We provide lender-ready capital raise packaging and debt or equity placement support for business owners and buyers looking to secure serious term sheets and close funding on a defined timeline.
For business owners and acquirers pursuing private debt or equity, submit your deal for review. We revert within one working day with next steps and either a quote for our services.
For pre-submission discussions, we offer paid consultations. To initiate underwriting and lender outreach, submit the deal.
India Credit Market Guide
If you are comparing lenders in India, the term “best NBFC” gets thrown around too loosely. A better approach is to segment by use case, product depth, and execution fit. This page uses the RBI NBFC Upper Layer list as a practical starting point because it captures large, systemically important names with broad market relevance.
The core list is anchored to the RBI 2024-25 NBFC Upper Layer list. This is a sensible benchmark for large, widely used NBFCs, but it is not a performance ranking.
Each entry is summarized by its visible core lending or finance focus so users can map an NBFC to a specific borrowing need instead of treating all NBFCs as interchangeable.
The list includes institutions serving retail borrowers, MSMEs, and corporates. Some are housing-first platforms, while others are diversified lending and financial services groups.
Every listed NBFC below includes a link to its official website or official parent page so you can verify product scope directly at the source.
| NBFC | RBI Category (UL List) | Core Services / Product Focus | Typical Borrower Use Cases |
|---|---|---|---|
| LIC Housing Finance Limited | Deposit taking HFC | Home loans, plot loans, construction and renovation loans, LAP, corporate offerings, deposits | Retail housing borrowers, property-backed borrowing, developers and corporate housing-linked programs |
| Bajaj Finance Limited | Deposit taking NBFC-ICC | Consumer finance, personal and business loans, SME financing, commercial lending, deposits and cards through group ecosystem | Retail credit, MSMEs, merchants, equipment and working capital borrowers |
| Shriram Finance Limited | Deposit taking NBFC-ICC | Vehicle finance, personal and business loans, insurance and investment distribution, payments services | Commercial vehicle borrowers, small businesses, retail borrowers in semi-urban and urban markets |
| Tata Sons Private Limited | Core Investment Company | Principal investment holding and promoter company of Tata group companies, not a standard retail lending storefront | Relevant for regulatory classification discussions, not for direct consumer loan sourcing |
| Cholamandalam Investment and Finance Company Limited | Non-deposit taking NBFC-ICC | Vehicle loans, home loans, personal loans, business loans and related financing products | Retail and MSME borrowers, transport operators, small businesses and property-linked borrowers |
| L&T Finance Limited | Non-deposit taking NBFC-ICC | Retail finance and broader non-banking financial services, including consumer and business lending categories | Retail borrowers and enterprises seeking loans through a large diversified NBFC platform |
| Mahindra & Mahindra Financial Services Limited | Deposit taking NBFC-ICC | Vehicle and rural finance, loans, fixed deposits and related financial products | Rural and semi-urban borrowers, vehicle buyers, SMEs and deposit customers |
| Aditya Birla Finance Limited (via Aditya Birla Capital ecosystem) | Non-deposit taking NBFC-ICC | Business loans, personal finance, mortgage finance, SME and corporate finance, wealth and capital market-related solutions | Retail borrowers, SMEs, mid-market and corporate borrowers looking for broad financial solutions |
| Tata Capital Limited | Non-deposit taking NBFC-ICC | Loans, investment and financial services across retail and business segments | Personal, business and structured borrowing requirements across multiple credit products |
| Piramal Capital & Housing Finance Limited | Non-deposit taking HFC | Home loans, business loans, loan against property and personal loans through Piramal Finance platform | Retail housing borrowers, self-employed borrowers and property-backed credit users |
| PNB Housing Finance Limited | Deposit taking HFC | Home loans, loan against property and non-home property-backed lending products | Retail housing borrowers, LAP borrowers and property owners seeking secured credit |
| HDB Financial Services Limited | Non-deposit taking NBFC-ICC | Retail loans and business loans across multiple categories with digital and branch channels | Individuals and SMEs seeking fast-approval unsecured or secured lending options |
| Sammaan Capital Limited | Non-deposit taking NBFC-ICC | Housing finance and loan against property-led lending under the Sammaan Capital brand | Home loan and property-backed borrowers, including self-employed segments |
| Muthoot Finance Limited | Non-deposit taking NBFC-ICC | Gold loans as flagship product, with additional loan products and customer service tools through branch and digital channels | Borrowers needing fast secured liquidity against gold, often for short-tenor funding needs |
| Bajaj Housing Finance Limited | Non-deposit taking HFC | Housing finance and mortgage-related products through a dedicated housing finance platform | Home buyers, property owners and borrowers seeking housing-linked secured credit |
Practical reading: some names above are broad credit platforms, while others are specialized housing or collateral-backed lenders. “Top” does not mean suitable for every file. The right match depends on ticket size, collateral, borrower profile, tenure, and turnaround expectations.
