India’s financial services sector has seen massive growth, with a combination of traditional and digital-first non-banking financial companies (NBFCs). These institutions are filling gaps in access to capital, enabling millions of individuals and business to meet their financial needs. From consumer loans and MSME financing to gold loans and innovative digital solutions, these companies are not only providing financial products but also changing the way Indians interact with money. In this article, we look at five leading NBFCs—Bajaj Finance, Ashv Finance, Muthoot Finance, Mahindra Finance, and SAVE Solutions—that are transforming the landscape of financial inclusion, innovation, and customer service in India.
- Bajaj Finance
Bajaj Finance country’s leading non-banking financial company (NBFC), serves more than 80 million customers with a bouquet of financial services. Their products include consumer loans, personal loans, SME loans, and fixed deposits, with a focus on innovation and financial inclusion. With a presence across the urban and rural India landscape, Bajaj Finance has transformed itself into a digital-first, customer-centric enterprise, leveraging technology for seamless experiences. The company has excellent credit ratings of AAA/Stable, indicating its financial strength.
2. Ashv Finance
Ashv Finance is an NBFC with deep technological back-end support for emerging businesses in India. Collateral-free, flexible finances to MSMEs best describes the company’s lending profile. It intends to unlock growth by way of timely financial support by businesses. It is affiliated with the Aavishkaar Group, an expert impact-driven investor. Such an approach to innovation and integrity, coupled with top-of-the-line customer experience, makes Ashv the preferred partner for businesses just stepping into scale-up activities.
3. SAVE Financial Services Pvt. Ltd.
SAVE Financial Services Pvt. Ltd. is an NBFC-MSME, formerly known as Karmayogee Finance, which started its business operations in 2018. We are a wholly owned subsidiary of SAVE Solutions Pvt. Ltd., which received its Certificate of Registration in 2017 Starting as a full-fledged NBFC – MSME, SAVE Financial Services began to offer various Secured Loan Products while working with the aim to provide Employment, Income Generation, Financial Inclusion, and Development of Rural population. The Loan Products offered by SAVE Financial Services include Loan against Property/ Plot and Business Loans Leveraging the deeply penetrated network of SAVE Solutions Pvt. Ltd., encompassing a spread of 14000+ CSPs, which service over 21 million rural Indians residing in 8600+ villages, that are spread across 600+ districts in 28 States and 6 Union Territories, SAVE Financial Services has forayed into lending the unserved and under-served populations across the states of India.
3. Muthoot Finance
Muthoot Finance is the biggest NBFC in India with a focus on gold loans. This company boasts having more than 5,000 branches spread throughout the country. Loans can be acquired with minimal difficulties from the company. Loans offered are accessible against gold jewelry for urban as well as rural customers. Gold loans and other microfinance, insurance, and related services are provided. Its customer-centric approach has made it one of the most trusted financial institutions in India.
4. Mahindra Finance
Mahindra Finance is a major player in India’s financial services industry, offering a diverse range of products including vehicle loans, home loans, and personal loans. With a strong focus on rural and semi-urban markets, the company provides financial inclusion to underserved customers. Mahindra Finance has always been a customer-first company with a commitment to innovation. This has helped it to maintain leadership in the Indian NBFC space. Its vast network and tailored services make it a key contributor to India’s financial ecosystem.
