Money Magnets: 10 Leading Finance Companies in India

India is home to numerous non-banking financial companies (NBFCs) that provide various financing and banking services. These companies are regulated by the Reserve Bank of India (RBI) and offer services such as credit cards, loans, stocks, investments, and TFCs, similar to traditional banks. However, they are not permitted to accept deposits from the public. These NBFCs play a significant role in the Indian economy, providing employment opportunities for many.

The financial sector in India is a crucial component of the country’s economy, contributing significantly to the country’s GDP growth. According to a survey by easyleadz, over 80,000 active financial companies in India provide financing services to customers.

While there are numerous NBFCs in India, ranking them based on subjective criteria is not within the purview of an objective article. Therefore, it is vital to acknowledge these companies’ critical role in the Indian economy and the various services they offer. Their contributions to the country’s financial landscape and impact on employment and economic growth cannot be overstated.

What Are Financial Companies? What Services Do They Offer?

Non-banking financial companies (NBFCs) provide financial services similar to traditional banks, such as loans, credit cards, investments, and other financial products. However, NBFCs are not licensed to accept deposits from the public, which is a crucial difference from traditional banks. 

What Are the Best Top 10 Financial Companies in India?

The Best Financial Companies in India Are:

1. Bajaj Finance Limited
2. Tata Capital Financial Services Limited
3. Aditya Birla Finance Limited
4. L & T Finance Limited
5. Muthoot Finance Limited
6. Mahindra & Mahindra Financial Service Limited 
7. HDB Financial Services 
8. Power Finance Corporation Limited
9. Shriram Transport Finance Company Limited
10. Cholamandalam Investment and Finance Company

Based on their market value and other factors, these are some of the best finance companies in India. Together, these companies contribute $20 billion to the Indian GDP and provide valuable employment opportunities, strengthening the economy.

The finance sector in India is a significant contributor to the country’s revenue, with many companies providing services in multiple nations. Some of these companies are recognised among the world’s best and are highly regarded for their exceptional financial services that are on par with traditional banks.

Top 10 Finance Companies in India in the Year 2023

Indian Finance Companies Market value is estimated at $200 billion, according to the Times of India. There is significant growth in this sector, growing annually with a growth rate of 18.23%, as stated by the Maps of India, playing an essential role in India’s economic development.

1. Bajaj Finance Limited

Bajaj Finance Limited, or Bajaj Finserv Limited, was established in 2007, founded by Rahul Bajaj and headquartered in Pune. It is India’s one of the best financial companies among the others. It provides loans, commercial lending, wealth management, small and medium-sized enterprises, consumer finance, general insurance, and credit card services. 

Bajaj Finance Limited has 1400+ branches across the country and has a workforce of 27,000 employees. According to Wikipedia, in 2022, their revenue was $2.1 billion, the highest compared to other listed companies. 

2. Tata Capital Financial Services Limited

Tata Capital Financial Services Limited was established in 2007, founded by Ratan Tata and headquartered in Mumbai. It is the best financial company trusted by the Indian people and offers commercial finance, wealth management, loans, and infrastructure finance services. 

It is a division company of Tata Sons Limited. It had an estimated total revenue of $1.9 billion in 2022 with a workforce of 10,000, making it one of India’s leading finance companies.

3. Aditya Birla Finance Limited

Aditya Birla Finance Limited was established in 1991, headquartered in Mumbai, and it is one of India’s most renowned financial companies. They offer corporate finance, commercial mortgages, structured finance, and capital markets services. 

They have a total workforce of 40,000 employees and have made $1.2 billion in revenue in 2022. 

4. L & T Finance Limited

L & T Finance Limited was established in 1994, headquartered in Mumbai, and It is one of the leading companies in finance and various sectors. They offer financial services to various industries, including agriculture, trade, and businesses. 

According to the Times of India, they have a workforce of 6783 employees and have made approximately $.1 billion in 2022.

