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Though the non-banking financial companies do not meet the legal definition of bank, they still provide financial services as well as banking facilities, especially to those on the marginalized side of the economy. The services provided by NBFCs include loans, retirement planning, investment opportunities, and they all come under the ambit of banking regulations enshrined by the central bank, ie the Reserve Bank of India. With presence across urban as well as rural regions, these companies play a crucial role in keeping the economic cycle moving. Let’s take a look at some of the most reliable NBFCs in India in 2021.

Muthoot Microfin Limited

The microfinance arm of the Muthoot Pappachan Group, Muthoot Microfin Limited is currently one of the fastest growing microfinance institutions in the country. Rating agency CRISIL recently reaffirmed the highest M1C1 grading for the company for the fourth consecutive year. Earlier this year, the company launched Mahila Mitra, an app to help its women beneficiaries with ease of repayment. It’s integrated with various payment modes like Netbanking, UPI, Debit Card etc. Prior to the launch of the app, Muthoot Microfin had raised Rs 75 crore through market linked debentures issued on a private placement basis that would mature in 18 months.

Bajaj Finserv

A unit of Bajaj Holdings and Investments, Bajaj Finserv provides various kinds of loans such as home loans, personal loans, business loans and loans to doctors for enhancement of their career etc. They also provide pre-approved to their existing customers with good track record. The complete range of products offered by the company includes loans, credit cards, fixed deposits and EMI network. With more than 1400 branches spread across all parts of the country, Bajaj Finserv is one of the best known NBFCs in India at present. It also offers

Satya MicroCapital

The list of products offered by this fast growing NBFC include limited liability loan, individual micro loan, micro business loan, water and sanitation loan, consumer durable loan, emergency loan, PM SVANidhi loan and cattle loan. Focusing on fulfilling the credit requirements of those nestled at the bottom of pyramid, Satya Microcapital helps individuals raise their own working capital. The company has raised Rs 153 crore in equity from Japan-based Gojo and company, and has bagged several awards and accolades over the past few years. During the pandemic-induced lockdown, Satya MicroCapital also took initiatives to help labourers migrating from bigger cities to their hometowns.

HDB Finance Services

Operated by one of India’s largest private sector banks HDFC Bank, HDB Financial Services offers different types of secured as well as non-secured loans. With presence across 22 states in India through over thousand branches, the company has over the years been offering several loans like auto loan, doctor’s loan, gold loan, business loan, construction loan etc. The company has been accredited with AAA ratings by both CARE and CRISIL.

Tata Capital

A subsidiary of Tata Sons Limited, Tata Capital Financial Services Limited can be referred to as a one-stop financial service provider, as it offers multiple fund and fee-based financial services. Retail, institutional as well as corporate customers from across different businesses can avail the services of the Tata Capital Financial Services Limited. The services offered include consumer loans, wealth management, infrastructure & commercial finance, among others.

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