India, 30th October, 2025: While traditional banks form the bedrock of India’s economy, a dynamic force is scripting the next chapter: Non-Banking Financial Companies (NBFCs). These agile institutions are not just complementing banks; they are fundamentally reshaping the financial landscape by reaching the unreachable.

They are pioneering financial inclusion, deploying tech-driven solutions to serve retail customers and MSMEs often overlooked by traditional banking. By offering tailored loans, flexible financing, and innovative products, NBFCs are bridging critical credit gaps and fueling entrepreneurship at the grassroots level.

Their ability to innovate quickly and adapt to new-age demands is democratizing finance, making them indispensable architects of a more inclusive and digitally powered economic future for India.

Let’s have a look at the Top 6 NBFCs in India: 

Save Solutions: 

Save Solutions Pvt Ltd. is one of India’s leading banking correspondent networks, with an estimated network of 15,000+ Customer Service Points (CSPs). The organization serves approximately 21 million rural Indians in over 8,600 villages, scattered across 600+ districts in 28 states and six union territories. Being a last-mile banking service provider, the company has a footfall of about 4-5 Lac clients, on a daily basis, providing a one-stop solution for all financial needs underneath one roof. In addition to this, the firm is currently a trusted business correspondent company for major banking institutions such as SBI, BOI, BOB, Jharkhand Rajya Gramin Bank, Baroda UP Bank, and PNB, among others.

Conceptualized in 2009, and incorporated in 2013, Save Solutions has established a strong banking BC business in India, with a trade volume of over Rs 49,000 crore in FY22-23. SSPL began as a Business Correspondent and, over the last decade, has introduced many additional financial products to its portfolio through its subsidiary NBFCs. The company provides financial products such as Micro Loans, Housing Loans, Secured Loans (Loan Against Property, Loan Against Plot, and Unsecured Loans (Business Loans).

 PayMe:

Founded in 2016, PayMe is a vibrant FinTech company aiming to give everyone the opportunity for “Financial Happiness.” Since its inception, the founder learned that there are significant gaps to be filled in advancing rural financial services, and as a result, PayMe is committed to reaching even the most remote villages.  PayMe India has now empowered over 10 million customers, facilitating disbursals exceeding ₹2,100 crore. It has assembled a broad array of simple and affordable financial products for individuals and businesses alike. Having been named as one of the top emerging startups in its early days, PayMe is leveraging technology to create accessible finance, and not just exclusive, all aimed at becoming a globally recognized brand, ensuring everyone, everywhere has a choice of prefernce for what they want financially. 

Muthoot Finance:

With an impressive family legacy of over 800 years, Muthoot Finance is more than India’s largest gold loan supplier; it is built on the bedrock of trust. By offering gold loans starting as low as ₹ 1,500, they have made availing credit simple and accessible to all stakeholders of the country. This customer-first principle, backed by a strong philosophy of equity and conscience, has accumulated the trust of over 70 million customers. Across its enormous branch network of over 7,300, its goal is to improve personal lives by giving simple and safe financial services. Their larger vision is to earn the reputation of the most trusted institution, worldwide. They have proven that of all the assets of business, trust is the most important.

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited was established in 1978 as part of the esteemed Murugappa Group. The company has transitioned from an equipment financier to a dynamic, full-service financial services firm servicing a large customer family of over 43 lakh customers in India, with a total asset portfolio of over 1.99 Lakh Crore. Their simple yet powerful purpose is to help their customers lead a better life.

Chola offers a variety of financial products and services, from vehicle and housing loans to SME loans, through it’s distribution network of 1,600+ branches. The foundational pillar that has guided their journey over the past four decades is the commitment to ethical conduct and a sense of responsibility to all their stakeholders. They are a partner in growth based upon the bedrock of strong values.

Shriram Finance:

Shriram Finance, one of India’s largest retail NBFCs, is a colossus born from the merger of several key businesses in the Shriram Group and based on a trust built over 50 years. With a staggering Asset Under Management of more than ₹2.72 lakh crore, they cater to customers in busy metropolitan cities and rural heartlands.

Their mission is to fulfil aspirations by providing multiple forms of credit—vehicle loans, gold loans, and MSME finance, to name a few. They operate from a network of more than 3,200 branches, providing a key role in bridging financing implementation with the underbanked and unbanked population. By overlaying their strong rural presence with innovative digital offerings, Shriram Finance is a uniquely positioned combination of heritage and technology, dedicated to being a trusted partner through their customers’ financial journeys.

Mahindra & Mahindra Finance: 

Mahindra Finance is a key player in rural banking, working with those who are often overlooked, who live in the rural heartlands of the country. They are present in over 5 lakh villages and have changed the financial lives of over 11 million customers.

They are more than just a vehicle finance company. They have a full range of products, from personal loans to insurance. What distinguishes them from their peers is that they not only understand their customers at a deep local level, but also pre-empt and address their needs, which are often unaddressed in semi-urban and rural India. In addition, their dedication to ethical and sustainable practice is at such high standards, they are the only Indian NBFC to be included in the Dow Jones Sustainability Index. Ultimately, they seek to empower communities by making finance easy, accessible, and without any hassle.

Conclusion:

A a result, these six NBFC giants are far more than financial institutions; they truly provide lifeblood for India’s economy. By prioritizing trust, technology, and a true grasp of the underserved, they are creating a more democratic financial system. From gold loans to last-mile banking, they show that inclusive growth is the most durable kind. As they continue to innovate and grow, their collective efforts are not only redefining the future of finance but are also creating a more financially empowered India for all.