Top 10 Non-Banking Financial Companies in India 2025

The financial sector of India has been touching newer heights with every passing day. There are several reasons behind the level including a rise in per capita income, stable government, relaxed government norms, and others. This has led to a rapid increase in the availability of a wide range of financial services particularly credit-based services. Whether you are looking for a home loan, personal loan, car loan, or any other type of credit, several banks and non-banking financial corporations are offering amazing offers on different types of credit-based products. Among the different types of lenders available in the country today, NBFCs have come a long way by offering user-centric NBFC loans and other services to individual and commercial clients. You can check out the list of NBFCs in India in the further section of this post. 

The Role of NBFCs in the Indian Economy

NBFCs (Non-Banking Financial Companies) have been playing a crucial role when it comes to enabling all-inclusive growth in India. NBFC's full form is Non-Banking Financial Corporation. They do this by meeting the multi-faceted needs of different types of people. Apart from this, NBFCs are also known to take center stage in delivering next-gen financial services to the MSME players that are quite apt for their business needs.

NBFCs also have a word to contribute by being involved in the overall growth of a country’s economy. For example, NBFCs are indulged in wealth building, employment generation, credit services, and supporting marginalized sections of society effectively.  Above all, a few types of financial guidance are also provided to individuals regarding insurance.

What do NBFCs mean?

NBFCs or Non-banking Financing Corporations refer to financial mediators that are involved in the activity of taking deposits, and giving out credit services. NBFCs work much similarly in a way banks function but not at that large level. Their main task is to provide support to the marginalized section of society that is unable to avail of the typical banking services. For local and small-scale borrowers, NBFCs are the best way to secure credit at reasonable interest rates. The same is the case with small-scale businessmen who can easily get NBFC personal loans with minimal documentation. However, one important to be noted in this scenario is all the top NBFCs in India come under the rules and regulations defined for the Indian banking sector.

A majority of NBFCs concentrate on activities related to credit and advances, stock acquisition, bonds, debentures, and securities that are issued by the local authority or the government. Since the role of the banking sector is unmatched in promoting the growth and development of other sectors like commerce, agriculture, shipping, and retail, the same role is being shared by NBFCs. Even some NBFCs provide loans without CIBIL scores.

List of Top 10 Non-Banking Financial Companies in India in 2025.

While deliberating the role of NBFCs in the country’s economy, it is necessary to know the top players in the NBFC segment. So, in the following part of this post, you will get to know the RBI-approved NBFC list in India.

1. Bajaj Finance:

Notes:

• Customer count (~83M) is based on Q1 FY24-25 data (July 2024).
• PAN India reach includes urban and rural presence across ~3,900 locations as of recent reports.
• Key offerings expanded to reflect Bajaj Finance's diverse portfolio.

Established 35 years ago, Bajaj Finance is one of the top Non-Banking Financial Services companies and offers a wide range of financial services to both individual and commercial clients. With the highest credit rating of FAAA/Stable for any NBFC in India, Bajaj Finance has been serving more than 50 million customers at present.

Bajaj Finance has been in the market for over 35 years with an established presence at 3,685 places and 150,000 distribution centers. It is a subsidiary of Bajaj Finserv Limited and is considered a deposit-receiving Non-Banking Financial Company registered with the RBI. Moreover, the NBFC is categorized as an NBFC- Investment and Credit Company which is involved in taking deposits and lending money to needy individuals and businesses in India. The company enjoys multi-faceted lending clients that are spread across SMEs, retail, and commercial clients. Bajaj Finance is a quite popular name in the rural and urban sectors of India.

Besides the FA/Stable for prolonged deriving, Bajaj Finance also has an A1+ rating in the category of short-term borrowing, and CRISIL AAA/Stable and [ICRA]AAA(Stable) for fixed deposits. Bajaj Finance is the only NBFC in India that has a global ‘BBB’ rating with a positive viewpoint for longer periods, according to S&P Global Rating.

2. Cholamandalam Investment & Finance Company Limited:

Notes:

• AUM (~₹1.54 lakh crore) is based on Q1 FY24-25 (June 2024) data.
• Branch network (~1,200+) spans urban and rural India, with a focus on southern and eastern states.
• Key Offerings expanded to include home loans, loans against property, consumer loans, and wealth management for completeness.
• Rating updated to AA+/Stable based on latest CRISIL and ICRA reports (2023-24).

Another top NBFC is Cholamandalam Investment & Finance Company Limited. Established way back in 1978, Cholamandalam Investment & Finance Company Limited is a subsidiary of Murugappa Group Ltd, which is a specialized non-banking finance firm that offers credit along with other financial solutions.

