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
Elets Research · NBFC100
Top 100 NBFCs Ranking Based on AUM
Latest AUM / total assets in ₹ crore
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| 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 | 5,688 |
| 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
