India’s Top100 NBFCs Ranking in 2026
The Non-Banking Financial Company (NBFC) sector in India has emerged as an important pillar of the nation's economy. The sector is witnessing robust expansion, driven by digital adoption, retail lending, and strategic co-lending partnerships.
Future of NBFCs
- Financial Inclusion: NBFCs are bridging the credit gap at places where banking is not available. Micro-finance institutions (MFIs) and Housing Finance Companies (HFCs) are playing a huge role in providing affordable housing and small business loans in rural India.
- Digital Transformation: Combining physical branches with digital capabilities is vital. It is expected that more than 80% of the urban population will use digital payments for routine transactions.
Top 100 NBFCs Depending on AUM
Given in the table below is the top 100 NBFCs depending on the AUM:
Rank | NBFC | Latest AUM (Rs. Crore) |
1 | Power Finance Corporation (PFC) | 11,78,087 |
2 | REC Limited (Rural Electrification Corp) | 5,49,786 |
3 | Bajaj Finance Limited | 4,16,661 |
4 | LIC Housing Finance Limited | 3,09,587 |
5 | Tata Capital Limited | 2,43,896 |
6 | Shriram Finance Limited | 2,43,043 |
7 | Edelweiss Financial Services Ltd. | 2,15,170 |
8 | Cholamandalam Inv. & Fin. Co. Ltd. | 1,99,876 |
9 | Muthoot Finance Limited | 1,22,000 |
10 | Mahindra & Mahindra Financial Services Ltd. | 1,19,673 |
11 | Aditya Birla Finance Limited | 1,19,437 |
12 | Housing & Urban Dev. Corp. (HUDCO) | 1,18,931 |
13 | Bajaj Housing Finance Limited | 1,14,684 |
14 | HDB Financial Services Limited | 1,07,262 |
15 | L&T Finance Limited | 1,02,314 |
16 | PNB Housing Finance Limited | 82,100 |
17 | Piramal Capital & Housing Finance Ltd. | 80,689 |
18 | Indian Renewable Energy Dev. Agency (IREDA) Ltd. | 76,282 |
19 | Tata Capital Housing Finance Limited | 75,636 |
20 | India Infrastructure Finance Co. Ltd. (IIFCL) | 64,058 |
21 | Sammaan Capital Limited | 62,346 |
22 | Sundaram Finance Limited | 51,476 |
23 | Poonawalla Fincorp Limited | 47,701 |
24 | Manappuram Finance Limited | 43,004 |
25 | Can Fin Homes Limited | 40,967 |
26 | Muthoot Fincorp Ltd | 40,248 |
27 | ICICI Home Finance Company Limited | 38,942 |
28 | IIFL Home Finance Limited | 38,387 |
29 | TVS Credit Services Limited | 27,763 |
30 | Capri Global Capital Limited | 27,040 |
31 | CreditAccess Grameen Limited | 25,904 |
32 | Aadhar Housing Finance Limited | 25,531 |
33 | Aavas Financiers Limited | 20,400 |
34 | Avanse Financial Services Ltd. | 18,985 |
35 | Credit Saison India Private Ltd. | 18,175 |
36 | Truhome Finance Limited | 17,764 |
37 | Northern Arc Investments Ltd. | 16,525 |
38 | Sundaram Home Finance Limited | 16,331 |
39 | Shriram Housing Finance Limited | 15,236 |
40 | Fedbank Financial Services Ltd. | 15,000 |
41 | Repco Home Finance Limited | 14,492 |
42 | Northern Arc Capital Ltd. | 13,634 |
43 | S.K. Finance Limited | 13,451 |
44 | Vivriti Capital Private Limited | 13,181 |
45 | SATIN Creditcare Network Ltd. | 12,784 |
46 | Home First Finance Company India Limited | 12,713 |
47 | Incred Financial Services Limited | 12,384 |
48 | MAS Financial Services Ltd. | 12,379 |
49 | ASIRVAD Microfinance Ltd. | 12,149 |
50 | Hinduja Housing Finance Limited | 12,091 |
51 | Ugro Capital Ltd. | 12,081 |
52 | Five Star Housing Finance Ltd. | 11,877 |
53 | Navi Finserv Private Ltd. | 11,695 |
54 | SMFG India Home Finance Company Ltd. | 11,692 |
55 | Vastu Housing Finance Corporation Limited | 11,423 |
56 | Aptus Value Housing Finance India Ltd. | 11,267 |
57 | IIFL Samasta Finance Ltd. (MFI) | 11,100 |
58 | GIC Housing Finance Limited | 10,692 |
59 | Jio Financial Services Limited (JCL) | 10,053 |
60 | Grihum Housing Finance Limited | 9,374 |
61 | SBFC Finance Ltd. | 9,351 |
62 | Spandana Sphoorty Financial Ltd. | 8,936 |
63 | Bengal & Assam Company Ltd. | 8,866 |
64 | India Shelter Finance Corporation Ltd. | 8,535 |
65 | Belstar Microfinance Limited | 7,969 |
66 | Indostar Capital Finance Ltd. | 7,963 |
67 | Svatantra Microfin Ltd. | 7,724 |
68 | Mahindra Rural Housing Finance Ltd. | 7,503 |
69 | Veritas Finance Private Limited | 7,349 |
70 | Fusion Micro Finance Ltd. | 7,000 |
71 | Anand Rathi Global Finance Limited | 7,000 |
72 | BOB Financial Solutions Limited | 6,913 |
73 | Chaitanya India Fin Credit Private Limited | 6,713 |