The primary services of this NBFC are inclusive of commercial vehicle loans for cars, MUVs, tractors, construction equipment, and vehicles along with loans against property, home loans, home renovation loans, balance transfers, agricultural loans, SME loans, and business financing.  CIFCL also offers a plethora of investment vehicles to its clients. They include stocks, mutual funds, exchange-traded funds, bonds, derivatives, bonds, web-based broking, DEMAT accounts, and freight data solutions. The NBFC has its headquarters in Chennai, Tamilnadu India.

The wholesome purpose of this NBFC is to enable ease of living in people’s lives by providing wide-ranging financial services that bring out positivity in their lives. Since its inception, the company has come a long way by offering unmatched financial products for both individual and commercial clients across India. The company touches the lives of people by offering value-based products and services to its clients.

3. Aditya Birla Finance:

Notes:

• AUM (~₹1.19 lakh crore) is based on data as of December 31, 2024.
• Branch network (1,623+) and agent/channel partners (200,000+) reflect Aditya Birla Capital’s nationwide reach as of December 2024.
• Key Offerings expanded to include personal loans, home loans, loans against property, SME loans, corporate finance, debt capital markets, loan syndication, and gold loans for completeness.
• Rating (AAA/Stable) reaffirmed by CRISIL, ICRA, and India Ratings in February 2024.

Aditya Birla Finance Limited (“ABFL”) is a subsidiary of Aditya Birla Capital Limited. It is one of the most sought-after multi-faceted non-banking financial services companies operating in the country. ABFL offers wide-ranging credit and wealth management products & services to a large number of customers across India. Aditya Birla Finance Limited is fully registered with RBI and is counted among the companies involved in the non-banking finance sector. At present, this NBFC is counted among the top five biggest privately differentiated NBFCs in India given the AUM.

Retail, HNI, extreme HNI, micro-enterprises, SMEs, mid-sized and big corporates, and micro-enterprises are just a few of the different customer segments that ABFL serves. In the fields of debt capital markets, wealth management, corporate finance, SME financing, mortgage finance, personal finance, and loan syndication, ABFL provides tailored solutions.

ABFL has equity totaling Rs. 146.50 billion and total assets under administration of Rs. 986.01 billion as of December 30, 2023. ICRA maintained ABFL's AAA (Stable) long-term credit rating in August 2023. Additionally, ABFL possesses an AAA (Stable) long-term credit rating from India Ratings; an A1+ short-term credit rating from ICRA & India Ratings; and an AA+ (Stable) perpetual debt credit rating from ICRA and India Ratings (Stable).

4. Shriram Finance:

Notes:

• *Founded in 2022 via merger of Shriram Transport Finance (1979), Shriram City Union Finance, and Shriram Capital.
• AUM (₹2.63 lakh crore), customer count (9.56M), branch network (3,220), and employee count (79,872) are as of March 31, 2025.
• Key Offerings expanded to include home loans, personal loans, fixed deposits, insurance, and payment services for completeness.
• Rating (AA+/Stable) based on CRISIL and ICRA reports reaffirmed in 2024.

The largest retail NBFC in India, Shriram Finance provides lending options for business loans, house loans, auto loans, two-wheeler loans, gold loans, and loans for small businesses. We are a member of the 43-year-old Shriram Group, a financial conglomerate that has made a name for itself as a reliable partner in transforming clients' lives and leaving a lasting impact.

Shriram Transport Finance Company Limited, Shriram City Union Finance Limited, and Shriram Capital Limited, the firms of the Shriram Group, amalgamated to establish Shriram Finance Limited in November 2022. As of September 30, 2022, Shriram Finance employed over 57,382 people throughout a network of more than 2,875 branches, and its total assets under management (AUM) were valued at ₹171,367 crores.

5. LIC Housing Finance:

Notes:

• *Founded on June 19, 1989, as a subsidiary of Life Insurance Corporation of India.
• AUM (~₹2.87 lakh crore) and financials based on Q4 FY24-25 (March 31, 2025) data.
• Equity updated to 45.2% LIC ownership as of March 2025.
• Network includes 9 regional offices, 16 back offices, 282 marketing units, and 12,000+ intermediaries; customer base ~25 lakh; employees ~2,100+.
• Rating (AAA/Stable) reaffirmed by CRISIL and CARE in 2024.
• Recent updates include a new regional office in Bhubaneswar, Odisha (June 2, 2025).

LIC Housing Finance is counted among the top 10 NBFCs in India and offers a wide range of financial products & services to millions of customers across the country. The NBFC was started in 1989 to give financial support to people who resort to affordable housing in India. The company has its headquarters in Mumbai, India.

