{"id":17130,"date":"2020-08-17T13:17:27","date_gmt":"2020-08-17T13:17:27","guid":{"rendered":"https:\/\/habiletechnologies.com\/?p=17130"},"modified":"2022-07-22T07:51:24","modified_gmt":"2022-07-22T07:51:24","slug":"top-nbfcs-in-india","status":"publish","type":"post","link":"https:\/\/wiki.cloudbankin.com\/index.php\/2020\/08\/17\/17130\/top-nbfcs-in-india\/","title":{"rendered":"Top 15 NBFCs in India"},"content":{"rendered":"

[vc_row][vc_column width=”3\/4″ el_class=”habilecompanieslist”][stm_post_details][vc_column_text]Numerous banks offer some great financial products in India, but if you\u2019re looking for swiftness, variety and efficiency, who do you turn to? NBFCs (Non-Banking Financial Companies) are save-the-day institutions that provide a plethora of financial products like loans, credit facility, stock investments and Term Finance Certificates (TFCs:<\/span> instruments issued by companies to generate short and medium term funds<\/span>)<\/span>, and they do it quicker and with fewer procedures than banks. Some even use NBFC Softwares in order to speed up the process. <\/span><\/p>\n

What are NBFCs?<\/b><\/h3>\n

These are companies that, just like banks, offer loans, advances, stocks, bonds, debentures, securities, retirement funds, mutual funds and umpteen more products to the general public, without being classified as a bank. Regulated by the Reserve Bank of India (RBI) and Ministry of Corporate Affairs, NBFCs are not allowed to take deposits of any kind from the public. The<\/span> 9600-odd NBFCs in India<\/span><\/a><\/span> account for about 12.5% of its overall GDP and their outreach extends from big metropolises to urban settlements and even rural areas.<\/span><\/p>\n

Role of NBFCs in India<\/b><\/h3>\n

These non-bank lenders push through chit-reserves, pension funds and alternative investments by servicing SMEs, start-ups and individuals. The financial year 2018-19 saw the<\/span> NBFC sector swell to \u20b930.9 lakh crores<\/span><\/a><\/span>, a 15.2% increase from the previous year. Not only do NBFCs generate employment opportunities for people outside the banking sector, but they are critical for liquidity in a vibrant Indian financial market.<\/span>
\nNBFCs have in recent times, adopted strong technological tools like softwares and applications to penetrate tier-3 and tier-4 towns in India and facilitate lending to up-and-coming individuals and enterprises. Their transparency, speed of service and flexibility make them better choices for borrowing than traditional banks.<\/span><\/p>\n

Ranking Criteria for NBFCs<\/b><\/h3>\n

NBFCs have pierced through an assortment of sectors like asset financing, micro financing, mortgages, infrastructure financing and other investments. In today\u2019s volatile Indian economy, making the right selection of NBFC to avail a product has become very difficult. However, some of them are using high potential NBFC Softwares to ease the process. Throw in the COVID-19 Coronavirus pandemic this year, and the decision process is even tougher. But here\u2019s a silver lining \u2013 with the following criteria, hopefully the right choice will come to mind in no time.<\/span><\/p>\n