What Arman Financial Services does

Arman Financial Services Ltd. is an RBI-registered Non-Banking Finance Company - Investment and Credit Company (NBFC-ICC) headquartered in Ahmedabad, Gujarat, and listed on NSE (ARMANFIN) and BSE (531179). Founded in 1992 and IPO'd in 1995, the company has over 30 years of operating history in Western India and operates a 43-branch distribution network across Gujarat and Madhya Pradesh, staffed by 370+ team members serving 100,000+ customers. The company is a multi-product lender offering two-wheeler financing (interest rates 21-30%, tenures up to 36 months, across all major OEM brands), MSME loans (Rs 50,000-Rs 250,000, tenures up to 24 months, interest rates 24-34%, with doorstep delivery and cash collection), solar financing, and loan against property. Its wholly-owned subsidiary Namra Finance Limited, an RBI-registered NBFC-MFI, provides group-based income-generating loans to bottom-of-pyramid customers. The business model is interest-income-driven from a diversified retail loan book, with a sales-led branch-based go-to-market targeting rural and semi-rural segments where banks and other NBFCs are not present. Funding is sourced through a broad lender ecosystem including SBI, HDFC Bank, ICICI Bank, NABARD, SIDBI, Northern Arc, Tata Capital, Bajaj Finserv, and development finance institutions such as Oikocredit and Incofin. The company maintains an ACUITE A- stable credit rating and has been actively raising capital through NCDs (Rs 42 crore in June 2025, Rs 75 crore in November 2025, Rs 150 crore proposed) and a QIP in December 2023.

Name

Arman Financial Services

Legal name

Arman Financial Services Ltd.

Website

https://armanindia.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Arman Financial Services is an Ahmedabad-based RBI-registered NBFC operating 43 branches across Gujarat and Madhya Pradesh, providing two-wheeler finance, MSME loans, solar financing, LAP, and microfinance (via subsidiary Namra Finance) to over 100,000 rural and semi-urban customers.

Ownership category

akta.pro rank

Product category

Microfinance and Inclusive Lending

NAICS

Sales Financing (52222)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Large Purchase & Lifestyle Personal Loans (Unsecured Installment) (FSAKAAAG)

Keywords

• Microfinance lending
• Vehicle finance
• MSME loans
• Solar financing
• Loan against property

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D

Revenue model

1. Interest Income from Vehicle Finance: Two-wheeler and three-wheeler financing generates interest income from loans provided to customers for vehicle purchases. The company offers flexible repayment options including NACH/DIRECT DEBIT and cash payments at branches.
2. Interest Income from Microfinance (Namra Finance): Group-based microfinance loans provided through wholly-owned subsidiary Namra Finance Limited, an RBI-registered NBFC-MFI. Income-generating group-loans to bottom-of-pyramid customers.
3. MSME Loans: Term loans to micro-enterprises for income-generating activities, provided up to Rs 250,000 with loan tenure up to 24 months. Features doorstep delivery and cash collection.
4. Solar Financing: Financing for solar energy solutions, enabling customers to access clean energy through affordable credit.
5. Loan Against Property (LAP): Secured credit solutions provided against property collateral.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Arman Financial Services is a publicly listed Indian non-banking finance company (NBFC) that lends to underserved retail and micro-enterprise borrowers across rural and semi-urban India. Its core offerings include vehicle finance (two-wheelers, used and new commercial/utility vehicles), MSME loans, solar financing, loan against property, and microfinance delivered through its wholly owned subsidiary Namra Finance Limited. Revenue is primarily interest-based, sourced from the spread on funds borrowed from banks and capital markets on-lent to borrowers.

Product overview

Arman Financial Services is an RBI-registered Non-Banking Finance Company – Investment and Credit Company (NBFC-ICC) that operates as a multi-product financial services firm. The company's product portfolio comprises Vehicle Finance (Two Wheeler and Three Wheeler financing), MSME Loans (for micro-enterprises with loans between Rs 50,000 and Rs 250,000), Solar Financing, and Loan Against Property (LAP). The company also provides microfinance services through its wholly-owned subsidiary Namra Finance Limited (NBFC-MFI), which offers group-based income-generating loans to bottom-of-pyramid customers. The company serves rural and semi-urban areas in Gujarat and Madhya Pradesh through 43 branches, focusing on financial inclusion for underserved populations.