Start with the actual product: home loan, LAP, vehicle finance, MSME working capital, gold-backed loan, or structured corporate borrowing.
Housing-focused HFCs can be stronger for property-linked cases, while diversified NBFCs may offer broader multi-product relationships.
Review the official site for borrower type, documentation, income proofs, collateral requirements, and geography coverage before applying.
Processing time, fees, LTV, tenure, repayment flexibility, and disbursal speed can matter as much as the headline interest rate.
False. Product specialization varies sharply. A gold loan NBFC, a housing finance company, and a diversified consumer-credit NBFC are not interchangeable.
Not always. Pricing and approval outcomes depend on borrower risk, collateral quality, profile strength, and product type, not brand size alone.
Incorrect. Many NBFCs serve SMEs, developers, transport operators, and corporate borrowers, including secured and structured use cases.
It is a regulatory classification framework. It is useful for identifying large and systemically important names, but it does not rank service quality for your specific case.
Aadhar Housing Finance is frequently compared in Indian housing-finance discussions. It is included here as a related reference link for users comparing major HFCs, even though the core table above is framed around the RBI 2024-25 NBFC Upper Layer list.
If you are pursuing a business, project, or structured finance transaction and want a lender-ready package before outreach, Financely can help prepare your underwriting file, structure the request, and support a disciplined lender process.
This is especially useful when multiple lenders may fit the transaction and you need a clean credit narrative, document set, and capital stack presentation.
No. NBFCs are regulated financial entities but they are not banks. Their business models, product mix, funding profile, and operational focus can differ materially from banks.
No. This is a service-focused guide anchored to the RBI Upper Layer list. Borrowing cost and approval probability depend on the borrower and transaction details.
It appears in the RBI Upper Layer list as a Core Investment Company. Its inclusion is regulatory in nature and should not be read as a consumer lending recommendation.
LIC Housing Finance, PNB Housing Finance, Piramal Capital & Housing Finance, Sammaan Capital, and Bajaj Housing Finance are more directly associated with housing or property-backed lending.
Muthoot Finance is widely known for gold-backed lending and is often considered a primary option for short-tenor liquidity against gold collateral.
For straightforward retail borrowing, direct application may be sufficient. For larger business or structured transactions, advisor-led packaging can improve lender fit and reduce process friction.
This page is an informational market guide and not a recommendation, solicitation, or guarantee of approval from any NBFC. Product availability, eligibility, pricing, and policies change over time and should be verified on each lender’s official website.
Informational content only. This page does not constitute legal, tax, accounting, or investment advice. The references to external NBFC websites are provided for user convenience and due diligence. Always verify current products, charges, and terms directly with the relevant institution before applying.
Financely advises growth-focused businesses on accessing capital by introducing their opportunities to professional investors. Financely is not a securities broker or dealer. Where appropriate, engagements are coordinated with regulated broker-dealers, investment banks, legal counsel, and other specialists.
Financely does not solicit, offer, or accept orders to buy or sell securities and makes no assurance regarding capital-raising outcomes.
Services are strictly business-to-business. Financely does not provide personal finance, consumer credit, or retail advisory services.
Advisory services are reserved for post-revenue companies that recognize the time and resources required for professional underwriting.
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All mandates start with an RFQ. We review submissions, issue a brief Go/No-Go memo, and where bankable, release a Term Sheet that leads to funding. We arrange capital across Senior Secured, Unitranche, Second Lien/Mezzanine, Preferred Equity, and Gap Solutions. We do not process deals by email or chat.
Letters of Credit, Standby LCs, Confirmations, Receivables Finance, and Inventory Lines with control.
Funding arranged for trade flows with instruments sized to your cycle and aligned to delivery and settlement.
Move forward to secure working capital and keep goods moving. Submit the RFQ to start underwriting for funding.
Limited or non-recourse structures for energy and infrastructure with lender-ready materials.
Funding solutions aligned to project cash flows with credible covenants and conditions to reach notice to proceed.
Advance the file to termable status. Submit the RFQ so we can underwrite and secure funding.
Debt and Preferred solutions anchored on cash flow, Quality of Earnings, and clear closing mechanics.
Funding across senior, unitranche, and preferred to match stable cash flows and acquisition timelines.
Get financed on workable terms for closing. Submit the RFQ to start underwriting.
Acquisition, development, bridge, and refinance with lender-ready packs and third-party reports managed.
Funding calibrated to DSCR, leverage, and tenancy with terms designed to close.
Move to a financeable package. Submit the RFQ to initiate underwriting for funding.
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