74 | Shubham Housing Development Finance Co. Ltd. | 6,530 |
75 | Lendingkart Finance Ltd. | 6,494 |
76 | Hero Housing Finance Limited | 6,474 |
77 | Godrej Housing Finance Limited | 6,269 |
78 | Tyger Capital Private Ltd. | 6,094 |
79 | Home Credit India Finance Pvt. Ltd. | 5,961 |
80 | Clix Capital Services Private Limited | 5,792 |
81 | Kosamattam Finance Limited | 5688 |
82 | Aye Finance | 5,533 |
83 | Paisalo Digital Ltd. | 5,449 |
84 | Arka Fincap Limited | 5,211 |
85 | Capri Global Housing Finance Limited | 5,202 |
86 | Motilal Oswal Home Finance Limited | 4,878 |
87 | Nido Home Finance Limited | 4,235 |
88 | Cashpor Micro Credit | 4,235 |
89 | Profectus Capital Pvt. Ltd. | 3,468 |
90 | Kinara Capital Private Ltd. | 3,189 |
91 | Muthoot Homefin (India) Limited | 2,985 |
92 | Muthoot Housing Finance Company Ltd. | 2,774 |
93 | JM Financial Home Loans Limited | 2,581 |
94 | UTI Asset Management Company Ltd. (NBFC Arm) | 2,500 |
95 | Wonder Home Finance Limited | 2,390 |
96 | Ummeed Housing Finance Private Limited | 2,362 |
97 | Dvara KGFS Limited | 2,202 |
98 | DMI Housing Finance Private Limited | 1,818 |
99 | Manappuram Home Finance Limited | 1,783 |
100 | AVOM India Housing Finance Private Ltd. | 1,749 |
Key Highlights of the NBFC Sector
The total assets of the NBFC sector in India are approximately Rs.45 lakh crore. This huge valuation shows the sector's increased reach into Tier-2 and Tier-3 cities, providing credit where traditional banks often face reach limitations.
Some of the major reasons for the growth in the NBFC Sector are mentioned below:
- Co-Lending Models: Partnerships between NBFCs, banks, and fintech firms to democratise credit access.
- Vehicle Loans: Strong demand in both commercial and personal vehicle segments.
- MSME Financing: Continued support for small and medium enterprises.
- Retail Assets Under Management (AUM): A surge in consumer credit demand.
Ranking Methodology
NBFCs are not ranked solely on the size of their assets. A comprehensive multi-parameter framework is used to ensure a holistic evaluation of each institution.
Some of the parameters that are considered when ranking NBFCs are mentioned below:
- Social Media Engagement: A modern addition to the criteria, this measures how effectively the NBFC engages with its audience on digital platforms, reflecting its brand visibility and responsiveness.
- Customer Experience: In the digital age, how an NBFC treats its customers is vital. The ranking evaluates service standards, grievance redressal, and the ease of obtaining credit.
- Market Position: This looks at the brand equity and the company’s standing in the market. Factors include track record and history, diversification of the product portfolio, and geographical reach.
- Earnings and Capital Leverage: The ability of the NBFC to make profit is crucial for sustaining growth.
- Asset Quality: This is a vital factor as it assesses the credit risk and the proportion of Non-Performing Assets (NPAs). A lower NPA ratio indicates a healthier loan book.
FAQs on List of top NBFC Companies in India
- What is the role of technology in modern NBFCs?
Technology plays a vital role for NBFCs, enabling faster loan processing, better risk management, and wider reach through mobile apps. This digital shift helps reduce costs and improve customer service.
- Are HFCs included in this list?
Yes, HFCs like LIC Housing Finance and emerging players like Shubham Housing Development Finance are included in the ranking.
- What are the key growth sectors for NBFCs?
The main growth sectors are retail loans, vehicle financing, and MSME lending.
- What is the estimated size of the NBFC sector in 2025?
The total assets of the NBFC sector are estimated to be around Rs.45,00,000 crore in 2025.
- Why are NBFCs important for the Indian economy?
NBFCs are crucial as they provide credit to sectors often overlooked by traditional banks, such as MSMEs, unorganised retail, and rural infrastructure, thereby promoting financial inclusion.
- How does an NBFC differ from a bank?
The main difference is that NBFCs cannot accept demand deposits.
- Which is the top-ranked NBFC in India for 2025?
Power Finance Corporation (PFC) is the top-ranked NBFC.
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