The NBFC sector continues to be one of the strongest pillars of India’s financial ecosystem- powering credit access, enabling consumption growth, and supporting businesses across every segment of the economy. To highlight and honour the institutions that have shown exceptional scale, stability, and impact, Elets Technomedia and The Banking & Finance Post proudly present India’s Top 100 NBFCs Ranking 2025, curated entirely based on Assets Under Management (AUM).

Over the past few years, India’s NBFC industry has undergone a remarkable transformation driven by digital innovation, regulatory strengthening, and diversified credit expansion. As of 2025, the NBFC sector’s total assets stand at approximately ₹45 trillion, reflecting its deepening role in India’s financial architecture. Retail AUM has been growing robustly, supported by strong demand for consumer credit, MSME financing, vehicle loans, and co-lending partnerships with banks and fintechs.

Industry estimates project continued double-digit AUM growth, with unsecured loans, vehicle financing, gold loans, and digital-first lending models contributing significantly to this momentum. The sector’s evolving mix of retail, wholesale, and infrastructure lending highlights its expanding influence on India’s credit economy.

Ranking Methodology

India’s Top 100 NBFCs Ranking 2025 has been compiled through a rigorous, data-backed evaluation, with Assets Under Management (AUM) serving as the primary ranking parameter. Each NBFC has been assessed using the most recent, audited financial disclosures available for FY24–FY25.

To ensure reliability and transparency, data has been sourced from multiple verified documents, including:

• Balance sheets and financial statements
• Annual reports
• Credit rating rationales
• Regulatory filings and public disclosures

Each institution received a score based on its AUM scale and supporting financial indicators. The cumulative score determined the final ranking order: the NBFC with the highest aggregated score took the top position, followed by others in descending order.

This methodology ensures a credible, transparent, and comparable benchmark, reflecting the true market leadership of India’s most influential NBFCs in 2025.

Top 100 NBFCs Ranking Based on AUM

Rank	NBFC	Latest AUM/Total Assets (₹ Cr.)
1	Power Finance Corporation (PFC)	1,178,087
2	REC Limited (Rural Electrification Corp)	549,786
3	Bajaj Finance Limited	416,661
4	LIC Housing Finance Limited	309,587
5	Tata Capital Limited	243,896

6 Shriram Finance Limited 243,043 7 Edelweiss Financial Services Ltd. 215,170 8 Cholamandalam Inv. & Fin. Co. Ltd. 199,876 9 Muthoot Finance Limited 122,000 10 Mahindra & Mahindra Financial Services Ltd. 119,673 11 Aditya Birla Finance Limited 119,437 12 Housing & Urban Dev. Corp. (HUDCO) 118,931 13 Bajaj Housing Finance Limited 114,684 14 HDB Financial Services Limited 107,262 15 L&T Finance Limited 102,314 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

 

Source: Elets Research, based on NBFC annual reports, balance sheets & credit rating rationales (2025)

Ranking Survey by: Vishwas Sinha, Priya Singh