Indian Finance companies are thriving big time and that is one reason why Indians were able to survive and do much better than the other countries during the financial crisis. The reason for the growth of the Indian economy is mainly the growth of these Indian companies. In this article, we are not going to look at as to which are the best financial companies in India but we would instead look at the reasons why these companies are doing so well and what are the services provided by these finance companies.
First, we would look at the reasons for their growth:
1. After the Indian economy opened its doors to foreign companies, lot of international companies started pouring into India and making their investments. Most of them have set up their plants in India and the list of investments to be made in the future is high too.
2. The customer of India is defaulting on his loan payments less comparatively. This is probably because of the growing job opportunities in India.
3. The able administration of the Indian government has ensured that whatever be the market conditions, we are shielded from its ill-effects.
Now we will look at some of the services provided by these finance companies.
1. Personal loans: All the finance matters related to children education, buying consumer durables like television, refrigerators, washing machines, etc. are taken care of by these finance companies. You can buy the service or goods and then pay back to the finance company in easy installments.
2. Commercial loan: You want to start a business but do not where to go for cash? Do not worry finance companies will help you out? Initially it was difficult to get a business loan get approved as there were so many formalities to be completed and it also took some time to know the status of your loan. And most of the time your loan application would be rejected because of the cautious approaches these finance companies used to take back then. Now they have lots of cash at their disposal and the default rate has also come down considerably, so the finance companies give out these loans more happily than ever before. Moreover, they even are aware of the fact that the applicant has lot of options for him. If the application gets rejected it would not be a problem for him because he can always move on to some other companies but that is not the case for the finance company as it would lose a business opportunity.