List of FINANCIAL SERVICES in India | Reviews and Ratings

Introduction

With growing awareness about personal finance, various financial services have emerged that promise a perfect experience for investors. From equity, insurance, and lending to trading, payments, and cryptocurrency, the scope of financial services is very vast.
Technology has also revolutionized the finance industry and all top institutions offer online services. Both major lending and microfinancing have reached every corner of the country and are accessible to everyone. Along with working professionals and retirees, general awareness about financial services has also increased among students. Therefore it is important to understand what they entail.

Services Offered

Financial apps focus on a variety of services at once. Investing and lending are the two main services offered by these institutions.

Investments- Service providers like Tata Capital and L & T Finance have a huge range of financial products for their clients. People looking for safe investing options with constant returns invest their capital in such schemes.
- Mutual funds- Mutual funds are the most popular investment option among investors of all ages. It is possible to invest in various types of mutual funds such as debt, equity, liquid funds, growth funds, etc.
  Mutual funds are considered a safe option as they diversify the portfolio and minimize risk by not directly investing in a single product. Companies such as HDFC and ICICI offer popular mutual funds in India.
- Stocks and Equity- You invest in the stock market through stock market brokerages. These companies take a cut and act as a mediator between retail investors and stock exchanges. It is possible to invest as well as trade where you transact with other investors for profit.
- SIP- SIPs are systematic investment plans where individuals put a fixed sum of amount, which over some time, grows and gives returns. It develops an investing habit and gradually builds wealth.
- Lending- Individuals and businesses require short-term and long-term credit for the smooth operation of their finances. Financial services complete these requirements through loans with a rate of interest payable back. There are various types of loans depending on the purpose of lending-
- Corporate lending- Loans for corporations and start-ups to fund various expansion and R&D projects, as well as set up new lines of business. The loans are given based on creditworthiness, the reputation of the company, and market conditions. Microfinancing and SME loans are available for small businesses.
- Retail Loans- Retail loans are given to individuals to finance their personal interests. Car loans, home loans, marriage loans, etc. are all types of retail loans. These come with fixed or variable interest rates.

Apart from investments and lending, financial apps help in-

Insurance- A variety of insurance products are listed on sites like Policybazaar and Bajaj Finserv which cater to different individual needs. From life and term insurance to car, bike, and home insurance, each product with its benefits and specifications is listed. Users can compare and choose the best for them.
Tax Filing- Tax filing is an important service for taxpayers looking to automate and simplify their filings. Apps like Tax2Win and Cleartax help individuals calculate their tax liability and file their returns easily from home.
Portfolio Management- Portfolio management refers to creating and managing a diverse, risk-free portfolio, especially for high-net-worth individuals. Companies like Kotak Securities manage huge portfolios and capital to safeguard their investor’s interests.
Payment Banks- With the boom of digital payments in the country, payment banks such as Paytm and PhonePe have revolutionized how people transact. These banks allow users to send money to other users, pay at shops, and offer other financial services on their apps.

Digital Services

Unlike before, financial service providers have apps and websites where people can transact online. These services have become more accessible to the people. A smartphone with an internet connection is like a mini-bank itself. This has enabled people from the remotest places to obtain loans, invest in securities, pay insurance premiums, etc. from home.

Choosing the Best Provider

Choose the best financial service provider by evaluating factors such as fees and costs, customer service, staff, and overall satisfaction on Mouthshut. Companies with overall positive reviews will have a star rating of 3 or more.
Great hands-on service, transparency and accountability, a clear and simple digital interface, helpline numbers, quick rectification of issues, etc. are features of a good financial service provider. Comprehensive reviews by past users will give you a better idea of the product and its services

Frequently Asked Questions

What are the advantages of investing in mutual funds?

Mutual funds allow investors to diversify their portfolios and invest in a basket of stocks in different sectors to minimize the risks.

What are the key factors in choosing a loan?

Factors such as interest rate, down payment, loan period, repayment structure, etc. are the key factors when choosing any loan.

What is a CIBIL score?

The CIBIL score is a summarised score of your creditworthiness which financial service providers use to assess their clients. The CIBIL indicates your payment and borrowing history to determine the interest rate on your loans.

What is Portfolio Management Services (PMS)?

Portfolio management is a service offered by banks for high-net-worth individuals to manage their portfolios and capital by diversifying risks, in return for an annual fee.

How do payment banks work?

Payment banks enable cashless transactions by linking the bank account of the user to the app and providing features like transferring money, paying vendors online, etc.

Best Financial Services in India

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