The majority stock of LIC Housing Finance Limited is possessed by the Life Insurance Corporation of India (LIC), which holds nearly 40.31% of the company's shares as of the latest available data. LIC is a state-owned insurance and investment corporation and is one of the largest institutional investors in India.

It is a subsidiary of Life Insurance Corporation of India (LIC), which is one of the largest insurance companies in India. LIC HFL primarily provides long-term finance to individuals for the purchase or construction of residential houses. It offers various loan products such as home loans, loans against property, and real estate financing to individuals, builders, and developers. LIC HFL has a widespread presence across India and offers its services through a network of branches, agents, and direct sales teams.

6. Indiabulls Housing Finance:

Notes:

• Founded on May 10, 2005; renamed Sammaan Capital in July 2024.
• AUM (~₹82,000 crore) based on Q4 FY24-25 (March 31, 2025) estimates.
• Network includes ~218-220 branches across 110 towns/cities, ~8,500-10,000 channel partners, and digital eHome Loans platform.
• Customer base (1.4M) and disbursements (₹3.08 lakh crore) as of recent data.
• Rating (AA/Stable) by CRISIL/ICRA reaffirmed in 2024; Moody’s B2/Positive (March 2025).
• Recent updates: Rights issue of ₹3,693 crore (February 2024), Indiabulls Customer Connect branch, ED/RBI probe ordered by Supreme Court (May 2025).

Indiabulls Housing Finance Limited (IBHFL) is a top-rated housing loan service provider in India, offering a range of home loan and mortgage financing solutions. It is a subsidiary of the Indiabulls Group, which is a diversified financial services conglomerate with interests in housing finance, real estate, infrastructure, and securities trading.

Like other housing finance companies, IBHFL offers competitive interest rates and flexible repayment options on its loans. The interest rates and terms may vary based on factors such as loan amount, tenure, creditworthiness, and prevailing market conditions. IBHFL operates under the regulatory oversight of the Reserve Bank of India (RBI) and other relevant regulatory authorities. It adheres to regulatory guidelines, compliances, and best practices to ensure transparency, fairness, and stability in its operations.

7. Mahindra & Mahindra Finance:

Notes:

• Founded on January 1, 1991, as Maxi Motors Financial Services; renamed Mahindra & Mahindra Financial Services on November 3, 1992.
• AUM (~₹1.03 lakh crore) and financials based on Q4 FY24-25 (March 31, 2025) data.
• Network includes ~1,386 branches covering ~3.8 lakh villages; customer base ~10M; ~28,000+ direct and deputed employees.
• Rating (AAA/Stable) reaffirmed by CRISIL, CARE, India Ratings, and Brickwork on June 13, 2025.
• International operations via Mahindra Finance USA LLC (USA) and Mahindra Ideal Finance Ltd. (Sri Lanka, AA- by Fitch).
• Recent updates: Launched Quiklyz (2022), Used Car Digi Loans; acquired 20% stake in Mahindra Insurance Brokers (September 2023); reduced delinquencies to <4%; 65-70% technology transformation complete.

Mahindra & Mahindra Financial Services Limited (MMFSL), commonly known as Mahindra Finance, is a top-rated non-banking financial company (NBFC) in India. It is a subsidiary of Mahindra & Mahindra Limited, one of the biggest business conglomerates in India with interests in different sectors such as automotive, agribusiness, aerospace, and financial services. Mahindra Finance was established in 1991 to provide financing solutions primarily for Mahindra vehicles and later diversified into other sectors.

Mahindra Finance serves a broad customer base, including individuals, farmers, rural households, small businesses, and entrepreneurs. It has a significant presence in rural and semi-urban areas of India, where access to formal credit may be limited.

Mahindra Finance has an extensive network of branches and customer touch points across India, with a strong presence in rural and semi-urban areas. This wide-reaching network enables the company to effectively reach out to customers and provide them with financial services and support.

8. L&T Finance:

Notes:

• Founded on May 1, 1994, as L&T Finance Holdings Limited; renamed L&T Finance Limited in March 2024.
• AUM (~₹1.02 lakh crore) based on Q4 FY24-25 (March 31, 2025), with retail book at ₹95,180 crore (97% retailization).
• Network includes ~1,400 branches and ~1,000 meeting centers covering ~360,000 villages; customer base ~10M, including ~1.4M microfinance borrowers; ~25,000 employees.
• Rating (AAA/Stable) reaffirmed by CRISIL, CARE, India Ratings, and Brickwork in 2024-2025.
• Recent updates: Achieved Lakshya 2026 goals early (95% retailization, 31-35% retail growth); acquired Paul Merchants Finance’s gold loan business (₹1,350 crore, June 2025); NCLT case against Tikona Infinet (₹116 crore, May 2025); dividend ₹2.75/share (March 2025).

