Top 10 NBFCs in India in 2025

If you've ever taken a personal loan, financed a car, or even invested in a fixed deposit that wasn’t from a bank, chances are you've dealt with a Non-Banking Financial Company (NBFC).
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NBFC companies in India offer many of the same financial services as traditional banks—like personal loans, gold loans, home loans, or even insurance—but often with less paperwork, faster approvals, and more flexible options. A few examples of NBFCs in India include Bajaj Finance, Tata Capital, etc.

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NBFCs are especially helpful if you:

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• Don’t have a perfect credit score
  
  
• Live in a smaller town or rural area
  
  
• Run a small business or are self-employed
  
  
• Need funds quickly

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So whether you're a consumer, entrepreneur, or investor, knowing which NBFCs are the best isn’t just useful, it’s essential.

How We Picked the Best NBFCs in India

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Not all NBFCs are created equal. Some are fantastic at offering fast and flexible loans, while others are more reliable for long-term investments. So how do you know which ones are truly the best?

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We’ve kept it simple and focused on the things that really matter: trust, cost, convenience, and real-world usefulness.

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Here’s what we looked at:

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Credit Ratings (How Safe Are They?)

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Think of credit ratings like school report cards—but for companies. Independent agencies like CRISIL or ICRA give NBFCs a score based on their financial health.

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A high rating (like AAA or AA+) means the company is stable and unlikely to default on its payments. That’s super important if you're giving them your money—or borrowing from them and want to be treated fairly.

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Why it matters: You want to deal with a financially strong company that won’t suddenly shut shop or mess up your money.

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Interest Rates (How Much Will It Cost You?)

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Interest rates decide how much extra you’ll pay on a loan. Lower is generally better—but the rate should also be fair based on your credit score and the type of loan you're taking.

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We looked for NBFCs that offer reasonable rates without sneaky hidden charges.

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Why it matters: A lower interest rate means lower EMIs and more money in your pocket.

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Loan & Product Variety (Do They Offer What You Need?)

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Different people have different needs. Maybe you want a gold loan, maybe a home loan, or maybe you’re looking to invest in a fixed deposit.

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We picked NBFCs that offer a wide range of useful services, so there’s something for everyone—whether you're a salaried employee, a small business owner, or a student.

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Why it matters: More variety means more chances to find the right fit for your situation.

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Ease of Access (Can You Use It Without a Headache?)

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Let’s be honest—no one likes endless paperwork or confusing processes.

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We gave bonus points to NBFCs that are easy to access online or through mobile apps, and that offer quick approvals with minimal documentation.

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Why it matters: You should be able to apply, track, and manage your loan or investment without needing to visit a branch.

Customer Experience (Do People Actually Like Them?)

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Even the best-looking NBFC on paper isn’t worth much if customers are constantly unhappy.

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We checked real user reviews and feedback to understand things like:

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• Is their customer service helpful?
  
  
• Are people happy with the loan experience?
  
  
• Do they respond when something goes wrong?
  
  

Why it matters: A good experience means fewer hassles and better support when you need it.

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List of Best NBFCs in India

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1. Bajaj Finance

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Bajaj Finance is one of biggest NBFCs in India, offering a diverse range of financial products, including personal loans, home loans, and consumer finance.

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The company is known for its strong digital presence and rapid growth. It has a customer base of over 100 million and assets under management exceeding ₹3 lakh crore as of March 2025.

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However, it has faced regulatory scrutiny; in November 2023, the RBI banned the company from approving or distributing loans through two of its lending services, namely 'eCOM' and 'Insta EMI Card'. These restrictions were lifted in May 2024 after remedial actions were taken.

Strengths: Fast digital approvals, broad product range
Weaknesses: Faced temporary RBI restrictions in 2023
Market Cap: ₹5.2 lakh crore (approx.)

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2. HDB Financial

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A subsidiary of HDFC Bank, HDB Financial Services offers secured and unsecured loans through its extensive network of over 1,680 branches across India.

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The company has shown significant growth, with a 19% increase in its loan book in the 2024-25 financial year, quickly becoming one of the largest NBFCs in India. HDB Financial is preparing for an IPO by September 2025 to comply with RBI regulations.
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‍Strengths: Bank-backed trust, stable growth
Weaknesses: Less focus on digital innovation compared to peers
Market Cap: Not listed yet (Expected post-IPO in FY26)

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3. Tata Capital 

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Part of the Tata Group, Tata Capital stands out for customer-centric products and strong brand equity. It offers loans ranging from education to business, with increasing digital outreach. An IPO is planned for 2025.

