India is a country that has multiple finance companies offering a plethora of financial services. Each one of them has a different approach towards lending money and taking it back with interest. Such companies offer almost all the facilities that a standard bank would provide but aren’t coined as a “BANK.” If banks reject you in any of your financial desires, then such companies would help out one way or another.
However, they are limited in functionality. Such institutions offer services oriented towards lending money, credit facilities, retirement planning, investing in the money market, and more. It’s all legal as the RBI protects them under the banking regulations.
The only drawback that we could see from such companies is the depositing part. They aren’t allowed to take in deposits from customers. It’s one of the crucial differentiators between a bank and a finance company.
With all that being said, we think some notable ones would classify under the top 10 finance companies in India that could help you out.
10 Best Finance Companies in India
Here’s the list of 10 Best Finance Companies in India:
1. Bajaj FinServ limited
Bajaj finance limited is a part of Bajaj Holdings, which was started back in 2007. They offer a broad range of services related to loans, insurance, advisory-related issues, lending schemes, credit facilities, and so on. In recent times, the company has gained popularity and reputation, thanks to the services they have to offer.
Headquartered in Pune, the company primarily focuses on small and medium-sized companies/businesses. Furthermore, the company does offer wholesale and retail fixed deposits schemes. Moreover, the company has well over 20,000 employees, with 1400 branches spread across the country.
2. Indian Railway Finance Corporation
Hailing as the largest government-owned financial company, the Indian railway finance corporation was primarily set up to help the needs and financially support the banking sector along with customers.
It’s the financial arm of the Indian railways that raises money through bonds, financial funding, and other financial institutions. Founded way back in 1987, its headquartered in Delhi and offers a broad range of services and features suited towards a finance company.
3. Shriram Transport Finance Company Limited
For those who aspire to get financial aid for their businesses and purchasing vehicles, then Shriram transport finance company limited is the one for you. Ever since 1979, the company has become an epitome for funding customers with loans and credit facilities to purchase trucks, vans, construction vehicles, farm vehicles, and much more.
Other than transport loan offerings, the company does offer services on business loans, deposits, working capital loans, life insurance, and more.
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4. Reliance Capital
Founded back in 1986, Reliance capital finance limited is a subsidiary of Reliance Dhirubhai Ambani Reliance Group. Since its existence, the company has served more than 20 million customers and is headquartered in Mumbai.
Since its existence, it hadn’t been functioning as a proper finance company but received its F.C. certificate back in 1998. Since then, it has diversified itself into several segments of the financial universe. These segments include health insurance, mutual loans, private equity, personal loans, general insurance, and more.
5. Mahindra & Mahindra Financial Services Limited
The company is broadly known for offering home credits, vehicle advances, working capital advances, gold advances, and more. Found in 1991, the company has served more than 3 million customers from its 1000+ branches across the country.
Under Mahindra & Mahindra financial services limited, the company has subsidiaries that target insurance and rural housing financial services. Other services offered by the company include mutual funds distribution, non-life insurance products, etc.
6. Power Finance Corporation Limited
Headed by Mukesh Kumar Goel, the company was founded back in 1986. Reminiscent of its name, the company provides assistance and financial aid to several power projects across the country.
Mostly it’s associated with projects/associations/companies/businesses that are tied up power generation, distribution, and transmission. As a Navratna Status company, the company is listed in the National Stock Exchange and Bombay Stock Exchange.
7. L&T Finance Limited
Headquartered in Mumbai, the company is a multinational conglomerate that provides financial aid in construction engineering, manufacturing sectors, engineering, information technology, and more. The services offered are of plenty and are subsidized under infotech, technology services, infrastructure finance, and more.
The company was founded back in 1991 and specializes in offering personal, commercial, vehicle leans. The company is listed on the NSE and BSE. It’s popular because of its value offering and sustainability of the services it undertakes.
8. TATA Motors Finance Limited
Dedicating its services to vehicular loan offerings in the country, TATA motor finance is the country’s largest and most reliable finance company for vehicular finance. The company hails to be at the top, giving stiff competition to BAJAJ finance for vehicular loans. Established in 1957, the company has several iterations of its name, but the form and function have remained the same. To carry out its services, the company has well over 260 branches nationwide.
9. Muthoot Finance
The finance company could be one of the oldest in this list as it was established way back in 1888 in Kerala. Most of its services are oriented towards gold loans, exchanging gold for money, and more. The other services offered include asset/wealth management services, foreign exchange, travel services, and more.
Having well over 4000+ branches nationwide, the company has subsidiaries as well. These include power and finance generation. Home loans, commercial loans, and even microfinancing are part of its exhaustive list of services it offers.
10. Cholamandalam Finance
As a part of Murugappa Group, Cholamandalam investment and finance company limited was started back in 1978. Since then, it has offered services in loans, vehicular finance, equity loans, securities, and much more. The company has well over 1000+ branches where all of these services can be availed. The company handles well over 63,000 crore rupees under asset management.
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Finance Companies in India
The top 10 finance companies list is sorted based on the average customer reviews, popularity, and services it offers. Each of them provides different packages, plans, and services that would meet almost all of your expectations.
Nevertheless, it’s a good deed to research more about them and see what you can and cannot afford while you choose a finance company. Anyways, if the above-given ones don’t come to your aid, then there are plenty of other finance companies that will.