The finance company is like a business of lending money to the people when they need it and when customers payback, the finance company charges interest on them. This makes life easy for people, which does not disrupt the flow of money in a common man’s life.
Furthermore, finance companies in India provide ease to the customer to buy any product like a car, motorcycle, air conditioner, fridge, furniture, television, and inverter, etc. Thanks to finance companies that make people able to fulfill their dreams.
In this article, we listed the top 20 finance companies in India that work excellently and offer a wide range of benefits to a layman.
1. Indian Railway Finance Corporation Limited
This corporation is also regarded as IRFC that was founded in 1986 with a deep insight to empower the mobilization of railways. It plays a significant role in the expansion of the Indian railway.
It shows a great income growth rate in the inception years, and through the current data, it is revealed that it efficiently generated 110202.32 crores of total income in the recent survey and a net profit of 4,416.13 crores.
2. Bajaj Finance Limited
A company that was established in 2007 and offers a wide range of facilities for their customers like career enhancement loans, EMI network, home loans, cards, insurance, health, customer service, and quick pay. This finance company also runs “Pre -Approved Offers” for their customers in which customers have to enter their contact details and avail the services and offers by the finance company.
Customers also have a section where they can study different types of loans through videos like videos for home, business, personal, loan against securities, gold, home loan balance transfer, loan against property, and loans for doctors CAs. Along with this, it has 1400 branches across the country that lead to generating around 54,351.47 crore revenue in the current time.
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3. Muthoot Finance Limited
It’s a famous finance company in India that primarily deals with gold loans. Furthermore, it also offers a range of financial assistance to its customers such as foreign exchange, housing loans, personal loans, insurance, and much more. It was set up in 1939 by Late. M.G. George Muthoot.
This organization has many branches in the country as it’s a highly trustable and largest finance company in India. It offers attractive interest rates and exclusive offers for their customers that ease the financial difficulties of an individual and businesses.
4. Shriram Transport Finance Company Limited
Shriram Transport Finance Company Limited stands on the third rank by empowering small commercial vehicle owners. This company was founded in 1979 and emerged as the best finance company in India. This company not only finances truck and commercial vehicle owners but has also become one of the leading NBFC, supporting local projects across the country.
Umesh G. Revankar is the CEO of this organization. Moreover, this corporation invested and contributed a lot to health, education, and the country’s development projects.
5. Manappuram Finance Limited
It’s a dedicated financial company in India working since 1949 and featuring a wide range of financial assistance to its customers. It has 5000+ branches in India and is associated with a huge base of customers.
You can get home loans, gold loans, SME loans, insurance subsidies, and various types of individuals and business loans. It gained a total income of 29498.59 in recent years and ranked in the top list of India’s finance companies.
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6. Shriram City Union Finance Limited
This organization is from the Shriram business group and was founded in 1986. It works great as a finance company in India and supports millions of individuals and businesses with its excellent financial assistance.
It has more than 900 branches in the 23 states and offers exclusive gold loans, business loans, vehicle loans, and many more at a very exclusive interest rate. You can avail a lot of benefits and offers from this top finance company as it features easy options to take a loan.
7. Sundaram Finance Ltd
Sundaram Finance Ltd. was founded by Sri T. S. Santhanam in 1954 with the support of Madras Motor & General Insurance Company. It gives a wide range of financial assistance to the folks such as car finance, commercial vehicle finance, insurance finance, construction equipment finance, and much more.
Currently, it has more than 60 branches across the country, and with the recent survey, it has been seen that it emerged with a fast growth by earning 809.05 net profit. You can gain several benefits and make your living luxurious by availing of its incredible financial services.
8. Edelweiss Financial Services Ltd.
It’s a Mumbai-based financial services provider instituted in 1995 and co-founded by Rashesh Shah. It provides a diverse range of financial assistance with research advisory and wealth management services. Recently, it has generated revenue of 9,602 crores and is growing at a fast pace with a net profit of 716.22 crores.
It’s one of the best finance companies in India, with 400+ branches in various locations. You can efficiently gain incredible benefits by getting support from this top financial organization.
