Have you ever wondered if there is something safer and quicker than banks in India? Yes, NBFC rather is also known as Non-Banking Financial Company a company registered under the Companies Act, 1956 that is authorized to provide financial services and banking facilities that would be dispatched without the use actually meeting the legal definition of a bank.
One of the most important things that you should know is that NBFC is not totally independent of the system, the NBFC has to abide by the rules and regulations set by the Reserve Bank of India. The services offered by the NBFCs include investment planning, investment, stock market investing, credit facilities, banking services like loans, and TFCs. However, unlike the normal banks, NBFC does not accept any deposits from the user under any circumstances.
NBFCs have a great role in sustaining a state or country’s economy, yes this is true, according to the records the NBFCs alone account for 12.5% increase in India’s GDP. One of the biggest advantages of NBFC is that they are comparatively safer, quick, efficient, and it is easy to acquire any NBFC service.
Here is India’s 10 best NBFC (Non Banking Financial Companies)
1. L&T Finance Limited
L&T Finance Limited is one of the top players in the NBFC sectors; the L&T Finance Limited was actually established in the year 1994 and has its headquarters in Mumbai. According to the latest records the company already serves over 10 million customers. It was in the year 2010 the company earned an award as the “Company of the year” awarded by the Economic Time Awards
The services offered by L&T Finance Limited includes
- Two-wheeler Finance
- Farm Equipment Finance
- Supply chain Finance
- Infra Finance
- Real Estate Finance
- Micro Loans
- Corporate and Structured Finance
- High speed loans
- Corporate Governance
2. Power Finance Corporation
The Power Finance Corporation is an ISO 9001:2000 certified company that was founded in the year 1986. The company is one of the biggest financial back bones of the power sector in India, the company in 2008 was reported to have a net worth of 8688 crore. The company, in the beginning, was owned by the Government of India, however, in 2007, the company issued IPO, which was oversubscribed by over 76 times.
The services provided by Power Finance Corporation includes
- Financial Consulting
- Short term loan
- Financial products
- Investment banking
- Rupee term loan
- Loan Management
- Foreign Currency loan
- Linkage management
3. Reliance Capital
The reliance Capital as the name suggests is a part of the Indian giant company Reliance Group. The company was founded in the year 1998 by Dhirubhai Ambani and the company today is recorded to have 20 million+ customers. The equity shares are listed on the Ahmadabad stock exchange and stock exchange Mumbai. The shares of this company are also listed in the National Stock Exchange and Stock Exchange of Mumbai.
The services provided by Reliance Capital includes
- Asset management
- Stock broking
- Private equity
- Proprietary investments
- Wealth management
- General insurance
- Life insurance
- Asset reconstruction
- Mutual funds
- Commercial finance
4. Infrastructure Development Finance Company
The Infrastructure Development Finance Company (IDFC) was founded in the year 1997 in Chennai and the operations were started at 9th October 1997. The IDFC is registered as a merchant banker as an underwriter at the Securities and Exchange Board of India (SEBI). As of 2005, the company has its equity shares listed on the National Stock Exchange of India and Bombay Stock Exchange. It was in the year 2015, the RBI granted a banking license to IDFC.
The Infrastructure Development Finance Company offers services that include
- Asset management
- Investment banking
- Finance and advisory services for infrastructure projects
5. Aditya Birla Finance Ltd.
The Aditya Birla Finance Limited is one of the top NBFC in India that offers diversified financial services in India. The services offered include business loans, mortgages, corporate finance, project loans, digital lending, debt capital, wealth management etc. The company was first known as the Aditya Global Finance Ltd and was founded in the year 1991; later in 2010, the name was changed to the current name. The Aditya Birla Finance Ltd has always been on the list of top 5 NBFCs in India. The company is estimated to have more than 10 million customers.
6. Shree Global Tradefin Ltd
The Shree Global Tradefin Ltd was founded in the year 1986 as the Benson Steels Ltd. It was in the year 1996 the name was changed to the current name Shree Global Tradefin Ltd. The company basically offers a majority of their services for manufacturing steel and iron. Based on the latest records the company is said to have gained a maximum asset worth 900 crore with their financial services. The company today employs over 2000 workers in various parts of India.
7. Shriram Transport Finance Company Limited
The Shriram Transport Finance company Limited was founded in the year 1947 as a chit fund and later on upgraded their services to lending business through the Shriram Transport Finance Company Limited. The company is said to be one of the best NBFC in India with their services ranging from loans to other financial services. However, as the name suggests the company focuses more on providing automobiles.
8. Bajaj Holdings
Bajaj is one of the most common names you could have heard in India, the Bajaj holdings alone is a 13000 crore total asset owning company that offers extensive services. The service offered includes microfinance services, loans, wealth management, asset management etc. The current headquarters of Bajaj Holdings is in Mumbai and the company has been expanding ever since its founding 10 years back.
9. M&M Financial Services Limited
M&M financial services limited, also named as the Mahindra and Mahindra financial services limited is one of the biggest NBFCs in India right now. The company offers services like rural housing finances, fixed deposits, brokerage services, non-life insurances etc. The company is recorded to have served over 4.7 million customers till now. The company today has a total asset worth 17000 crore.
10. Muthoot Finance
The Muthoot Finance was first established in the year 1939 perhaps, this is one of the oldest NBFCs operational today in India. Since it’s founding in 1939 have been growing and has managed to emerge as one of the best gold loan lending companies. The company not only offers loans on gold but also automobile loans. The company is today said to have a total asset worth 23000 crore.
Every detail mentioned above were collected from trusted websites, if are looking for a service from the best NBFC then feel free to consider any one of the companies mentioned above.