Differentiator

Problem solved

Functional benefit

Brands

• Namra Finance: Wholly-owned subsidiary of Arman Financial Services, providing group-based microfinance services to bottom-of-the-pyramid customers. Namra Finance is an RBI-registered NBFC-MFI (Microfinance Institution). Products include income-generating group loans for the underserved.
• Arman Finance

Products and services

• Vehicle Finance Provides loans for the purchase of two-wheelers, used vehicles, and new commercial / utility vehicles, targeting individual borrowers and small transport operators in rural and semi-urban India who lack access to mainstream bank auto finance.
• MSME Loans Provides working capital and term-loan credit to micro, small, and medium enterprises for business expansion, equipment purchase, and operational needs, targeted at proprietors of small businesses in rural and semi-urban markets.
• Solar Financing Provides loans to households, micro-enterprises, and institutions for acquiring rooftop or off-grid solar energy systems, combining a financial-inclusion with a clean-energy adoption objective.
• Loan Against Property (LAP) Provides secured loans to individuals and small businesses against the mortgage of residential or commercial property, used for business or personal funding needs by borrowers with property collateral but limited formal income documentation.
• Microfinance (via Namra Finance Limited) Provides small-ticket, collateral-free loans to low-income rural women borrowers organised into joint liability groups (JLGs), for income-generation and household consumption-smoothing needs; delivered through Namra Finance Limited, the wholly owned microfinance subsidiary of Arman Financial Services.

Quantifiable outcome

• Serving more than 100,000 customers across Gujarat and Madhya Pradesh through 43 branches
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Spandana Sphoorty Financial: Indian NBFC-MFI focused on income-generating group loans to women in rural and semi-urban areas. Comparable to Namra Finance's microfinance business model and customer base.
• Shriram Transport Finance Company: Large Indian NBFC focused on vehicle financing (used commercial vehicles, two-wheelers) for income-generating borrowers. Comparable to Arman in targeting bottom-of-pyramid customers with vehicle-secured credit, though Shriram is far larger and more diversified.
• Satin Creditcare Network: NBFC-MFI providing group and individual microfinance loans across India including Gujarat and MP. Comparable to Namra Finance in microfinance product, customer segment, and geographic overlap.
• MAS Financial Services: Ahmedabad-based NBFC offering two-wheeler, MSME, and microfinance loans in Gujarat and other Western India markets. Close geographic and product overlap with Arman and a frequently cited comparable in NBFC analyst coverage.
• Bajaj Finance: India's largest consumer NBFC with a dominant two-wheeler and three-wheeler financing franchise across India. Directly comparable to Arman's vehicle finance core; operates at a much larger scale with similar customer profile in semi-urban and rural India.
• Five-Star Business Finance: Indian NBFC providing small business loans to micro-entrepreneurs and self-employed customers. Comparable to Arman's MSME division with overlapping customer segment of micro-enterprise borrowers.
• CreditAccess Grameen: India's largest NBFC-MFI by AUM with group-based microfinance lending to rural women. Direct peer to Namra Finance (Arman's wholly-owned MFI subsidiary) in the microfinance category.
• Asirvad Micro Finance: NBFC-MFI (with Manappuram Finance as parent) offering microfinance loans to economically weaker sections. Mr. Moorthy Govindarajan, Arman's CRO, was previously at Asirvad, making this a meaningful prior-employer peer in the MFI space.
• Muthoot Microfin: NBFC-MFI subsidiary of Muthoot Group providing joint liability group loans to women in rural India. Comparable to Namra Finance in microfinance segment with similar regulatory and product structure.

Broad incumbents

• Ujjivan Small Finance Bank: Small finance bank with microfinance and MSME lending operations in India with branch-led rural distribution. Larger incumbent offering similar customer products including group loans and small-ticket credit, competing directly with Arman/Namra in rural Gujarat and beyond.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/armaan-limited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arman Financial Services