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Strengths: Tata trust factor, user-friendly service
Weaknesses: Slower loan disbursal compared to top fintech NBFCs
Market Cap: Not listed yet

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4. Muthoot Finance 

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Muthoot Finance is India's largest gold financing company, offering personal and business loans secured by gold jewellery. The company operates over 7,000 branches throughout the country and has a significant presence in rural and semi-urban areas.

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The new RBI draft guidelines for gold loans capping the LTV ratio at 75% may significantly affect its operations. 

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‍Strengths: Deep rural reach, fast gold loan disbursement
Weaknesses: Limited digital integration, focused product suite
Market Cap: ₹84,307 crore (approx.)

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5. L&T Finance

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A subsidiary of Larsen & Toubro, L&T Finance provides a range of financial products, including rural and infrastructure loans. It offers strong rural and infrastructure lending solutions. It's steadily shifting its focus toward retail finance.

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Strengths: Strong backing, rural penetration
Weaknesses: Customer service rated average, slower app experience
Market Cap: ₹42,000+ crore (approx.)

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6. Aditya Birla Capital

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A well-diversified NBFC offering loans, insurance, and wealth management. Part of the Aditya Birla Group, it targets urban professionals and HNIs.

Strengths: Wide range of services, strong brand name
Weaknesses: Product overlap can confuse users, mixed app reviews
Market Cap: ₹57,000+ crore (approx.)

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7. Shriram Finance

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Shriram Finance focuses on commercial vehicle financing, SME loans, and gold loans, with a strong presence in rural and semi-urban areas. Following a merger in April 2022, the company has become more focused and diversified.

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As of Q1 FY25, Shriram Finance's assets under management reached ₹2.47 trillion, with 62% of its loans concentrated in vehicle financing.

Strengths: Great for self-employed, excellent semi-urban outreach
Weaknesses: Lower digital adoption, focused more on vehicle finance
Market Cap: ₹1.2 lakh crore (approx.)

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8. Manappuram Finance

Manappuram Finance is another major player in the gold loan market with a strong rural and semi-urban presence. It operates over 5,000 branches and has steadily been expanding into microfinance and vehicle loans. The company is embracing digital transformation through its "Online Gold Loan" platform.

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Strengths: Fast gold loan processing, expanding product range
Weaknesses: Still gold-dominated, evolving digital UX
Market Cap: ₹19,000+ crore (approx.)

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9. IIFL Finance (India Infoline Finance Ltd.)

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IIFL Finance provides a mix of loans, including business, personal, and gold loans, and has a growing housing finance arm. The company is particularly appreciated for its digital lending experience and focus on financial inclusion. It is also active in affordable housing finance.

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Strengths: Great digital platform, wide loan portfolio
Weaknesses: Customer service quality can vary regionally
Market Cap: ₹17,000+ crore (approx.)

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10. Mahindra Finance

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A subsidiary of the Mahindra Group, Mahindra Finance specialises in rural and semi-urban financing, with a stronghold in auto, tractor, and SME loans.

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It operates through over 1,300 branches across India and is especially popular among first-time borrowers in Tier 2 and Tier 3 towns. Its customer base is deeply rooted in the agricultural and small enterprise sectors, and it’s increasingly adopting digital tools to improve service delivery. 

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Strengths: Deep rural network, trusted for tractor and auto loans
Weaknesses: App experience is basic, slower complaint resolution in some regions
Market Cap: ₹35,110 crore (approx.)

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Here’s a quick snapshot comparison:

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P.S: Remember that none of these NBFCs are essentially better; they all offer diverse products and you should pick the one that fits your needs the best.

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Final Thoughts

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NBFCs are no longer the financial underdogs—they're essential to India's money map. Whether you're a first-time borrower in a small town or a savvy investor in a metro, there’s likely an NBFC tailor-made for your needs.

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The best part? They’re becoming more digital, more inclusive, and more attuned to the diverse realities of “real India”. From gold loans in Kerala to commercial vehicle finance in Tier 3 cities, NBFCs are quietly powering dreams, businesses, and everything in between.

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So next time you need a loan or want to park your money somewhere smart—don’t just look at banks. Look beyond.

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While NBFCs are a great way for entrepreneurs and small businesses to access credit, the best way to cultivate wealth is not through loans but through savings.
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