5. Muthoot Finance Limited

Muthoot Finance, India’s best financial company, was established in 1888 and headquartered in Kerala. It is the first finance company in India and offers services, including asset management, money transfer, travel, tourist services, loans on gold jewellery, and foreign exchange. 

It is one of the largest finance companies with 4,400 branches and operates internationally in the UK, US, and UAE. They have a workforce of 30,000 employees and have made a revenue of $1.2 billion in 2022.

6. Mahindra & Mahindra Financial Service Limited 

Mahindra & Mahindra Financial Service Limited was established on 1 January 1991, headquartered in Mumbai, and renowned as one of the country’s largest and top tractor financiers as it is an Indian rural non-banking financial company. 

It is the largest financial company in India, with 1000+ offices across the country and a workforce of 20,000+ employees, making $1.7 billion in revenue in 2022. They offer services, including corporate and working capital advances and gold advances.

7. Hdb Financial Services 

HDB Financial Services was established in 2007 and is headquartered in Mumbai. Renowned as one of the largest financial companies with an A1+ rating for short-term debt service and has more than 1000+ active branches across the country.

They offer services loans, including personal and business, gold, new and old car, auto, and enterprise business loans, with a workforce of 1,00,000+ employees. They made $1 billion in revenue in 2022. 

8. Power Finance Corporation Limited

Power Finance Corporation Limited was established in July 1986, headquartered in New Delhi, and renowned as the most trusted financial company. It is listed on BSE and NSE and falls under the ownership of the Ministry of Power, Government of India. 

They offer funding and financial services to the country’s power projects and help businesses with power production, distribution and transmission with a workforce of 1000+ employees and having made $9 billion in revenue in 2022, the highest revenue ever made by the financial company. 

9. Shriram Transport Finance Company Limited

Shriram Transport Finance Company Limited was established in 1979, is headquartered in Chennai and offers services related to general protection, mutual funds, typical assets, stock-broking, and general insurance. 

Their main focus is on financing automobiles and businesses, with a workforce of 32,000+ employees, and they made $900 million in revenue in 2022.

10. Cholamandalam Investment and Finance Company

Cholamandalam Investment and Finance Company was established in 1978, and it is a division company of the Murugappa group headquartered in Chennai and has 1029+ branches across the country.

According to Wikipedia, they started with an equipment lending business and today have a workforce of 7000+ and have made $730 million in revenue in 2022. It is a financial and investment service provider company in India.

Conclusion

These financial companies with multiple branches provide top-notch services to their customers while contributing significantly to India’s economy, resulting in strong GDP growth and employment opportunities for the Indian people.

Most of the companies listed above operate in multiple nations and are considered top players in the financial sector, one of India’s most profitable sectors.

FAQs

• What Services Do Financial Companies Offer?

Financial companies (NBFCs) provide financial services like traditional banks, such as loans, credit cards, investments, and other financial products.

• Are Financial Companies Profitable?

The financial sector in India is highly profitable and is projected to reach an estimated value of $250 billion by 2025, according to the Economic Times.

• Which is the Best Financial Company in India?

Bajaj Finance Limited, or Bajaj Finserv Limited, is India’s one of best financial companies. It provides loans, commercial lending, wealth management, small and medium-sized enterprises, consumer finance, general insurance, and credit card services. 

• Which is the Best Government Financial Company?

Power Finance Corporation Limited, The best Government Financial Company, is renowned as the most trusted financial company. It is listed on BSE and NSE and falls under the ownership of the Ministry of Power, Government of India. They offer funding and financial services to the country’s power projects and help businesses with power production, distribution and transmission.

• Which Are the Top 5 Financial Companies in India?

The Top 5 Financial Companies in India Are:

1. Bajaj Finance Limited
2. Tata Capital Financial Services Limited
3. Aditya Birla Finance Limited
4. L & T Finance Limited
5. Muthoot Finance Limited

Based on their market value and other factors, these are some of the best finance companies in India. Together, these companies contribute $20 billion to the Indian GDP and provide valuable employment opportunities, strengthening the economy.