9. Motilal Oswal
Motilal Oswal Financial Services Ltd. is a top financial service providing company that was instituted in 1987. It was founded by Motilal Oswal and Raamdeo Agrawal with an aim to develop and strengthen the economic roots of India. It has a broad base of customers who trust its services blindly.
This company offers customized financial services and investment plans that make the lives of individuals comfortable and hassle-free. It ranks in this list of top finance companies in India because it grows at a fast speed, earning 712.40 crores of net profit.
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10. PNB Gilts
It’s a superior financial services provider organization that was founded in 1996 and grew at a rapid speed. It entails Government browsing schemes through various security issuances and assisting fixed income instruments, including Government securities, Treasury Bills, State Development Loans, Corporate Bonds, Interest Rate Swaps, and much more.
It’s not surprising that by availing of the financial support of this bank, you can gain a high yield. Furthermore, it earns a net profit of 454.12 crores as per the latest survey.
11. Mahindra & Mahindra Financial Services Limited
This organization is one of the best finance companies in India, providing varied forms of financial products to their customers. It was launched in the industry in 1991 and has grown with a high customer base. Presently, it has more than 1000 branches across the country.
It is equipped with 81,792.58 crores total assets and effectively produces 11,996.46 crores revenue as per the current data. Majorly, it deals with housing finance services and insurance services. But with its frequent growth in revenue generation, it offers home credits, working capital advances, vehicle advances, gold advances, corporate advances, and much more.
12. Bajaj Holdings
This organization is also regarded as Bajaj Auto Ltd and a sub-part of this top financial company that was founded in 1945. This company primarily focuses on developing businesses with new and innovative strategies. It is registered as a Non-banking financial company that features exclusive financial assistance to its customers.
It generates new business opportunities across the country; plus, it captures a stake of 33.43% in Bajaj Auto Ltd. With the recent survey, it has been stated that this company is down in the market by attaining 198.59 crores of net profit.
13. CreditAccess Grameen Ltd.
This organization is an emerging financial assistance company in India founded by Mrs. Vinatha M. Reddy in 1999. It has a wide range of institutions across the country. This company is registered under NSE and BSE.
It keeps the life cycles’ needs in mind and offers various financial services to individuals and companies. It provides a massive range of financial and non-financial assistance to other businesses and individuals. As per the recent survey, this company gains a net profit of 142.39 crores.
14. Spandana Sphoorty Financial Ltd.
Spandana is a Sanskrit word that means response, and the basic concept of this company is also like its name’s meaning. It’s a response to problems that come into our lives. This organization was started in 1998, and currently, it has more than 1000 branches in 18 states.
This company delivers customized financial services such as personal loans, gold loans, loans against property, and much more at very attractive interest rates. Millions of success stories are derived by this company by supporting individuals with great financial assistance.
15. L&T Finance Limited (erstwhile Family Credit Limited)
It’s a popular finance company in India that offers exclusive financial assistance services to individuals and families. This company was instituted in 1994. It offers various financial services to Indian families and uplifts their standard of living.
Mr. Dinanath Dubhashi is the CEO and managing director of this organization. Furthermore, a recent survey revealed that it has generated 52460 total income and is growing rapidly.
16. Tata Capital Financial Services Limited
Tata Capital Financial Services Limited caters comprehensive financial assistance to its customers at a very minimal interest rate. It was established in 2007 and featured customer-centric services across the country. It is registered as a Systemically Important Non-Deposit Accepting Non-Banking Financial Company with RBI.
It offers various products such as wealth management, consumer loan, infrastructure finance, commercial finance to individuals, businesses, families, and multiple groups.
17. Balmer Lawrie Investment Ltd.
This company encompasses in the list of top 20 finance companies in India as it holds 59.58% of the total equity in IBP Co. Limited. This institution was started in 2001 under the Companies Act, 1956. It is registered under the non-banking financial companies under the RBI act.
In the past two years, this company grows with a constant improving rate and improves the cash flow, amount people. Currently, it grows with a constant growth attaining 60.92 net profit.
