Top NBFC in India- A Guide to Choose the Best Company

While banks are India’s most prominent and secure financial landscape, non-banking financial companies (NBFCs) are pivotal in driving credit access and financial inclusion nationwide. Whether you are a small business owner, a salaried professional, or a first-time borrower, choosing the top NBFC in India makes a significant difference in achieving financial goals. 

But how can we identify the best NBFC in India in a market filled with several options? Don’t worry; this guide walks you through key factors to consider before selecting the top NBFC in India for your financial needs. 

What is an NBFC?

An NBFC, or Non-Banking Financial Company, is a financial institution that functions like a bank but is not actually a bank. It offers loans, credit facilities, asset financing, wealth management, and more. While they do not accept demand deposits like banks, their role is substantial, especially in underserved sectors. The primary reason NBFCs become so popular among individuals seeking finance is their accessibility. NBFCs offer the flexibility of borrowing money, which banks lack because they are more bureaucratic. 

How to Choose the Right NBFC for Your Financial Needs?

Choosing the top NBFC in India ensures reliable services, a transparent process, competitive interest rates, and customer-centric solutions. Wrong choices can lead to hidden charges, poor support and sometimes scams. Here is how to choose the best NBFC in India. Check for – 

1- Regulatory Compliance & License

First, you must check that the best NBFC in India is registered with the Reserve Bank of India (RBI). Verify its credibility through authentic sources. A licensed NBFC operates under strict regulations, ensuring transparency and customer safety. 

2- Reputation & Track Record 

A top NBFC in India will have a proven track record of customer satisfaction, strong online reviews, and industry recognition. If you are choosing the largest NBFC in India, you can also ask your friends about it; they must have known about it directly or indirectly. 

3- Loan Products & Services 

The next factor to consider while choosing the best NBFC in India is its range of services. Of course, even the top NBFC in India can not meet the bank’s standards, but they are top-notch in their segment as per their services. India top NBFC companies provide services like personal, business, vehicle, home, and investment advisory loans. 

4- Interest Rates & Charges 

Now, the most essential factors in choosing an NBFC are the interest rate and other charges. The best NBFC in India should charge the genuine interest rate, within the industry standards. Compare interest rates, processing charges, payment penalties and other hidden charges of India top NBFC companies. The top NBFC in India will maintain transparency and offer competitive terms.  

5- Digital Access

In a world where everything is available online, even payments, digitalisation makes accessing and processing easier and faster. Go for the company that supports digital services like seamless access via a mobile app or website.

6- Customer Services

Another important aspect is customer service. In the fast-paced world, no one has time to wait and visit in person to resolve issues. Excellent customer support improves the digital experience. The top NBFC in India is often tech-enabled and responsive to customers. 

7- Credit Approval Time 

Check the loan approval time of the company. India top NBFC companies offer quick disbursals, often within 24-48 hours. This is really helpful for emergency financial needs. 

8- Credit Score & Eligibility Criteria 

The best NBFC in India offer flexible eligibility criteria to make their services accessible to most finance seekers. Moreover, the top NBFC in India support long-term financial needs, not just short-term. 

Red Flags to Avoid

You should avoid the company if –

• There is a lack of transparency in loan terms
• Unfavourable reviews 
• No RBI registration
• Ungenuine interest rate 
• Unprofessional customer service

Top NBFC in India Ranking Based on Their Market Cap

We have shortlisted these companies based on their market cap. 

1- Bajaj Finance – ₹ 558,362.97 Cr. 

2- IRFC – ₹ 189,427.99

3- Bajaj Holdings – ₹ 149,291.34

4- Chola Invest. – ₹ 127,229.23

5- Shriram Finance – ₹ 120,598.18

6- Muthoot Finance -₹ 91,052.01

7- Sundarram Fin -₹ 56,348.54

8- Motilal Oswal – ₹ 49,209.66

9- LT Finance – ₹ 43,754.12

10- MM Financials –  ₹ 36,549.29

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However, these top NBFC companies in India are not only ranked due to their strong financial standing but are also known for their customer-centric approach and wide range of services. 

Whether you’re planning to finance a new home, grow your business or manage personal expenses, the top NBFC in India will help you.