Finance is one of the core sectors of every economy. It is a business enabler, and at the same time, the sector helps businesses and individuals. The scope of finance companies in India is huge. Many people believe that the scope of a finance company is limited to giving loans, but that is not true. Many of these finance companies in India also have subsidiaries which help you invest your money. For those interested in diving deeper into the world of finance, pursuing an investment banking certification can provide valuable insights and skills to navigate this dynamic industry. In addition, because of the government’s financial inclusion scheme, the scope of finance companies has widened. Today, you will see many Non-Banking Finance Companies that are provided services at the grass root level.
Many of these NBFCs are micro-finance organizations that are helping the rural-sector population with loans and credits. Talking about the core finance company, their business is to disburse capital for businesses and individuals. The loan can be for any reason, and there is a different product for every need. Some of these categories of loans are personal loans, education loans, auto loans, business loans, agricultural loans, consumer durable loans and so on. You can connect with your preferred finance company and apply for a loan.
Many finance companies today offer a digital experience to the customer, which has eliminated the need for any paperwork. In addition, you will also finance companies which provide instant-loan to the users. Another popular product in the market is the pre-approved loan. Many companies have pre-approved offers for you based on your credit history, making the process even quick. So, with all that, the next question is which finance company you should contact. Let us find the answer to this in the next section.
In this section, we have compiled a list of the top 10 best finance companies in India. We have looked at the products, consumer base, ease of financing, market penetration, reachability, customer service and size of these organizations before coming up with the list. Go ahead and check out the details now.
1. HDFC Bank
The first name on our list is HDFC Bank. This company was incepted in 1994, and today, it is one of the largest private sector banks. The bank is known to be part of the country’s critical infrastructure, and its headquarters is located in Mumbai. HDFC Bank offers a wide range of products and has a lot of variations in financing solutions. The credit cards offered by the bank are also quite amazing. They can give you access to the Insta Loan and the Jumbo Loan as per your needs. Coupled with digital services, HDFC is the undisputed master of the territory. The bank also has an amazing reputation which helps the bank serve more customers.
2. ICICI Bank
The next on the list is ICICI Bank, it is also a private sector bank. The bank has its headquarters in Mumbai, Maharashtra, and it was also founded in 1994, just like HDFC Bank. ICICI Bank is a leading bank which offers investment banking, commercial banking and retail banking solutions to the people. Financing services have a huge range, and digital access makes it easy for anyone to get them. You can apply for loans digitally, and if you have a salary bank, you will also find pre-approved loan offers on your account, making credit more accessible to everyone.
3. State Bank of India
State Bank of India is a government-owned entity whose history can be traced back to 1921. The bank officially came into the picture in 1955. Since it is the largest bank in India, it also has better access to the rural area. A significant number of customers of SBI are from semi-urban and rural states, and because of this, SBI has a better market penetration than any other bank. Apart from this, SBI has many products, and usually, the interest rate offered by SBI is much better than other financial entities. It is also a preferred bank for home and auto loans.
4. Bajaj Finserv
Moving on, we have Bajaj Finserv on the list, and this is a NBFC. The headquarters of Bajaj Finserv is in Pune, and it was founded in 2007. The core business of Bajaj Finserv is lending, asset management, insurance and wealth management. The entity has various subsidiaries dealing in different solutions. These include Bajaj Finance, Bajaj Housing Finance and Bajaj Markets. This financial company also offers an EMI card where you have a pre-approved limit. You can use this limit to make no-cost EMI purchases. Talking about the loans, this entity offers personal loans, business loans, gold loans, specialized loans for professionals, housing loans and many other services. They have excellent customer service and a network that makes doing business with them easy.
5. Axis Bank
Axis Bank is in 5th rank, earlier known as UTI Bank. Axis Bank has its headquarters in Mumbai, and it was incepted in 1992. Today, Axis Bank is India’s third largest private sector bank. It is a popular choice when it comes to financial solutions for retail clients as well as corporate clients. The bank also offers various financial solutions, including credit cards and loans. Overall, the bank has excellent customer service. If you want to experience a premium service, you can also opt for Burgundy Solutions from the bank, which gives you access to priority banking.
6. Kotak Mahindra Bank
Kotak Mahindra Bank is another private-sector bank that made it to our list. The bank offers investment management, insurance, wealth management and personal financing solution. It is one of the largest banks by market capitalization. Kotak Mahindra Bank was founded in 1985 by visionary Uday Kotak. Today, the bank has over a lakh employees who are serving customers. Another USP of Kotak Mahindra Bank is that it offers preferential interest rates on deposits and loans, making it a preferred choice among many people. The bank has over 1780 branches across major Indian cities, which has helped the bank grow. All the services the bank offers are available digitally, which is another advantage of this financial entity.
7. Aditya Birla Capital
Aditya Birla Capital is owned by Aditya Birla Group, making it huge in the financing industry. Aditya Birla Capital has a lending book of approximately Rs 943 billion and over 38 million active customers. The group’s operations have scaled across 36 countries, and Aditya Birla Capital has more than 185,000 workers from 100 different countries. The solution from the bank includes home loans, SME Financing, personal financing, business loans, mortgage financing and loan against securities. The group is highly efficient, allowing customers to get a one-stop solution for all their financial needs. Aditya Birla Capital also offers investing solutions and insurance plans.
8. IndusInd Bank
At number 8, we have IndusInd Bank Limited, headquartered in Mumbai. The bank was founded in 1994, and today, it has grown massively. The bank’s speciality is retail banking, and it has a huge customer base owing to the higher interest rate that it offers on saving bank accounts and deposits. IndusInd Bank’s services include consumer banking, corporate banking, financing solutions, commercial banking, treasury operations and wealth management. The bank offers various kinds of loans that you can take advantage of.
9. LIC Housing Finance
If you are looking for the largest housing financing group in India, then it has to be LIC Housing Finance. The company was founded in 1989, and its headquarters is in Mumbai. In addition, LIC Housing Finance’s core business is providing loans for property and homes. LIC Housing Finance also offers other financial products related to real estate financing. The majority of the stake here is owned by LIC, which is the primary promoter of the group. Currently, LIC Housing Finance also provides financing solutions to builders and developers.
10. Mahindra Finance
The last entity on our list is Mahindra and Mahindra Financial Services, which is also known as Mahindra Finance. This finance company was founded in 1991 after India opened its trade policies. Mahindra Finance had a humble start, starting with M&M Utility Vehicle financing in 1993. In the later years, the company also got into the business of financing non-M&M vehicles. As of today, it is one of the largest financial companies and one of the preferred organizations for M&M Auto. With time, Mahindra Finance has diversified, offering SME Financing, Insurance Broking, Housing Finance, Asset Management Services and other investment products.
Final Take
All of these finance companies on our list have a high reputation and are known for their innovative solutions. Depending on your needs and profile, you can contact one of them for finance solutions. In addition, you can generate your CIBIL report beforehand if you want to get a glimpse of your credit score and history. This can also help you negotiate the interest rate. You must also know your rights when you are getting a loan. This will help you avoid any additional charges from the finance company. If you’re in Singapore, considering a reputable licensed money lender in Singapore could also be a viable option for your financial needs.
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Anantha Nageswaran is the chief editor and writer at TheBusinessBlaze.com. He specialises in business, finance, insurance, loan investment topics. With a strong background in business-finance and a passion for demystifying complex concepts, Anantha brings a unique perspective to his writing.