L&T Finance Holdings Limited (LTFH) is a financial services company in India, operating as a subsidiary of Larsen & Toubro Limited (L&T), one of India's largest engineering and construction conglomerates.

L&T Finance Holdings Limited was incorporated in 2008 as a non-banking financial company (NBFC). It is a part of the L&T Group, which has a diverse presence in sectors such as engineering, construction, infrastructure, and financial services. L&T Finance serves a broad customer base, including individuals, farmers, rural households, small and medium-sized enterprises (SMEs), and corporate clients. It caters to customers across urban, semi-urban, and rural areas of India.
L&T Finance has a widespread presence across India with a network of branches, customer touchpoints, and digital channels. It has strategically expanded its branch network to reach out to customers in various regions and provide them with convenient access to financial services.

9. Muthoot Finance:

Notes:

• Founded on March 14, 1997; part of The Muthoot Group (legacy since 1887).
• AUM (~₹1.22 lakh crore consolidated, ₹1.09 lakh crore standalone, ₹1.03 lakh crore gold loans) based on Q4 FY24-25 (March 31, 2025).
• Network includes 7,000 branches (4,800+ gold loan-focused) covering 4.8 lakh pin codes; ~70 crore cumulative customers (2.5 lakh daily); ~30,000 employees.
• Ratings: AA+/Stable by CRISIL/ICRA, A1+ for short-term (2024); S&P BB+/Stable, Moody’s Ba1/Positive (March 2025).
• Recent updates: Achieved 40% AUM growth in FY25; crossed ₹1 lakh crore gold loan AUM; plans 15% growth for FY26; raised ₹10 billion via bonds (April 2025); acquired Paul Merchants Finance’s gold loan portfolio (₹1,350 crore, June 2025).

Muthoot Finance Limited is a leading non-banking financial company (NBFC) in India, specializing in gold loan financing. Muthoot Finance was established in 1939 by M. George Muthoot as a small trading business in Kozhencherry, Kerala, India. Over the years, it has grown into one of the biggest gold loan NBFCs in India having a widespread presence across the country.

Muthoot Finance serves a wide range of customers, including individuals, small businesses, and traders. Its customer base spans urban, semi-urban, and rural areas across India. The company caters to customers who require immediate funds for various personal or business needs.

10. Piramal Capital & Housing Finance:

Notes:

• *Founded in 2021 via acquisition of Dewan Housing Finance Corporation Ltd. (DHFL, est. 1984); Piramal Housing Finance began in 2017.
• AUM (~₹0.82 lakh crore, with ~₹0.74 lakh crore retail) based on Q2 FY24-25 (September 30, 2024) and FY25 projections.
• Network includes ~508 branches covering ~13,000 pin codes; ~1.3M active retail customers; ~10,411 employees as of February 2025.
• Rating (AA+/Stable) by CRISIL/CARE, A1+ for short-term, reaffirmed in 2024.
• Recent updates: Rebranded as Piramal Finance Limited (April 2025); co-lending with ICICI Bank (April 2025); raised ₹2,950 crore via bonds (June 2025); partnered with CSC (September 2024); MobiKwik tie-up (January 2025); surpassed 500 branches (August 2024).

Piramal Capital & Housing Finance Limited (PCHFL) is a subsidiary of Piramal Enterprises Limited, a diversified conglomerate with interests in various sectors including healthcare, pharmaceuticals, financial services, and real estate. Piramal Capital & Housing Finance Limited was established to cater to the growing demand for housing finance and other financial services in India. It is part of the Piramal Group's financial services division, which also includes Piramal Fund Management, Piramal Asset Management, and Piramal Housing Finance.

Quick Overview of Top NBFCs in India (2025)

FAQs

Q: Which NBFC is 1 in 2025?

A: Bajaj Finance leads in customer reach, ratings, and innovation.

Q: Can I get an NBFC loan without CIBIL?

A: Yes—some NBFCs offer loan options for borrowers with no credit history, though interest rates may be higher.

Q: How are NBFCs different from banks?

A: NBFCs can't take demand deposits but can offer similar loan products with faster execution.

Q: What types of loans do NBFCs offer?

A: From personal, gold, vehicle, SME, home, to mortgage and business finance.

The Conclusion

When it comes to strengthening the financial sector, the role of NBFCs can be considered enormous since they are amazingly accessible to small businesses and individuals. From taking a small personal loan to financing a house purchase, NBFCs always have an easy and affordable solution for these types of customers.