network	044 4298 4541
Cholamandalam Investment & Finance	Chennai, Tamil Nadu	Vehicle finance, housing loans, SME credit, Murugappa Group backing	1800 102 4565
L&T Finance Ltd.	Mumbai, Maharashtra	Infrastructure & retail lending, rural finance, farm equipment loans	1800 268 0000
Manappuram Finance Ltd.	Thrissur, Kerala	Gold loans, microfinance, housing finance	1800 420 2233
Aditya Birla Finance Ltd.	Mumbai, Maharashtra	Personal loans, SME loans, structured finance, part of Aditya Birla Capital	1800 270 7000
Tata Capital Financial Services Ltd.	Mumbai, Maharashtra	Wide retail & corporate loans, wealth management, backed by the Tata Group	1860 267 6060

Key Updates in 2025–2026 for NBFCs

The following are the key updates in 2025-2026 related to NBFCs in India:

RBI tightened NBFC governance norms as NBFCs need to have higher capital adequacy requirements and stricter audit.
Major NBFCs like Bajaj Finance and Shriram Finance reported record AUM growth due to strong retail demand.
Many NBFCs expanded digital lending platforms with AI-based credit scoring.
Increased NBFC-bank partnerships for co-lending in personal, MSME, and housing loans.
Regulatory focus on reducing NPA risks in the gold loan and vehicle finance segments.

Difference Between NBFCs, Private Banks, and Public Sector Banks

The following are the differences between NBFCs, private banks and public sector banks:

Feature	NBFCs (Non-Banking Financial Companies)	Private Banks	Public Sector Banks
Ownership	Private / corporate entities	Private shareholders / corporates	Government of India
Deposit Acceptance	Cannot accept demand deposits	Can accept savings/current/fixed deposits	Can accept savings/current/fixed deposits
Services Offered	Loans, credit, asset financing, microfinance	Full banking services (deposits and loans)	Full banking services and govt schemes
Regulation	RBI (special NBFC regulations)	RBI	RBI
Target Audience	Rural/urban borrowers, SMEs, retail	Middle & upper-class, corporates	Mass market, rural, govt schemes
Specialty	Quick approvals, flexible credit, niche lending	Tech-driven services, wide product range	Financial inclusion, stability

Benefits of Borrowing from NBFCs

The following are some of the benefits of borrowing from NBFCs:

Faster loan approvals with minimal paperwork.
Flexible loan products tailored to individual needs.
Strong presence in rural/semi-urban areas where banks are limited.
Competitive loan interest rates in some categories.
Gold loans and microfinance options are not always available at banks.

Challenges and Risks in NBFCs

The following are the risks and challenges associated with NBFCs:

Cannot offer deposit accounts (savings/current).
Higher interest rates in certain loan categories.
Risk of NPAs in rural lending and small borrowers.
Some smaller NBFCs may have limited governance and liquidity issues.

Conclusion

NBFCs in 2026 remain one of the strongest financial factors of India’s credit growth. Leaders like Bajaj Finance, Shriram Finance, Muthoot, Mahindra Finance, and Tata Capital continue to dominate with digital lending, gold loans, and rural credit support. For borrowers looking for fast loans, flexible terms, and localised service, NBFCs are an excellent choice.

Frequently Asked Questions

How many NBFCs are registered with RBI in India?

As per RBI, there are more than 9,000 registered NBFCs in India, but only a few hundred are systemically important.

Are NBFCs safe like banks?

NBFCs are regulated by RBI but do not offer deposit insurance like banks. Loan services are safe, but savings cannot be parked like in banks.

Which is the largest NBFC in India 2026?

Bajaj Finance remains the largest NBFC in India by AUM and customer base.

Do NBFCs provide digital lending?

Yes, most large NBFCs have mobile apps, digital onboarding, and instant loan approvals through fintech platforms.

Can NBFCs give home and personal loans?

Yes. Many NBFCs like Tata Capital, Aditya Birla Finance, and HDB provide home, personal, SME, and consumer loans.

Author: Diwakar Kumar Singh

Diwakar Kumar Singh is an accomplished content creator with over 6 years of experience in crafting both long-form and short-form content.

A gold medalist in MBA (Marketing) from IMT and a qualified petroleum engineer, Diwakar brings a results-driven mindset to his work. His passion for writing enables him to produce compelling and engaging content that resonates with diverse audiences.