18. Paisalo Digital Ltd.
It’s a top finance company in India, especially for low-income families, as it delivers excellent financial services with a minimum interest rate. This company was founded in 1992 with a certification of a public limited company and delivered massive forms of financial services.
It has more than a hundred branches in ten states and emerged with constant growth. However, this company is widely renowned for providing easy loans to customers. It’s a highly supportive company for middle-sized and small businesses.
19. Sindhu Trade Links Ltd.
It’s a non-government finance company in India founded in 1992. However, this company largely deals and supports businesses enrolled with logistics, trading, investment and finance, trading of oil and lubricants. It holds authority on total shares of Rs. 520 Million and highly supports travel agencies and activities related to travel.
As per the latest survey, it has been recorded that this organization grows smoothly and generates a net profit of 56.55 crores.
20. Muthoot Capital Services Ltd.
Muthoot Capital Services Ltd. is a leading finance company in India that was established in 1994 and presently it ranks in the top list of automation finance companies. This company is widely popular for delivering customers loan options, including two-wheeler loans, car loans, secured business loans, and investor plans such as fixed deposits and many more.
It’s a reliable name in India with a base of massive customers and branches in more than 20 states. It features incredible financial services to its customers at a very standard interest rate. This company gained a net profit of 51.46 crores as per the recent data.
A Glimpse Of Top 20 Finance Companies In India
|Rank||Finance Company Name||Net Profit in Crores (Approx.)|
|1||Indian Railway Finance Corporation Limited||4,416|
|2||Bajaj Finance Limited||3,955|
|3||Muthoot Finance Limited||3,722|
|4||Shriram Transport Finance Company Limited||2,487|
|5||Manappuram Finance Limited||1,697|
|6||Shriram City Union Finance Limited||1,010|
|7||Sundaram Finance Ltd.||809|
|8||Edelweiss Financial Services Ltd.||716|
|11||Mahindra & Mahindra Financial Services Limited||335|
|13||CreditAccess Grameen Ltd.||142|
|14||Spandana Sphoorty Financial Ltd.||128|
|15||L&T Finance Limited (erstwhile Family Credit Limited)||116|
|16||Tata Capital Financial Services Limited||108|
|17||Balmer Lawrie Investment Ltd.||84|
|18||Paisalo Digital Ltd.||311.55 crore|
|19||Sindhu Trade Links Ltd.||60|
|20||Muthoot Capital Services Ltd.||51|
Conclusion: Key Take-Away Points
Finance companies in India play an immense role in uplifting the living and luxuries of individuals. Plus, it helps in the country’s development by providing financial assistance to various incorporations.
These top 20 Indian finance companies work dynamically and thrive in the country’s growth. They empower the individual’s potential and expand companies to a new level. These functions ideally in changing the business scenario as it works as a pillar for companies. These companies have a bright and long future as they fund plenty of organizations with exclusive interest rates.
Frequently Asked Questions
What is NBFC?
NBFC refers to a Non-Banking Financial Company that works as a bank in the country and provides financial assistance and banking services to its customers. It offers a wide range of services, including Acquisition of stocks/bonds/shares, loans, leasing, hiring and purchasing, insurance, and chit business.
What’s the difference between a bank and NBFC?
It’s true that NBFC works similar to a bank, but there are many things that distinguish banks and NBFC that are as follows:
– Financial companies in India do not accept a demand deposit.
– Cheques can’t be issued through banks.
– NBFC can’t avail of DICGC’s deposit insurance facility.
– NBFC can’t give a demand draft.
Which is the best finance company in India?
There are a number of finance companies in India working greatly and offering exclusive benefits and easy to take and pay loan options. Your requirements, company’s interest rate, and facilities determine the excellence of the company. All the above-listed companies are the best in India that you can avail of.
How can I apply for a loan from finance companies?
Every finance company has its own set of rules and criteria to provide loans. Hence, visit the company’s official site, check your eligibility, explore the options and loan plans, and match it with your requirements and eligibility. Submit the required documents and get an instant loan from the finance company.
Can I get a personal loan without any salary slips?
Yes, if you are self-employed, you can apply for a personal loan. You can validate your source of income by bank statement, income tax return, or form 16 and income certificate.